American Software Reports Preliminary Fourth Quarter and Fiscal Year 2013 Results
American Software, Inc. (NASDAQ: AMSWA) today reported preliminary
financial results for the fourth quarter of fiscal 2013 and the fiscal
year ended April 30, 2013. The Company has delivered 49 consecutive
quarters of profitability.
Key fourth quarter financial metrics:
-
Total revenues for the quarter ended April 30, 2013 were $25.2
million, a decrease of 10% over the comparable period last year.
-
Software license fee revenues for the quarter ended April 30, 2013
were $5.7 million, a decrease of 22% over the same period last year.
-
Services and other revenues for the quarter ended April 30, 2013 were
$11.0 million compared to $12.3 million for the same period last year,
a decrease of 11%.
-
Maintenance revenues for the quarter ended April 30, 2013 were $8.6
million compared to $8.4 million, an increase of 3% over the same
period last year.
-
Operating earnings for the quarter ended April 30, 2013 were $3.5
million, a decrease of 23% compared to the same period last year.
-
GAAP net earnings for the quarter ended April 30, 2013 were $3.1
million or $0.11 per fully diluted share, a decrease of 12% over the
same period last year.
-
Adjusted net earnings for the quarter ended April 30, 2013, which
excludes stock-based compensation expense and amortization of
acquisition-related intangibles, were $3.4 million or $0.12 per fully
diluted share compared to $3.8 million or $0.14 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 was $4.9 million for the quarter ended April 30, 2013
compared to $6.0 million for the quarter ended April 30, 2012.
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 year 2013 financial metrics:
-
Total revenues for the twelve months ended April 30, 2013 were $100.5
million, a 2% decrease over the comparable period last year.
-
Software license fees for the twelve-month period were $21.2 million,
a 24% decrease compared to the same period last year.
-
Services and other revenues were $45.3 million, a 7% increase compared
to the same period last year.
-
Maintenance revenues were $34.0 million, a 5% increase over the
comparable period last year.
-
For the twelve months ended April 30, 2013, the Company reported
operating earnings of approximately $13.8 million, a 15% decrease over
the same period last year.
-
GAAP net earnings were approximately $10.4 million or $0.38 per fully
diluted share for the twelve months ended April 30, 2013, a 8%
decrease compared to $11.3 million or $0.42 per fully diluted share
for the same period last year.
-
Adjusted net earnings for the twelve months ended April 30, 2013,
which excludes stock-based compensation expenses and
acquisition-related amortization of intangibles, were $11.7 million or
$0.42 per fully diluted share, compared to $12.5 million or $0.46 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 11% to $19.4 million for the twelve months
ended April 30, 2013, from $21.8 million for the twelve months ended
April 30, 2012. 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.
The overall financial condition of the Company remains strong, with no
debt and with cash and investments of approximately $66.4 million as of
April 30, 2013. During fiscal 2013, the Company paid approximately $15.5
million in dividends and repurchased 96,152 shares of its common stock
at an average cost of $7.89 per share. The authorized stock repurchase
program has a remaining balance of 1,090,138 shares.
“Despite the economic headwinds which continued during the fourth
quarter, we grew sequential revenues and earnings, and delivered our
best quarterly net income of fiscal year 2013,” stated Mike Edenfield,
president and CEO of American Software. “To succeed in an economy shaped
by uncertain demand and rapid market changes, companies must be able to
sense these shifts and adapt quickly. The supply chain is seen as a key
enabler of this flexibility. Our portfolio of solutions help our
customers boost agility, optimize inventory investments and synchronize
demand and supply. With greater visibility and reduced supply chain
costs, our customers have better information and greater confidence to
respond effectively to dynamic market conditions.”
“For fiscal year 2013, we welcomed 68 new customers, signed license
agreements with customers in 25 countries and continued our aggressive
investment in research and development and expanding our global
presence,” continued Edenfield. “With 49 consecutive quarters of
profitability combined with consistent growth in our global customer
base, American Software is well positioned with a robust portfolio of
innovative enterprise application solutions and deep supply chain
management expertise.”
Additional highlights for the fourth quarter of fiscal 2013 include:
Customers & Channels
-
Notable new and existing customers placing orders with the Company in
the fourth quarter include: 3M Australia, Ballet Jewels, Cytec Surface
Specialties S.A., Gay Lea Foods Co-operative, Glen Raven, Haddon House
Food Products, Maidenform, Jay Franco and Sons, Oceana Brands, Polaris
Industries, Rocky Brands, Ruko, Unifirst Corp., VF Services, and
Zimmer K.K.
