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21:33 Uhr
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MAM Software Reports Fiscal Second Quarter Results

Dienstag, 14.02.2017 23:05 von

PR Newswire

BARNSLEY, England, Feb. 14, 2017 /PRNewswire/ -- MAM Software Group, Inc. (NASDAQ Capital Market: MAMS) (the "Company" or "MAM"), a leading global provider of on-premise and cloud-based business management solutions for the auto parts, tire and vertical distribution industries, announced the following financial results in accordance with U.S. generally accepted accounting principles ("GAAP") for its second fiscal quarter and six months ended December 31, 2016, through the filing on February 14, 2017 of its Quarterly Report on Form 10-Q with the Securities and Exchange Commission:

(In thousands, except per share data)

For The Three Months Ended
December 31,


For the Six Months Ended
December 31,


2016


2015


2016


2015

Revenues

$

7,382


$

7,901


$

15,444


$

15,896

Gross profit

$

3,888


$

4,261


$

8,632


$

8,542

Operating income

$

402


$

758


$

1,769


$

1,782

Income before provision for income taxes

$

280


$

931


$

1,527


$

1,945

Net income

$

250


$

738


$

1,463


$

1,568

Earnings per share attributed to common stockholders – basic

$

0.02


$

0.06


$

0.12


$

0.12

Earnings per share attributed to common stockholders – diluted

$

0.02


$

0.06


$

0.12


$

0.12

Weighted average shares outstanding – basic


11,716



12,907



11,709



13,151

Weighted average shares outstanding – diluted


11,813



13,006



11,805



13,248

 

Michael Jamieson, MAM's President and Chief Executive Officer commented, "MAM delivered solid first half results in a positional year for us. Our continued progress towards completion of our 2017 development projects coupled with recent commercial market wins not only affirms the strength of our brand and demonstrates the strong market reception to our product investments, but also provides us with the confidence to reaffirm our fiscal 2017 full year guidance."

"We showcased our new VAST Online product at the Goodyear Dealer Conference at the end of January and we were encouraged by the response.  We gathered great feedback about our product and we received deposits from more than 50 dealers, representing approximately 150 locations or 25% of the dealer network that use the current Goodyear system. The deposit allows the dealers to join the queue and schedule their implementation."

Second Quarter Highlights:

  • Net revenues of $7.4 million were down 6.6% compared to $7.9 million for the same period last year. On a constant currency basis, revenues were up 6.8% over the same period last year.
  • Recurring revenues were 85.3% of total revenues compared to 78.9% of total revenues for the same period last year.
  • Total Software as a Service (SaaS) revenues increased 23.3% year-over-year and 4.2% sequentially.
  • Operating income was $402,000, or 5.4% of revenues, versus $758,000, or 9.6% of revenues, for the same period last year. Changes in foreign currency exchange rates negatively impacted operating income by $214,000 as compared to the same period last year.
  • Adjusted EBITDA* was $642,000, or 8.7% of revenues, versus $1.3 million, or 15.9% of revenues, for the same period last year. Changes in foreign currency exchange rates negatively impacted Adjusted EBITDA* by $230,000 as compared to the same period last year.
  • Net income was $250,000 as compared to $738,000 in the same period last year. Changes in foreign currency exchange rates negatively impacted net income by $198,000, or $0.02 per basic and diluted share, as compared to the same period last year.

 

Second Quarter Financial Results:

Net revenues were $7.4 million for the quarter ended December 31, 2016, versus $7.9 million for the same period last year, a decrease of $519,000, or 6.6%.

