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15.05.2018 22:05
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Research Solutions Reports Fiscal Third Quarter 2018 Financial Results
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PR Newswire
ENCINO, Calif., May 15, 2018
ENCINO, Calif., May 15, 2018 /PRNewswire/ -- Research Solutions, Inc. (OTCQB: RSSS), a provider of workflow efficiency solutions for R&D-driven organizations, reported financial results for its fiscal third quarter ended March 31, 2018.
Fiscal Third Quarter 2018 Highlights vs. Year-Ago Quarter
- Total revenue increased 10% to $7.3 million.
- Platform revenue up 81% to $489,000, with a 79% increase in total Platform deployments to 208. Annual recurring revenue was up 76% to $2.0 million.
- Transaction revenue up 7% to $6.8 million, with customer count up 8% to 1,059. Transaction count up 3% to 219,607.
- Total gross margin up 240 basis points to 26.3%.
- Net loss from continuing operations was $0.3 million, or $(0.01) per share, compared to a net loss of $0.8 million, or $(0.03) per share.
Management Commentary
"Our third quarter demonstrates the continued momentum in our strategy to deliver unique workflow efficiency solutions to research-driven organizations in life sciences, technology and academia," said Peter Derycz, president and CEO of Research Solutions. "This can be seen in our fourth consecutive quarter of approximately 10% total revenue growth and annual recurring revenue in our SaaS Platforms business that has surpassed $2 million.
"We expect our momentum to continue in the remainder of 2018 as we launch version 2.1 and 2.2 of our Platform framework, supported by powerful weekly releases or improvements to smart applications we develop called 'gadgets.' This will be supported by a sales and marketing team that we are reconstructing to drive optimum efficiency and investment returns."
Fiscal Third Quarter 2018 Financial Results
Total revenue increased 10% to $7.3 million compared to $6.6 million in the same year-ago quarter.
Platform subscription revenue increased 81% to $489,000 compared to $271,000 in the year-ago quarter. The increase was due to a 79% increase in the total number of paid Platform deployments to 208. The quarter ended with annual recurring revenue up 76% to $2.0 million (see the company's definition of annual recurring revenue below).
Transaction revenue increased 7% to $6.8 million compared to $6.4 million in the same year-ago quarter. Total active customers increased 8% from 985 to 1,059, and transaction count increased 3% from 213,000 to 220,000 (see the company's definition of active customer accounts and transactions below).
Total gross margin increased 240 basis points to 26.3% from 23.9% in the same year-ago quarter. The increase was driven by a 100 basis point increase in Transactions gross margin and a revenue mix shift to the higher-margin Platforms business.
Total operating expenses decreased to $2.2 million compared to $2.4 million in the same year-ago quarter. The decrease was primarily due to the continued optimization of sales and marketing resources and open positions.
Net loss from continuing operations improved to $0.3 million, or $(0.01) per share, compared to a net loss of $0.8 million, or $(0.03) per share, in the year-ago quarter. Adjusted EBITDA totaled $(0.1) million compared to $(0.6) million in the year-ago quarter (see definition and further discussion about the presentation of Adjusted EBITDA, a non-GAAP term, below).
Cash and cash equivalents at March 31, 2018 were $4.8 million compared to $5.8 million at June 30, 2017. There were no outstanding borrowings under the company's $2.5 million revolving line of credit. Apart from a $0.2 million 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, May 15, 2018
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: 10004686
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 May 29, 2018.
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 10004686
Fiscal Third Quarter 2018 Financial and Operational Summary Tables vs. Year-Ago Quarter
| | | Quarter Ended March 31, | | Nine Months Ended March 31, | ||||||
| | | 2018 | 2017 | Change | % | | 2018 | 2017 | Change | % |
| Revenue: | | | | | | | | | | |
| | Platforms | $ 489,219 | $ 270,920 | $ 218,299 | 80.6% | | $ 1,290,568 | $ 662,129 | $ 628,439 | 94.9% |
| | Transactions | 6,792,289 | 6,372,679 | 419,610 | 6.6% | | 19,562,000 | 18,245,640 | 1,316,360 | 7.2% |
| Total Revenue | 7,281,508 | 6,643,599 | 637,909 | 9.6% | | 20,852,568 | 18,907,769 | 1,944,799 | 10.3% | |
| | | | | | | | | | | |
| Gross Profit: | | | | | | | | | | |
| | Platforms | 386,034 | 212,553 | 173,481 | 81.6% | | 1,013,034 | 528,175 | 484,859 | 91.8% |
| | Transactions | 1,532,330 | 1,374,837 | 157,493 | 11.5% | | 4,390,639 | 3,868,109 | 522,530 | 13.5% |
| Total Gross Profit | 1,918,364 | 1,587,390 | 330,974 | 20.9% | | 5,403,673 | 4,396,284 | 1,007,389 | 22.9% | |
| | | | | | | | | | | |
| Gross profit as a % of revenue: | | | | | | | | | | |
| | Platforms | 78.9% | 78.5% | 0.5% | | | 78.5% | 79.8% | -1.3% | |
| | Transactions Werbung Mehr Nachrichten zur Research Solutions Aktie kostenlos abonnieren
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