-
During the quarter, software license agreements were signed with
customers located in the following 14 countries: Australia, Belgium,
Brazil, Canada, Colombia, Denmark, Italy, Japan, Mexico, Nicaragua,
South Africa, Sweden, the United Kingdom and the United States.
-
Logility, a wholly-owned subsidiary of the Company, and Deloitte
delivered a live webcast entitled “The Practical Approach to S&OP,”
sharing step-by-step best practices for pursuing sales and operations
planning (S&OP) excellence. The event highlighted the three principles
for success: make it easy to implement, easy to execute and easy to
sustain.
-
Logility presented three sessions at the annual INFORMS Conference on
Business Analytics & Operations Research to bring multi-echelon
inventory optimization (MEIO) to the forefront of the event. Sean
Willems, PhD, associate professor, Operations Management, Boston
University School of Management and chief scientist at Logility
presented “A Guide for Multi-Echelon Inventory Optimization Projects:
Lowering Inventory while Improving Service Levels;” Chris Russell,
vice president at Logility led the session “The Journey to the Top of
Multi-Echelon Inventory Optimization Maturity Curve;” and Jeff
Pittman, senior business consultant with Logility headed the workshop
“Inventory Optimization and Supply Chain.” Additionally, Logility
customer Moen presented, “Multi-Echelon Inventory Optimization Helps
Moen with Inventory Rebalancing.”
-
NGC Software, a wholly-owned subsidiary of the Company, announced
apparel producer Century Place implemented the latest version of its
fashion enterprise resource planning (ERP) system. Century Place, a
long-time customer of NGC, is now able to take advantage of more
flexible reporting, the ability to easily drill down into the data, as
well as improved order entry.
Company & Technology
-
Logility president and CEO Mike Edenfield and NGC Software president
of sales, marketing and R&D Mark Burstein were each named by the
editorial staff of Supply & Demand Chain Executive as 2013 Supply
Chain Pros to Know. The award recognizes individuals who have made a
significant impact on the industry and helped prepare businesses for
the supply chain opportunities and challenges ahead
-
The readers of Consumer Goods Technology magazine recognized Logility
for the 13th consecutive year as a top supply chain
planning management solutions provider. The Reader’s Choice Award is
based on a survey of more than 150 consumer goods companies and IT
executives to identify the solutions and providers they value most
based on capabilities and satisfaction.
-
The Technology Association of Georgia (TAG) named Logility one of
Georgia’s Top 40 most innovative companies. The annual award
recognized Georgia-based technology companies for their innovation,
financial impact and efforts to spread the awareness of Georgia’s
technology initiatives throughout the U.S. and globally.
About American Software, Inc.
Atlanta-based American Software (NASDAQ: AMSWA) provides demand-driven
supply chain management and enterprise software solutions, backed by
more than 40 years of industry experience, that drive value for
companies regardless of market conditions. Logility, Inc., a
wholly-owned subsidiary of American Software, is a leading provider of
collaborative solutions to optimize the supply chain. Logility Voyager
Solutions™ is a complete supply chain management solution suite that
features a performance monitoring architecture and provides supply chain
visibility; demand, inventory and replenishment planning; sales and
operations planning (S&OP); supply and inventory optimization;
manufacturing planning and scheduling; transportation planning and
management; and warehouse management. Logility customers include Fender
Musical Instruments, Hewlett-Packard, Parker Hannifin, Sigma-Aldrich,
Verizon Wireless, and VF Corporation. Demand Management, Inc., a
wholly-owned subsidiary of Logility, delivers supply chain solutions to
small and midsized manufacturers, distributors and retailers. Demand
Management’s Demand Solutions® suite is widely deployed and
globally recognized for forecasting, demand planning and point-of-sale
analysis. Demand Management serves customers such as Avery Dennison
Corporation, Lonely Planet and Trek Bicycle. New Generation Computing®
(NGC®), a wholly-owned subsidiary of
American Software, is a leading provider of PLM, supply chain
management, ERP and product testing software and services for brand
owners, retailers and consumer products companies. NGC customers include
A|X Armani Exchange, Aeropostale, Billabong, Carter’s, Casual Male, Hugo
Boss, Jos. A. Bank, FGL Group, Spanx, Athletica, Marchon Eyewear, and
Swatfame. For more information about American Software, please visit www.amsoftware.com,
call (800) 726-2946 or email: ask@amsoftware.com.