  • On a constant currency basis, revenue was up 6.8% over the same period last year.
  • Recurring revenue for the quarter was $6.3 million, or 85.3% of total revenue, an increase of $62,000, or 1%, over $6.2 million, or 78.9% of total revenue, for the second quarter last year. Sequentially, recurring revenue decreased $118,000, or 1.8%, compared to $6.4 million in the fiscal first quarter of 2017. On a constant currency basis, recurring revenue increased $1.0 million, or 16.0%, as compared to the second quarter last year, and increased by $127,000, or 1.8%, sequentially.
    • Total Software as a Service (SaaS) revenue for the quarter was $2.1 million, an increase of $394,000, or 23.3%, year-over-year and an increase of $85,000, or 4.2%, sequentially when compared to the fiscal first quarter of 2017. On a constant currency basis, SaaS revenue increased $740,000, or 43.7%, as compared to the second quarter last year, and increased by $184,000, or 8.2%, sequentially. The increase in the SaaS revenue was primarily attributable to a 20.8% increase in Autowork Online (SaaS) revenue for the quarter to $1.3 million, and a 27.5% increase in Autopart Online (SaaS) revenue for the quarter to $806,000.
    • Total Data as a Service (DaaS) revenue for the quarter was $2.1 million, a decrease of $298,000, or 12.3%, year over year, and $125,000, or 5.5%, sequentially when compared to the fiscal first quarter of 2017. On a constant currency basis, DaaS revenue increased $30,000, or 1.2%, as compared to the same period last year, and decreased $51,000, or 2.0%, sequentially.

Gross profit for the quarter was $3.9 million, or 52.7% of total revenue, a decrease of $373,000 compared to $4.3 million, or 53.9% of total revenue, for the same period last year. Changes in foreign currency exchange rates negatively impacted gross profit by $568,000 as compared to the same period last year.

Operating expenses for the quarter decreased by $17,000 to $3.49 million, a decrease of 0.5% as compared to the $3.50 million for the same period last year. The decrease was primarily the result of changes in foreign currency exchange rates, partially offset by higher general and administrative expenses due to increases in annual incentive plans and higher tradeshow costs.

Operating income for the quarter decreased by $356,000 or 46.9%, to $402,000, as compared to $758,000, for the same period last year. Changes in foreign currency exchange rates negatively impacted operating income by $214,000 as compared to the same period last year.

Other expense for the quarter of $122,000 was the result of increased interest expense on borrowings used to fund a public tender offer completed in the second quarter of fiscal 2016 and compares to other income of $173,000 for the same period last year. Other income in the fiscal second quarter of 2016 included a $217,000 gain from the settlement of liabilities with certain vendors and net interest expense of $44,000.

Net income for the quarter decreased by $488,000, or 66.1%, to $250,000, or $0.02 per basic and diluted share, compared to net income of $738,000, or $0.06 per basic and diluted share, for the same period last year. Changes in foreign currency exchange rates negatively impacted net income by $198,000, or $0.02 per basic and diluted share, as compared to the same period last year.

Year-to-Date Highlights

  • Revenues were $15.4 million, a decrease of 2.8% compared to $15.9 million in the same period last year. On a constant currency basis, revenues would have been $17.4 million.
  • Recurring revenues increased 1.2% to $12.7 million compared to $12.6 million in the same period last year. Recurring revenues were 82.3% of total revenues compared to 79% in the same period last year.
  • Total Software as a Service (SaaS) revenue increased 26.1% to $4.1 million compared to $3.2 million in the same period last year.
  • Operating income was $1.8 million, or 11.5% of revenues, versus $1.8 million, or 11.2% of revenues, for the same period last year. Changes in foreign currency exchange rates negatively impacted operating income by $481,000, as compared to the same period last year.
  • Adjusted EBITDA* was $2.2 million, or 14.4% of revenues, versus $2.5 million, or 15.6% of revenues, for the same period last year. Changes in foreign currency exchange rates negatively impacted Adjusted EBITDA* by $511,000, as compared to the same period last year.
  • Net income was $1.5 million as compared to $1.6 million in the same period last year. Changes in foreign currency exchange rates negatively impacted net income by $426,000, or $0.04 per basic and diluted share, as compared to the same period last year.

Year-to-Date Financial Results:

Revenues were $15.4 million for the six months ended December 31, 2016 versus $15.9 million for the same period last year, a decrease of $452,000 or 2.8%.

