- Q3 Earnings of $0.06 per share excluding one-time items*,
exceeding pre-announcement
- Q3 EBITDA of $462,000, excluding one-time items*, exceeding
pre-announcement
- Cash and Equivalents, excluding acquisition funding, grew
$700,000 sequentially.
- Raising Fourth quarter EBITDA guidance range to $540,000 to
630,000 excluding one-time items*
Asure Software, Inc. (Nasdaq:ASUR), a leading provider of workforce
management software, announced results for the third quarter ended
September 30, 2011.
Third quarter results, excluding one-time items related to
Asure's acquisition of ADI Time, included earnings of $0.06 per
share and EBITDA of $462,000. GAAP Net Income per share was $0.01.
One-time items contributed ($0.05) per share, and consisted of
acquisition related legal and professional services, travel and
other one-time expenses. Third quarter revenue was $2.5 million, a
3% increase over the prior quarter. The revenue increase of $70,000
was largely driven by an increase in recurring revenue, of which
the majority was related to growth in our Cloud-based revenue
stream. Asure's recurring revenue as a percentage of overall
revenue was flat at 80% quarter over quarter and up 8% versus the
comparable period in 2010; from 72% to 80%. Hardware revenue
increased by 94% compared to the last quarter, driving gross margin
down one percentage point to 81% this quarter.
"We had a solid quarter as the business continues to perform
well and grow. We're extremely excited about the opportunities the
ADI acquisition brings us," commented Pat Goepel, CEO of Asure
Software. "First, ADI's customer base extends our ability to serve
organizations with unique industry-specific needs, and with ADI's
expertise we can expand our reach and our
capabilities. Second, we are excited to introduce our
new hardware technology to current and prospective
clients. Lastly, we've already seen synergies within the
combined organizations that allow us to streamline operations,
reduce operating costs and gain significant
efficiencies. I'm very optimistic about our team and
what we have accomplished as we continue to execute our growth
strategy."
David Scoglio, Asure's Chief Financial Officer, added, "Asure
posted a strong quarter financially, as EBITDA and earnings
exceeded our estimates and cash continued to
grow. Deferred revenue grew 13% over the last quarter,
and 36% over the comparable period in 2010, and cash continued to
grow faster than earnings, giving us confidence in our ability to
meet all lending commitments related to the ADI
acquisition. While Netsimplicity's cloud-based bookings
were down sequentially, they were up against a difficult comparison
and we are confident that we can return to double digit performance
in the fourth quarter. iEmployee's cloud-based bookings
showed improvement at 24% growth sequentially.
David Scoglio continued," For Q4, we expect GAAP net earnings
per share to be positive and drive full year results to overall
profitability. One-time costs related to acquisition and
integration are expected to roughly equal those of
Q3. Due to the ADI acquisition and continued organic
performance, we are increasing our EBITDA guidance range to
$540,000 to $630,000, excluding the aforementioned one-time
costs. An updated table of public guidance is offered
below."
|
Guidance |
|
Q4
'11 |
FY '12 |
Revenue ($000s) |
$ |
3,530 - $3,630 |
15,500 |
EBITDA Gain
($000s) |
n/a |
2,800 |
Net Earnings Per
Share |
Positive for Q4 & '11 |
tba |
EBITDA Gain ($000s) excl.
1Time |
540 - 630 |
n/a |
Conference Call Details
Asure will follow this announcement with a conference call for
the investment community on Tuesday, November 8, 2011, at 11:00 am
EST, (10 a.m. CST) to further discuss the quarter and
outlook. Participating in the call will be Pat Goepel,
Chief Executive Officer and David Scoglio, Chief Financial
Officer. To participate, dial (877) 853-5636 ten minutes
before the call begins. International callers should dial (631)
291-4544. The pass code for all callers is 21226915.
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 10 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 at
http://investor.asuresoftware.com/.
About Asure
Asure Software, Inc. (Nasdaq: ASUR), headquartered in
Austin, Texas. Asure Software's intuitive and innovative
technologies enable companies of all sizes and complexities to
operate more efficiently. Simply put, we turbo-charge
your workplace by stimulating your workforce and maximizing your
company's resources while eliminating waste out of employee's
work-flow.