Forward-Looking Statements
This press release contains forward-looking statements that are subject
to substantial risks and uncertainties. There are a number of factors
that could cause actual results to differ materially from those
anticipated by statements made herein. These factors include, but are
not limited to, continuing U.S. and global economic uncertainty, the
timing and degree of business recovery, unpredictability and the
irregular pattern of future revenues, dependence on particular market
segments or customers, competitive pressures, delays, product liability
and warranty claims and other risks associated with new product
development, undetected software errors, market acceptance of the
Company’s products, technological complexity, the challenges and risks
associated with integration of acquired product lines, companies and
services, as well as a number of other risk factors that could affect
the Company’s future performance. For further information about risks
the Company could experience as well as other information, please refer
to the Company's current Form 10-K and other reports and documents
subsequently filed with the Securities and Exchange Commission. For more
information, contact: Vincent C. Klinges, Chief Financial Officer,
American Software, Inc., (404) 264-5477 or fax: (404) 237-8868.
Logility is a registered trademark and Logility Voyager Solutions is
a trademark of Logility, Inc., Demand Solutions is a registered
trademark of Demand Management, Inc., and NGC and New Generation
Computing are registered trademarks of New Generation Computing, Inc..
Other products mentioned in this document are registered, trademarked or
service marked by their respective owners.
AMERICAN SOFTWARE, INC.
|
Consolidated Statements of Operations Information
|
(In thousands, except per share data, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter Ended
|
|
Twelve Months Ended
|
|
|
|
|
|
April 30,
|
|
April 30,
|
|
|
|
|
|
2013
|
|
2012
|
|
Pct Chg.
|
|
2013
|
|
2012
|
|
Pct Chg.
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License
|
|
|
$
|
5,672
|
|
|
$
|
7,287
|
|
|
(22
|
%)
|
|
$
|
21,184
|
|
|
$
|
27,826
|
|
|
(24
|
%)
|
|
Services & other
|
|
|
|
10,952
|
|
|
|
12,289
|
|
|
(11
|
%)
|
|
|
45,323
|
|
|
|
42,380
|
|
|
7
|
%
|
|
Maintenance
|
|
|
|
8,590
|
|
|
|
8,356
|
|
|
3
|
%
|
|
|
33,960
|
|
|
|
32,430
|
|
|
5
|
%
|
|
|
Total Revenues
|
|
|
|
25,214
|
|
|
|
27,932
|
|
|
(10
|
%)
|
|
|
100,467
|
|
|
|
102,636
|
|
|
(2
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License
|
|
|
|
1,417
|
|
|
|
1,673
|
|
|
(15
|
%)
|
|
|
6,026
|
|
|
|
7,142
|
|
|
(16
|
%)
|
|
Services & other
|
|
|
|
7,751
|
|
|
|
8,719
|
|
|
(11
|
%)
|
|
|
31,870
|
|
|
|
31,101
|
|
|
2
|
%
|
|
Maintenance
|
|
|
|
1,861
|
|
|
|
2,073
|
|
|
(10
|
%)
|
|
|
7,664
|
|
|
|
7,597
|
|
|
1
|
%
|
|
|
Total Cost of Revenues
|
|
|
|
11,029
|
|
|
|
12,465
|
|
|
(12
|
%)
|
|
|
45,560
|
|
|
|
45,840
|
|
|
(1
|
%)
|
Gross Margin
|
|
|
|
14,185
|
|
|
|
15,467
|
|
|
(8
|
%)
|
|
|
54,907
|
|
|
|
56,796
|
|
|
(3
|
%)
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
|
3,035
|
|
|
|
3,023
|
|
|
0
|
%
|
|
|
12,300
|
|
|
|
10,957
|
|
|
12
|
%
|
|
Less: capitalized development
|
|
|
|
(771
|
)
|
|
|
(777
|
)
|
|
(1
|
%)
|
|
|
(3,418
|
)
|
|
|
(2,731
|
)
|
|
25
|
%
|
|
Sales and marketing
|
|
|
|
5,203
|
|
|
|
5,160
|
|
|
1
|
%
|
|
|
19,829
|
|
|
|