  • On a constant currency basis, revenues were up 9.6% over the same period last year.
  • Recurring revenues for the six months were $12.7 million, or 82% of total revenues, an increase of $147,000 or 1.2%, over $12.6 million, or 79% of total revenues for the same period last year. On a constant currency basis, recurring revenue increased $1.9 million, or 15.1%, as compared to the same period last year.
    • Total Software as a Service (SaaS) revenues for the six months were $4.1 million, an increase of $846,000, or 26%, year-over-year. On a constant currency basis, SaaS revenue increased $1.5 million, or 45.6%, as compared to the same period last year. The increase in the SaaS revenues was primarily attributable to a 22.5% increase in Autowork Online (SaaS) revenues for the six months to $2.5 million, and a 32.3% increase in Autopart Online (SaaS) revenues for the six months to $1.6 million.
    • Total Data as a Service (DaaS) revenues for the six months were $4.4 million, a decrease of $552,000, or 11%, year over year. On a constant currency basis, DaaS revenue increased $70,000, or 1.4%, as compared to the same period last year.

Gross profit for the six months ended December 31, 2016 was $8.6 million, or 55.9% of total revenue, an increase of $90,000 compared to $8.5 million, or 53.7% of total revenue, for the same period last year. Changes in foreign currency exchange rates negatively impacted gross profit by $1.1 million, as compared to the same period last year. The increase in gross profit margins was primarily the result of an increase in higher margin nonrecurring revenues primarily related to Autopart software license deals and increased ALLDATA user counts, pricing, and customization, partially offset by increases in professional services headcount to support growth.

Operating expenses for the six months ended December 31, 2016 increased by $103,000 to $6.9 million, an increase of 1.5% as compared to the $6.8 million for the same period last year. The increase was primarily the result of increases in R&D expenses primarily to support new client development, annual incentive plans, allowance for bad debts, and changes within the accounting and financing organization, partially offset by changes in foreign currency exchange rates and a decrease in sales and marketing expenses related to lower headcount.

Operating income for the six months ended December 31, 2016 decreased by $13,000, or 0.7%, to $1.77 million as compared to $1.78 million for the same period last year. Changes in foreign currency exchange rates negatively impacted operating income by $481,000, as compared to the same period last year.

Other expense for the six months ended December 31, 2016 of $242,000 was the result of increased interest expense on borrowings used to fund a public tender offer completed in the second quarter of fiscal 2016 and compares to other income of $163,000 for the same period last year. Other income for the six months ended December 31, 2015 included a $217,000 gain from the settlement of liabilities with certain vendors and net interest expense of $54,000.

Net income for the six months ended December 31, 2016 decreased by $105,000, or 6.7%, to $1.5 million, or $0.12 per basic and diluted share, compared to net income of $1.6 million, or $0.12 per basic and diluted share, for the same period last year. Changes in foreign currency exchange rates negatively impacted net income by $426,000, or $0.04 per basic and diluted share, as compared to the same period last year.

Balance Sheet and Other Financial Highlights

  • The Company ended the quarter with $632,000 in cash after capital expenditures and capitalized software development costs of $1.6 million.
  • As of December 31, 2016, the Company had $8.9 million of debt outstanding under its $12 million credit facility.
  • Stockholders' equity increased from $5.0 million at June 30, 2016, or 18.6%, to $6.0 million at December 31, 2016.
  • As of December 31, 2016, there were 12.2 million shares of common stock outstanding.

Business Outlook 
The Company's reaffirmed its expectations for fiscal year 2017 Adjusted EBITDA* of $4.1 million to $4.6 million

Conference Call Information 
The Company has scheduled a conference call for Wednesday, February 15, 2017, at 9 a.m. ET to review the results. Investors and interested parties can access the conference call by dialing:

  • Toll-Free: 1-888-245-0962
  • Toll/International: 1-913-312-1516
  • UK Toll-Free: 0 808 101 7548

A replay will be available until March 1, 2017 by calling 1-844-512-2921 (United States) or 1-412-317-6671 (toll/UK/international). Please use pin number 9107596 for the replay.

A live webcast as well as a replay of the call will be accessible at the investor relations section of the Company's website, www.mamsoftware.com. The replay will be active for 60 days following the conference call.

