American Software Reports Preliminary Second Quarter Of Fiscal Year 2013 Results

American Software, Inc. (NASDAQ: AMSWA) today reported preliminary financial results for the second quarter of fiscal 2013, delivering a 3% increase in total revenues when compared to the same period last year. The Company has achieved 47 consecutive quarters of profitability and has distributed dividends to shareholders for 37 consecutive quarters.

Key second quarter financial highlights:
  • Total revenues for the quarter ended October 31, 2012 were $26.3 million, an increase of 3% over the comparable period last year.
  • Software license fee revenues for the quarter ended October 31, 2012 were $5.5 million, a decrease of 22% over the same period last year.
  • Services and other revenues for the quarter ended October 31, 2012 were $12.3 million compared to $10.5 million for the same period last year, an increase of 17%.
  • Maintenance revenues for the quarter ended October 31, 2012 were $8.4 million compared to $8.0 million, an increase of 5% over the same period last year.
  • Operating earnings for the quarter ended October 31, 2012 were $4.2 million, a decrease of 10% compared to the same period last year.
  • GAAP net earnings for the quarter ended October 31, 2012 were $2.8 million or $0.10 per fully diluted share, a decrease of 7% over the same period last year.
  • Adjusted net earnings for the quarter ended October 31, 2012, which excludes stock-based compensation expense and amortization of acquisition-related intangibles, were $3.1 million or $0.11 per fully diluted share, a decrease of 5% compared to $3.3 million or $0.12 per fully diluted share for the same period last year, which also excluded stock-based compensation expense and amortization of acquisition-related intangibles.
  • Adjusted EBITDA decreased 7% to $5.7 million in the quarter ended October 31, 2012, from $6.1 million in the quarter ended October 31, 2011. Adjusted EBITDA represents GAAP net earnings adjusted for amortization of intangibles, depreciation, interest income, income tax expense, stock-based compensation, and other significant non-routine operating and non-operating income and expense items, if applicable.

Key fiscal 2013 year to date financial highlights:
  • Total revenues for the six months ended October 31, 2012 were $52.2 million, a 6% increase over the comparable period last year.
  • Software license fees for the six-month period were $10.6 million, a 23% decrease compared to the same period last year.
  • Services and other revenues were $24.8 million, a 25% increase compared to the same period last year.
  • Maintenance revenues were $16.8 million, a 6% increase over the comparable period last year.
  • For the six months ended October 31, 2012, the Company reported operating earnings of approximately $8.0 million, a 4% decrease over the same period last year.
  • GAAP net earnings were approximately $5.2 million or $0.19 per fully diluted share for the six months ended October 31, 2012, a 1% decrease compared to $5.3 million or $0.20 per fully diluted share for the same period last year.
  • Adjusted net earnings for the six months ended October 31, 2012, which excludes stock-based compensation expenses and acquisition-related amortization of intangibles, were $5.8 million or $0.21 per fully diluted share, compared to $5.8 million or $0.22 per fully diluted share for the same period last year, which also excluded stock-based compensation expenses and acquisition-related amortization of intangibles.
  • Adjusted EBITDA decreased 2% to $10.8 million for the six months ended October 31, 2012, from $11.1 million for the six months ended October 31, 2011. Adjusted EBITDA represents GAAP net earnings adjusted for amortization of intangibles, depreciation, interest income, income tax expense, stock-based compensation, and other significant non-routine operating and non-operating income and expense items, if applicable.

The Company is including EBITDA, adjusted EBITDA, adjusted net earnings and adjusted net earnings per share in the summary financial information provided with this press release as supplemental information relating to its operating results. This financial information is not in accordance with, or an alternative for, GAAP-compliant financial information and may be different from non-GAAP net earnings and non-GAAP per share measures used by other companies. The Company believes that this presentation of adjusted net earnings and adjusted net earnings per share provides useful information to investors regarding certain additional financial and business trends relating to its financial condition and results of operations.

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