18,797
|
|
|
5
|
%
|
|
General and administrative
|
|
|
|
3,056
|
|
|
|
3,344
|
|
|
(9
|
%)
|
|
|
11,695
|
|
|
|
12,832
|
|
|
(9
|
%)
|
|
Provision for doubtful accounts
|
|
|
|
-
|
|
|
|
21
|
|
|
nm
|
|
|
216
|
|
|
|
238
|
|
|
(9
|
%)
|
|
Amortization of acquisition-related intangibles
|
|
|
|
126
|
|
|
|
131
|
|
|
(4
|
%)
|
|
|
501
|
|
|
|
535
|
|
|
(6
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Expenses
|
|
|
|
10,649
|
|
|
|
10,902
|
|
|
(2
|
%)
|
|
|
41,123
|
|
|
|
40,628
|
|
|
1
|
%
|
Operating Earnings
|
|
|
|
3,536
|
|
|
|
4,565
|
|
|
(23
|
%)
|
|
|
13,784
|
|
|
|
16,168
|
|
|
(15
|
%)
|
|
Interest Income & Other, Net
|
|
|
|
702
|
|
|
|
529
|
|
|
33
|
%
|
|
|
1,741
|
|
|
|
1,103
|
|
|
58
|
%
|
Earnings Before Income Taxes
|
|
|
|
4,238
|
|
|
|
5,094
|
|
|
(17
|
%)
|
|
|
15,525
|
|
|
|
17,271
|
|
|
(10
|
%)
|
Income Tax Expense
|
|
|
|
1,160
|
|
|
|
1,612
|
|
|
(28
|
%)
|
|
|
5,114
|
|
|
|
5,928
|
|
|
(14
|
%)
|
Net Earnings
|
|
|
$
|
3,078
|
|
|
$
|
3,482
|
|
|
(12
|
%)
|
|
$
|
10,411
|
|
|
$
|
11,343
|
|
|
(8
|
%)
|
Earnings per common share: (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.11
|
|
|
$
|
0.13
|
|
|
(15
|
%)
|
|
$
|
0.38
|
|
|
$
|
0.43
|
|
|
(12
|
%)
|
|
Diluted
|
|
|
$
|
0.11
|
|
|
$
|
0.13
|
|
|
(15
|
%)
|
|
$
|
0.38
|
|
|
$
|
0.42
|
|
|
(10
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
27,277
|
|
|
|
26,905
|
|
|
|
|
|
|
27,173
|
|
|
|
26,455
|
|
|
|
|
|
Diluted
|
|
|
|
27,719
|
|
|
|
27,504
|
|
|
|
|
|
|
27,629
|
|
|
|
27,098
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
nm- not meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERICAN SOFTWARE, INC.
|
NON-GAAP MEASURES OF PERFORMANCE
|
(In thousands, except per share data, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter Ended
|
|
Twelve Months Ended
|
|
|
|
|
|
April 30,
|
|
April 30,
|
|
|
|
|
|
2013
|
|
2012
|
|
Pct Chg.
|
|
2013
|
|
2012
|
|
Pct Chg.
|
NON-GAAP EARNINGS PER SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings (GAAP Basis)
|
|
|
$
|
3,078
|
|
|
$
|
3,482
|
|
|
(12
|
%)
|
|
$
|
10,411
|
|
|
$
|
11,343
|
|
|
(8
|
%)
|
|
Income tax expense
|
|
|
|
1,160
|
|
|
|
1,612
|
|
|
(28
|
%)
|
|
|
5,114
|
|
|
|
5,928
|
|
|
(14
|
%)
|
|
Interest Income & Other, Net
|
|
|
|
(702
|
)
|
|
|
(529
|
)
|
|
33
|
%
|
|
|
(1,741
|
)
|
|
|
(1,103
|
)
|
|
58
|
%
|
|
Amortization of intangibles
|
|
|
|
769
|
|
|
|
775
|
|
|
(1
|
%)
|
|
|
3,077
|
|
|
|
3,119
|
|
|
(1
|
%)
|
|
Depreciation
|
|
|
|
266
|
|
|
|
279
|
|
|
(5
|
%)
|
|
|
1,076
|
|
|
|
1,183
|
|
|
(9
|
%)
|
EBITDA (earnings before interest, taxes, depreciation and
amortization)
|
|
|
|
4,571
|
|
|
|
5,619
|
|
|
(19
|
%)
|
|
|
17,937
|
|
|
|
20,470
|
|
|
(12
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
|
|
|
359
|
|
|
|
355
|
|
|
1
|
%
|
|
|
1,476
|
|
|
|
1,287
|
|
|
15
|
%
|
Adjusted EBITDA
|
|
|
$
|
4,930
|
|
|
$
|
5,974
|
|
|
(17
|
%)
|
|
$
|
19,413
|
|
|
$
|
21,757
|
|
|
(11
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA , as a percentage of revenue
|
|
|
|
18
|
%
|
|
|
20
|
%
|
|
|
|
|
|
18
|
%
|
|
|
20
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA , as a percentage of revenue
|
|
|
|
20
|
%
|
|
|
21
|
%
|
|
|
|
|
|
19
|
%
|
|
|
21
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter Ended
|
|
Twelve Months Ended
|
|
|
|
|
|
April 30,
|
|
April 30,
|
|
|
|
|
|
2013
|
|
2012
|
|
Pct Chg.
|
|
2013
|
|
2012
|
|
Pct Chg.