About MAM Software Group, Inc. 
MAM Software is a leading global provider of cloud-based business and on-premise management solutions for the auto parts, tire and vertical distribution industries. The company provides a portfolio of innovative software (SaaS and packaged), data (DaaS), and integration (iPaaS) services that enable businesses to intelligently manage core business processes, control costs and generate new profit opportunities. MAM's integrated platforms provide a wealth of rich functionality including: point-of-sale, inventory, purchasing, reporting, data and e-commerce. Wholesale, retail and installer business across North America, the U.K. and Ireland rely on MAM solutions, backed by dedicated teams of experienced service and support professionals. For further information, please visit http://www.mamsoftware.com.   

*Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization adjusted to exclude non-cash equity compensation, and other special non-recurring charges. A reconciliation of adjusted EBITDA to net income (loss) can be found at the end of the following tables. Adjusted EBITDA is commonly used by management and investors as an indicator of operating performance and liquidity. Adjusted EBITDA is not considered a measure of financial performance under GAAP and it should not be considered as an alternative to net income (loss), or other financial statement data presented in accordance with GAAP in our consolidated financial statements.

Safe Harbor Statement  
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Readers are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of risks and uncertainties impacting the Company's business including, increased competition; the ability of the Company to expand its operations through either acquisitions or internal growth, to attract and retain qualified professionals, and to expand commercial relationships; technological obsolescence; general economic conditions; and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.

 

 

MAM SOFTWARE GROUP, INC.

Condensed Consolidated Balance Sheets

(In thousands, except per share data)




December 31,



June 30,




2016



2016




(Unaudited)






ASSETS









Current Assets









Cash and cash equivalents


$

632



$

491


Accounts receivable, net of allowance of $482 and $359, respectively



4,079




4,627


Inventories



325




221


Prepaid expenses and other current assets



1,002




1,495


Income tax receivable



216




535


Total Current Assets



6,254




7,369











Property and Equipment, Net



516




581











Other Assets









Goodwill



7,896




8,363


Intangible assets, net



644




739


Software development costs, net



6,449




5,234


Other long-term assets



67




68


TOTAL ASSETS


$

21,826



$

22,354











LIABILITIES AND STOCKHOLDERS' EQUITY









Current Liabilities









Accounts payable


$

1,577



$

1,618


Accrued expenses and other liabilities



1,459




1,811


Payroll and other taxes



850




1,188


Current portion of long-term debt



1,884




1,879


Current portion of deferred revenues



1,036




939


Sales tax payable



648




750


Income tax payable



109




1


Total Current Liabilities



7,563




8,186











Long-Term Liabilities









Deferred revenues, net of current portion



364




273


Deferred income taxes



491




535


Long-term debt, net of current portion



6,938




7,808


Other long-term liabilities



518




533


Total Liabilities



15,874




17,335


Commitments and Contingencies









Stockholders' Equity









Preferred stock: Par value $0.0001 per share; 2,000 shares authorized, none issued and
  outstanding



-




-


Common stock: Par value $0.0001 per share; 18,000 shares authorized, 13,010 shares issued
  and 12,220 shares outstanding at December 31, 2016 and 13,199 shares issued and 12,409
  shares outstanding at June 30, 2016



1




1


Additional paid-in capital



16,304




16,162


Accumulated other comprehensive loss



(3,657)




(2,985)


Accumulated deficit



(4,322)




(5,785)


Treasury stock at cost, 790 shares at December 31, 2016 and 790 shares at June 30, 2016



(2,374)




(2,374)


Total Stockholders' Equity



5,952




5,019


TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY


$

21,826



$

22,354


 

 

 

MAM SOFTWARE GROUP, INC.

