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Research Solutions Reports Fiscal First Quarter 2018 Financial Results
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PR Newswire
ENCINO, Calif., Nov. 14, 2017
ENCINO, Calif., Nov. 14, 2017 /PRNewswire/ -- Research Solutions, Inc. (OTCQB: RSSS), a pioneer in providing cloud-based solutions for scientific research, reported financial results for its fiscal first quarter ended September 30, 2017.
The Reprints and ePrints business was sold on June 30, 2017 and is classified as a discontinued operation.
Fiscal First Quarter 2018 Summary vs. Year-Ago Quarter
- Total revenue increased 9% to $6.7 million.
- Platform revenue up 126% to $388,000, with a 115% increase in total Platform deployments to 161. Annual recurring revenue was up 112% to $1.6 million.
- Transaction revenue up 6% to $6.4 million, with customer count up 9% to 1,022. Transaction count up 7% to 205,066.
- Total gross margin up 270 basis points to 25.9%.
- Net loss from continuing operations was $0.8 million, or $(0.04) per share, compared to a net loss of $0.5 million, or $(0.02) per share.
Management Commentary
"The momentum of fiscal 2017 has continued into our first quarter, with continued strong growth in Platforms supported by a Transactions business that has responded to our margin-enhancing initiatives," said Peter Derycz, president and CEO of Research Solutions. "We look forward to carrying this momentum into the launch of version 2.0 of our Article Galaxy Platform, which goes live in December.
"2.0 will feature a more robust back end system and quite a few user interface enhancements, new administration functionality, as well as a host of new Gadgets. This update should help convert a strong pipeline of potential business that we expect will drive another successful year in our transformation to the research intelligence SaaS solution for science and technology."
Fiscal First Quarter 2018 Financial Results
Total revenue increased 9% to $6.7 million compared to $6.2 million in the same year-ago quarter.
Platform subscription revenue increased 126% to $388,000 compared to $172,000 in the year-ago quarter. The increase was due to a 115% increase in the total number of paid Platform deployments to 161. The quarter ended with annual recurring revenue up 112% to $1.6 million (see the company's definition of annual recurring revenue below).
Transaction revenue increased 6% to $6.4 million compared to $6.0 million in the same year-ago quarter. Total active customers increased 9% from 936 to 1,022, and transaction count increased 7% from 191,000 to 205,000 (see the company's definition of active customer accounts and transactions below).
Total gross margin increased 270 basis points to 25.9% from 23.2% in the same year-ago quarter. The increase was driven by margin growth in the Transactions business and a revenue mix shift to the higher-margin Platforms business.
Total operating expenses increased to $2.6 million compared to $1.9 million in the year-ago quarter, driven primarily by the company's investment in sales, marketing and technology personnel to support increased Platform sales and deployments.
Net loss from continuing operations was $0.8 million, or $(0.04) per share, compared to a net loss of $0.5 million, or $(0.02) per share, in the year-ago quarter. Adjusted EBITDA totaled $(0.5) million compared to $(0.4) million in the year-ago quarter (see definition and further discussion about the presentation of Adjusted EBITDA, a non-GAAP term, below). Both the net loss and Adjusted EBITDA reflect the company's investment in its Platform business.
Cash and cash equivalents at September 30, 2017 were $4.5 million compared to $5.8 million at June 30, 2017. There were no outstanding borrowings under the company's revolving line of credit, which matured on October 31, 2017. The company is attempting to extend the maturity date of the line of credit to October 31, 2019, and the material terms and financial and performance covenants of the line of credit are expected to change. Apart from a $300,000 office lease liability due to new accounting guidance for leases, the company had no long-term liabilities or other debt.
Further details about these results are available in the company's quarterly report on Form 10-Q, which is available in the investor relations section of the company's website at www.researchsolutions.com.
Conference Call
Research Solutions President and CEO Peter Derycz and CFO Alan Urban will host an investor conference call to discuss these results and the company's outlook, followed by a question and answer period.
Date: Tuesday, November 14, 2017
Time: 5:00 p.m. Eastern time (2:00 p.m. Pacific time)
Toll-free dial-in number: 1-855-327-6837
International dial-in number: 1-631-891-4304
Conference ID: 10003701
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Liolios Group at 1-949-574-3860.
The conference call will be broadcast live and available for replay here and via the investor relations section of the company's website at www.researchsolutions.com.
A replay of the conference call will be available after 8:00 p.m. Eastern time on the same day through November 28, 2017.
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 10003701
| Fiscal First Quarter 2018 Financial and Operational Summary Tables vs. Year-Ago Quarter | |||||
| | |||||
| | | Quarter Ended September 30, | |||
| | | 2017 | 2016 | Change | % Change |
| Revenue: | | | | | |
| | Platforms | $ 387,945 | $ 172,072 | $ 215,873 | 125.5% |
| | Transactions | 6,359,895 | 6,006,399 | 353,496 | 5.9% |
| Total Revenue | 6,747,840 | 6,178,471 | 569,369 | 9.2% | |
| | | | | | |
| Gross Profit: | | | | | |
| | Platforms | 303,958 | 142,108 | 161,850 | 113.9% |
| | Transactions | 1,445,481 | 1,291,400 | 154,081 | 11.9% |
| Total Gross Profit | 1,749,439 | 1,433,508 | 315,931 | 22.0% | |
| | | | | | |
| Gross profit as a % of revenue: | | | | | |
| | Platforms | 78.4% | 82.6% | -4.2% | |
| | Transactions | 22.7% | 21.5% | 1.2% | |
| Total Gross Profit | 25.9% | 23.2% | 2.7% | | |
| | | | | | |
| Operating Expenses: | | | | | |
| | Sales and marketing | 899,695 | 580,778 | 318,917 | 54.9% |
| | General and administrative | 1,363,486 | 1,211,008 | 152,478 | 12.6% |
| | Depreciation and amortization | 40,568 | 30,469 | 10,099 | 33.1% |
| | Stock-based compensation | 286,242 | 102,589 | 183,653 | 179.0% |
| | Foreign currency translation loss | (12,387) | 3,324 Werbung Mehr Nachrichten zur Research Solutions Aktie kostenlos abonnieren
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