Asure Software (NASDAQ: ASUR), a leading provider of workforce
management software, today announced financial results for the
Fiscal 2010 first quarter, ended October 31, 2009.
Q1 Highlights:
-- As expected, revenue declined 4% vs. the previous quarter to $2.3M.
iEmployee's revenue grew 3% compared to Q4 '09, driven largely by growth in
clock sales, which grew 41% over Q4 '09. Additionally, iEmployee posted
record new bookings in Q1 '10, a 69% improvement over Q4 '09.
NetSimplicity's revenue declined 12% vs. the previous quarter. This drop
was anticipated as we transition the business from a perpetual license
model to a SaaS model. Importantly, NetSim's SaaS revenue component grew
10% over Q4 '09.
-- Operating expenses decreased in Q1 2010 versus Q4 2009 by ($4.0M),
(55%), due to both a significant decline in one-time costs, ($3.3M) and
operational efficiency, ($0.7M). Q1 '10 one-time costs were driven by final
proxy contest charges and severance expenses. Operational efficiencies were
realized in many areas, with the most significant being in Compensation.
The full effect of recent reductions in force drove $0.5M in reduced
operating expenses in Q1 '10. Q1 '10 was EBITDA neutral, excluding one-time
costs of $1.1M and excess net lease expense of $0.1M.
Pat Goepel, Asure's Chief Executive Officer, remarked, "We will
see a new Asure rise in 2010; we have drastically reduced operating
costs and will put negative one-time events behind us as we move
forward. The upcoming short period for November and December, 2009
will yield similar levels of adjusted EBITDA and going forward the
only anticipated one-time costs will be in the form of investments
to further enhance our products and services and improve
operational efficiency. By calendar Q1, 2010, we expect to begin
seeing the benefits of our growth plan and along with our
normalized lower cost structure, expect to be EBITDA positive."
"Furthermore,..." continued Goepel, "...Asure is committed to
reducing exposure to our Austin Headquarters lease arrangement
which can only accelerate our plan to become profitable for the
calendar year 2010. We continue to believe that our business and
assets are undervalued and we wish to inform shareholders that we
presently have 1.2M shares available under our current stock
buyback plan and we intend to be active in the near future."
Chairman of the Board, David Sandberg, added, "Lastly, in one
week's time we have an important Annual Meeting where we are asking
shareholders to approve several proposals. Among these are
non-routine votes seeking ratification of a 10-for-1 reverse split
in order to retain our Nasdaq listing, a rights plan to protect our
$150+ million in tax loss carryforwards, and an equity plan to
facilitate the granting of options as part of a new compensation
plan to our employees given we have ended the furlough period but
are retaining salaries at furlough levels. I represent the largest
shareholder of the Company and I believe these proposals are the
right moves for the Company and are in the shareholders' best
interests as we strive for value creation. For these reasons, I ask
each shareholder to consider and vote in support of each of our
proposals if you agree, and to do so in time for next week's
meeting. If you have not yet done so, please contact our proxy
solicitor, InvestorCom, Inc., at (203) 972-9300."
Conference Call Details
Asure Software has scheduled a conference call for Thursday,
December 10, 2009 at 11:00 a.m. ET (10:00 a.m. CT) to discuss its
most recent financial results and outlook. Participating in the
call will be Pat Goepel, Chief Executive Officer and David
Sandberg, Chairman of the Board.
To take part, please dial 800-901-5217 ten minutes before the
conference call begins, ask for the Asure Software event and use
passcode 23171971. International callers should dial 617-786-2964
and reference the same passcode, 23171971.
Investors, analysts, media and the general public will also have
the opportunity to listen to the conference call in listen-only
mode via the Internet by visiting the investor relations page of
Asure's web site at www.asuresoftware.com. To monitor the live
call, please visit the web site at least 15 minutes early to
register, download and install any necessary audio software. For
those who cannot listen to the live broadcast, an archived replay
will be available shortly after the call on the investor relations
page of the Company's web site at www.asuresoftware.com.