|
NON-GAAP EARNINGS PER SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings (GAAP Basis)
|
|
|
$
|
3,078
|
|
|
$
|
3,482
|
|
|
(12
|
%)
|
|
$
|
10,411
|
|
|
$
|
11,343
|
|
|
(8
|
%)
|
|
Amortization of acquisition-related intangibles (2)
|
|
|
|
92
|
|
|
|
90
|
|
|
2
|
%
|
|
|
336
|
|
|
|
351
|
|
|
(4
|
%)
|
|
Stock-based compensation (2)
|
|
|
|
261
|
|
|
|
243
|
|
|
7
|
%
|
|
|
990
|
|
|
|
845
|
|
|
17
|
%
|
Adjusted Net Earnings
|
|
|
$
|
3,431
|
|
|
$
|
3,815
|
|
|
(10
|
%)
|
|
$
|
11,737
|
|
|
$
|
12,539
|
|
|
(6
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted non-GAAP diluted earnings per share
|
|
|
$
|
0.12
|
|
|
$
|
0.14
|
|
|
(14
|
%)
|
|
$
|
0.42
|
|
|
$
|
0.46
|
|
|
(9
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) - Basic per share amounts are the same for Class A and Class B
shares. Diluted per share amounts for Class A shares are shown
above. Diluted per share for Class B shares under the two-class
method are $0.11 and $0.38 for the three and twelve months ended
April 30, 2013, respectively. Diluted per share for Class B shares
under the two-class method are $0.13 and $0.43 for the three and
twelve months ended April 30, 2012, respectively.
|
|
(2) - Tax affected using the effective tax rate for the three and
twelve months period ended April 30, 2013 and 2012.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERICAN SOFTWARE, INC.
|
Consolidated Balance Sheet Information
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
|
|
April 30,
|
|
|
|
April 30,
|
|
|
|
|
|
|
2013
|
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Short-term Investments
|
|
|
|
$
|
59,766
|
|
|
|
$
|
59,362
|
Accounts Receivable:
|
|
|
|
|
|
|
|
|
|
Billed
|
|
|
|
|
|
13,179
|
|
|
|
|
15,205
|
Unbilled
|
|
|
|
|
|
3,741
|
|
|
|
|
4,607
|
Total Accounts Receivable, net
|
|
|
|
|
16,920
|
|
|
|
|
19,812
|
Prepaids & Other
|
|
|
|
|
|
3,162
|
|
|
|
|
3,184
|
Deferred Tax Asset
|
|
|
|
|
|
-
|
|
|
|
|
34
|
Current Assets
|
|
|
|
|
|
79,848
|
|
|
|
|
82,392
|
|
|
|
|
|
|
|
|
|
|
|
Investments - Non-current
|
|
|
|
|
|
6,658
|
|
|
|
|
7,508
|
|
|
|
|
|
|
|
|
|
|
|
PP&E, net
|
|
|
|
|
|
|
4,482
|
|
|
|
|
4,912
|
Capitalized Software, net
|
|
|
|
|
|
8,708
|
|
|
|
|
7,791
|
Goodwill
|
|
|
|
|
|
|
12,601
|
|
|
|
|
12,601
|
Other Intangibles, net
|
|
|
|
|
|
687
|
|
|
|
|
1,263
|
Other Non-current Assets
|
|
|
|
|
|
86
|
|
|
|
|
86
|
Total Assets
|
|
|
|
|
$
|
113,070
|
|
|
|
$
|
116,553
|
|
|
|
|
|
|
|
|
|
|
|
Accounts Payable
|
|
|
|
|
$
|
1,207
|
|
|
|
$
|
1,042
|
Accrued Compensation and Related costs
|
|
|
|
|
2,961
|
|
|
|
|
5,169
|
Dividend Payable
|
|
|
|
|
|
-
|
|
|
|
|
2,433
|
Other Current Liabilities
|
|
|
|
|
|
2,969
|
|
|
|
|
4,198
|
Deferred Tax Liability - Current
|
|
|
|
|
332
|
|
|
|
|
-
|
Deferred Revenues
|
|
|
|
|
|
21,291
|
|
|
|
|
19,441
|
Current Liabilities
|
|
|
|
|
28,760
|
|
|
|
|
32,283
|
|
|
|
|
|
|
|
|
|
|
|
Deferred Tax Liability - Long term
|
|
|
|
|
1,066
|
|
|
|
|
1,240
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity
|
|
|
|
|
|
83,244
|
|
|
|
|
83,030
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity
|
|
|
|
$
|
113,070
|
|
|
|
$
|
116,553
|
<div class="copyright">
Copyright Business Wire 2013
</div>