License Fee Revenues increase 139% and GAAP Net Earnings Increase 67% for the quarter
ATLANTA–(CRWENEWSWIRE)– American Software, Inc. (NASDAQ:AMSWA) today reported preliminary financial results for the first quarter of fiscal year 2012, delivering a 139% increase in first quarter license fee revenues and a 67% increase in GAAP net earnings when compared to the same period last year. The Company has achieved 42 consecutive quarters of profitability and 32 consecutive quarters of providing dividend distributions to shareholders.
Key first quarter financial highlights:
Total revenues for the quarter ended July 31, 2011 were $23.7 million, an increase of 24% over the comparable period last year.
Software license fee revenues for the quarter ended July 31, 2011 were $6.7 million, an increase of 139% over the same period last year.
Services and other revenues for the quarter ended July 31, 2011 were $9.3 million compared to $9.2 mil lion the same period last year.
Maintenance revenues for the quarter ended July 31, 2011 were $7.8 million, an increase of 10% over the comparable period last year.
Operating earnings for the quarter ended July 31, 2011 were $3.6 million, an increase of 78% compared to the same period last year.
GAAP net earnings for the quarter ended July 31, 2011 were $2.3 million or $0.09 per fully diluted share, an increase of 67% over the first quarter of fiscal 2011.
Adjusted net earnings for the quarter ended July 31, 2011, which excludes stock-based compensation expense and acquisition-related amortization of intangibles, were $2.6 million or $0.10 per fully diluted share, an increase of 56% compared to $1.6 million or $0.06 per fully diluted share for the same period last year, which excluded stock-based compensation expense and acquisition-related amortization of intangibles.
Adjusted EBITDA increased 77% to $5.0 million in the quarter ended July 31, 2 011, from $2.8 million in the quarter ended July 31, 2010. Adjusted EBITDA represents GAAP net income adjusted for amortization of intangibles, depreciation, interest income, income tax provision, stock-based compensation, and other significant non-routine operating and non-operating income and expense items, if applicable.
The Company is including 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 $52.8 million as of July 31, 2011.