About Asure Software
Headquartered in Austin, Texas, Asure Software (ASUR), (a d/b/a
of Forgent Networks, Inc.), empowers small to mid-size
organizations and divisions of large enterprises to operate more
efficiently, increase worker productivity and reduce costs through
a comprehensive suite of on-demand workforce management software
and services. Asure's market-leading suite includes products that
optimize workforce time and attendance tracking, benefits
enrollment and tracking, pay stubs and W2 documentation, and
meeting and event management. With additional offices in Warwick,
Rhode Island, Vancouver, British Columbia, and Mumbai, India, Asure
serves 3,500 customers around the world. For more information,
please visit www.asuresoftware.com.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: Statements in this press release regarding
Asure's business which are not historical facts are
"forward-looking statements" that involve risks and uncertainties.
Such risks and uncertainties, which include those associated with
continued listing of the Company's securities on the NASDAQ Capital
Market, could cause actual results to differ from those contained
in the forward-looking statements.
FORGENT NETWORKS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except per share data)
OCTOBER 31, JULY 31,
2009 2009
(UNAUDITED)
ASSETS
Current Assets:
Cash and equivalents $ 1,651 $ 4,375
Short-term investments 1,303 5,339
Accounts receivable, net of allowance for
doubtful accounts of $17 and $20 at
October 31, 2009 and July 31, 2009,
respectively 1,576 1,207
Inventory 31 3
Prepaid expenses and other current assets 274 143
------------- -------------
Total Current Assets 4,835 11,067
Property and equipment, net 625 672
Intangible assets, net 3,753 3,949
------------- -------------
Total Assets $ 9,213 $ 15,688
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 1,601 $ 6,294
Accrued compensation and benefits 188 278
Lease impairment and advance 709 899
Other accrued liabilities 439 541
Deferred revenue 1,826 1,897
------------- -------------
Total Current Liabilities 4,763 9,909
Long-Term Liabilities:
Deferred revenue 120 119
Lease impairment and advance 210 250
Other long-term obligations 219 206
------------- -------------
Total Long-Term Liabilities 549 575
Stockholders' Equity:
Preferred stock, $.01 par value; 10,000
shares authorized; none issued or
outstanding -- --
Common stock, $.01 par value; 40,000 shares
authorized; 33,406 and 32,906 shares
issued; 31,616 and 31,116 shares
outstanding at October 31, 2009 and July
31, 2009, respectively 334 329
Treasury stock at cost, 1,790 shares at
October 31, 2009 and July 31, 2009 (4,815) (4,815)
Additional paid-in capital 270,915 270,738
Accumulated deficit (262,453) (260,947)
Accumulated other comprehensive income (80) (101)
------------- -------------
Total Stockholders' Equity 3,896 5,204
------------- -------------
Total Liabilities and Stockholders'
Equity $ 9,213 $ 15,688
============= =============
FORGENT NETWORKS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share data)
FOR THE THREE
MONTHS ENDED
OCTOBER 31,
------------------
2009 2008
-------- --------
(UNAUDITED)
Revenues $ 2,321 $ 2,792
Cost of Sales (479) (564)
Gross Margin 1,842 2,228
OPERATING EXPENSES:
Selling, general and administrative 2,741 3,197
Research and development 411 561
Amortization of intangible assets 149 149
Total Operating Expenses 3,301 3,907
LOSS FROM OPERATIONS (1,459) (1,679)
OTHER INCOME AND (EXPENSES):
Interest income 7 55
Foreign currency translation (31) 120
Interest expense and other (11) (10)
Total Other Income (36) 165
LOSS FROM OPERATIONS, BEFORE INCOME TAXES (1,494) (1,514)
Provision for income taxes (12) (25)
NET LOSS $ (1,506) $ (1,539)
BASIC AND DILUTED LOSS PER SHARE:
Net loss per share - basic and diluted $ (0.05) $ (0.05)
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic 31,317 31,104
Diluted 31,317 31,104
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