Asure Software's number one priority is to delight our clients
and support their change initiatives. We ensure a
high-performing work environment by integrating our "keep it
simple" solutions and expertise to over 3,500 plus clients
world-wide; Asure Software's suite of solutions range from time and
attendance workforce management solutions to asset optimization and
meeting room management. For more information, please
visit www.asuresoftware.com.
The Asure Software, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=8565
"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
could cause actual results to differ from those contained in the
forward-looking statements.
*Non-GAAP Financial Measures
This press release includes the following financial measures
defined as a non-GAAP financial measure by the Securities and
Exchange Commission: EBITDA and GAAP Net Income/(Loss) excluding
one-time items. These supplemental financial measures are not
required by GAAP, nor are the presentation of this financial
information intended to be considered in isolation or as a
substitute for the financial information prepared and presented in
accordance with GAAP. Management recognizes that non-GAAP financial
measures have limitations in that they do not reflect all of the
items associated with Asure's earnings results as determined in
accordance with GAAP. However, for the reasons described below,
management uses these non-GAAP measures to evaluate the performance
of Asure's business. Asure's management believes that it is
important to provide investors with these same tools, together with
reconciliation to GAAP, for evaluating the performance of Asure's
business, as it may provide additional insight into Asure's
financial results. See the "Reconciliation of GAAP Net
Income/(Loss) to Earnings Before Interest, Taxes, Depreciation,
Amortization and Stock Compensation Expense (EBITDA)" and the
"Reconciliation of GAAP Net Income/(Loss) to Net Earnings Excluding
One-Time Items" tables included in this press release for further
information regarding these non-GAAP financial measures. In
addition, these measures are presented because management believes
they are frequently used by securities analysts,
investors and others in the evaluation of companies.
EBITDA is calculated by adding income taxes, interest expense,
depreciation and amortization and stock compensation expense to net
earnings, EBITDA is not defined under GAAP and should not be
considered in isolation or as a substitute for net earnings and
other consolidated earnings data prepared in accordance with GAAP
or as a measure of Asure's profitability.
Net Earnings Excluding One-Time Items is calculated by combining
the company's GAAP Net Earnings, or earnings per share, with items
that are one time in nature and are not expected to recur on a
dollar or per share basis.
|
|
|
|
Reconciliation of GAAP
Net Earnings to Earnings Before Interest, Taxes, Depreciation,
Amortization and Stock Compensation Expense (EBITDA) and
EBITDA excluding One-Time Costs |
|
FOR THE THREE MONTHS
ENDING |
$000s |
September 30,
2011 |
September 30,
2010 |
Inc/Dec |
Net Gain/(Loss) |
29 |
0 |
29 |
Interest |
9 |
12 |
(3) |
Tax |
9 |
(42) |
51 |
Depreciation |
33 |
59 |
(26) |
Amortization |
195 |
195 |
0 |
Stock Compensation |
27 |
13 |
14 |
EBITDA Gain |
302 |
237 |
65 |
One-Time Costs |
160 |
14 |
146 |
EBITDA Gain excl. One-Time
Costs |
462 |
251 |
211 |
|
|
|
|
|
|
|
|
FOR THE NINE MONTHS
ENDING |
$000s |
September 30,
2011 |
September 30,
2010 |