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

(In thousands, except per share data)




For the Three Months Ended



For the Six Months Ended




December 31,



December 31,




2016



2015



2016



2015


Net revenues


$

7,382



$

7,901



$

15,444



$

15,896


Cost of revenues



3,494




3,640




6,812




7,354


Gross Profit



3,888




4,261




8,632




8,542



















Operating Expenses

















Research and development



956




984




1,851




1,814


Sales and marketing



1,032




1,040




1,942




2,111


General and administrative



1,442




1,368




2,952




2,635


Depreciation and amortization



56




111




118




200


Total Operating Expenses



3,486




3,503




6,863




6,760



















Operating Income



402




758




1,769




1,782



















Other Income (Expense)

















Interest expense, net



(122)




(44)




(242)




(54)


Gain on settlement of liabilities



-




217




-




217


Total other income (expense), net



(122)




173




(242)




163



















Income before provision for income taxes



280




931




1,527




1,945



















Provision for income taxes



30




193




64




377



















Net Income


$

250



$

738



$

1,463



$

1,568



















Earnings per share attributed to common stockholders – basic


$

0.02



$

0.06



$

0.12



$

0.12


Earnings per share attributed to common stockholders - diluted


$

0.02



$

0.06



$

0.12



$

0.12



















Weighted average common shares outstanding – basic



11,716




12,907




11,709




13,151


Weighted average common shares outstanding – diluted



11,813




13,006




11,805




13,248



















Net Income


$

250



$

738



$

1,463



$

1,568


Foreign currency translation loss



(196)




(211)




(672)




(816)


Total Comprehensive Income


$

54



$

527



$

791



$

752


 

 

 


MAM SOFTWARE GROUP, INC.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)




For the Six Months Ended




December 31,




2016



2015


CASH FLOWS FROM OPERATING ACTIVITIES:









Net income


$

1,463



$

1,568


Adjustments to reconcile net income to net cash provided by operating activities:









Bad debt expense



237




146


Depreciation and amortization



252




336


Amortization of debt discount and debt issuance costs



24




5


Deferred income taxes



5




(31)


Stock-based compensation expense



200




142











Changes in assets and liabilities:









Accounts receivable



111




297


Inventories



(121)




(113)


Prepaid expenses and other assets



425




479


Income tax receivable



343




-


Accounts payable



20




(412)


Accrued expenses and other liabilities



(4)




(808)


Payroll and other taxes



(345)




(58)


Deferred revenues



240




(86)


NET CASH PROVIDED BY OPERATING ACTIVITIES



2,850




1,465











CASH FLOWS FROM INVESTING ACTIVITIES:









Purchase of property and equipment



(47)




(51)


Capitalized software development costs



(1,519)




(1,345)


Business acquisition, net of cash acquired



-




(453)


NET CASH USED IN INVESTING ACTIVITIES



(1,566)




(1,849)











CASH FLOWS FROM FINANCING ACTIVITIES:









Proceeds from long-term debt



400




10,500


Repayment of long-term debt



(1,264)




-


Common stock surrendered to pay for tax withholding



(149)




-


Repurchase of common stock for treasury



-




(161)


Repurchase of common stock



-




(15,000)


Payment of fees for repurchase of common stock



-




(118)


Payment of fees for acquisition of debt



(25)




(60)


NET CASH USED IN FINANCING ACTIVITIES



(1,038)




(4,839)











Effect of exchange rate changes



(105)




(310)


Net change in cash and cash equivalents



141




(5,533)


Cash and cash equivalents at beginning of period



491




6,793


Cash and cash equivalents at end of period


$

632



$

1,260


 

 

MAM SOFTWARE GROUP, INC.

Calculation of Adjusted Earnings before Interest,

Taxes, Depreciation, and Amortization (Non-GAAP)

(Unaudited)

(In thousands)






For the Three

Months Ended

December 31,

For the Six

Months Ended

December 31,






2016


2015


2016


2015












Net income (GAAP)

$

250

$

738

$

1,463

$

1,568


Interest expense, net


122


44


242


54


Provision for income taxes


30


193


64


377


Depreciation and amortization


124


183


252


336


Non-cash stock compensation


116


101


200


142


Adjusted EBITDA (Non-GAAP)

$

642

$

1,259

$

2,221

$

2,477


 

 

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/mam-software-reports-fiscal-second-quarter-results-300407445.html

SOURCE MAM Software Group, Inc.