Inc/Dec |
Net Gain/(Loss) |
(4) |
(1,203) |
1,199 |
Interest |
31 |
53 |
(22) |
Tax |
30 |
(14) |
44 |
Depreciation |
114 |
192 |
(78) |
Amortization |
585 |
584 |
1 |
Stock Compensation |
55 |
28 |
27 |
EBITDA Gain/(Loss) |
811 |
(360) |
1,171 |
One-Time Costs |
276 |
1,261 |
(985) |
EBITDA Gain excl. One-Time
Costs |
1,087 |
901 |
186 |
|
|
|
|
|
Reconciliation of GAAP
Net Earnings to Net Earnings Excluding 1-Time Items |
|
$000s |
FOR THE THREE
MONTHS ENDED SEPTEMBER 30 |
FOR THE NINE
MONTHS ENDED SEPTEMBER 30 |
|
2011 |
2010 |
2011 |
2010 |
Net Gain/(Loss) |
29 |
0 |
(4) |
(1,203) |
Legal & Professional Services |
84 |
0 |
84 |
0 |
Travel |
41 |
0 |
41 |
0 |
Severance, Recruitment &
Relocation |
26 |
0 |
105 |
0 |
Sales & Marketing Infrastructure |
0 |
0 |
35 |
0 |
Loss on Lease Amendment |
0 |
0 |
0 |
1,203 |
Other 1-Time Items (net) |
9 |
14 |
11 |
58 |
Net Gain Excl. 1-Time Items |
189 |
14 |
272 |
58 |
|
|
|
ASURE SOFTWARE,
INC. |
CONDENSED CONSOLIDATED
BALANCE SHEETS |
(Amounts in thousands, except
per share data) |
(Unaudited) |
|
|
|
|
September 30,
2011 |
December 31,
2010 |
ASSETS |
|
|
Current Assets: |
|
|
Cash and cash equivalents |
$ 6,082 |
$ 1,070 |
Accounts receivable, net of allowance for
doubtful accounts of $17 and $46 at September 30, 2011
and December 31, 2010, respectively |
|
|
Notes receivable |
120 |
62 |
Inventory |
6 |
25 |
Prepaid expenses and other current
assets |
227 |
255 |
Total Current Assets |
7,414 |
2,651 |
Notes receivable |
-- |
60 |
Property and equipment, net |
221 |
281 |
Intangible assets, net |
2,258 |
2,844 |
Total Assets |
$ 9,893 |
$ 5,836 |
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
Current Liabilities: |
|
|
Accounts payable |
$ 686 |
$ 560 |
Notes payable |
500 |
-- |
Accrued compensation and benefits |
72 |
95 |
Other accrued liabilities |
399 |
361 |
Deferred revenue |
2,522 |
1,955 |
Total Current Liabilities |
4,179 |
2,971 |
Long-term deferred revenue |
150 |
116 |
Notes payable |
2,850 |
-- |
Other long-term obligations |
4 |
25 |
Total Liabilities |
7,183 |
3,112 |
|
|
|
Stockholders' Equity: |
|
|
Preferred stock, $.01 par value; 1,500
shares authorized; none issued or outstanding |
— |
— |
Common stock, $.01 par value; 6,500
shares authorized; 3,341 and 3,341 shares issued; 3,085 and
3,085 shares outstanding at September 30, 2011 and
December 31, 2010, respectively |
|
|
Treasury stock at cost, 256 shares at
September 30, 2011 and December 31,
2010, respectively |
(5,017) |
(5,017) |
Additional paid-in capital |
271,033 |
270,978 |
Accumulated deficit |
(263,545) |
(263,541) |
Accumulated other comprehensive loss |
(95) |
(30) |
Total Stockholders' Equity |
2,710 |
2,724 |
Total Liabilities and Stockholders'
Equity |
$ 9,893 |
$ 5,836 |
|
|
|
The accompanying notes from the
Company's upcoming 10Q are an integral part of these condensed
consolidated financial statements |
|
|
|
|
|
ASURE SOFTWARE,
INC. |
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS |
(Amounts in thousands, except
per share data) |
(Unaudited) |
|
|
|
|
|
|
FOR THE |
FOR THE |
|
THREE MONTHS
ENDED |
NINE MONTHS
ENDED |
|
SEPTEMBER
30, |
SEPTEMBER
30, |
|
2011 |
2010 |
2011 |
2010 |
Revenues |
$ 2,502 |
$ 2,542 |
$ 7,293 |
$ 7,627 |
Cost of Sales |
(486) |
(601) |
(1,363) |
(1,741) |
Gross Margin |
2,016 |
1,941 |
5,930 |
5,886 |
|
|
|
|
|
Operating Expenses: |
|
|
|
|
Selling, general and
administrative |
1,526 |
1,507 |
4,340 |
4,391 |
Research and development |
366 |
394 |
1,150 |
1,100 |
Amortization of intangible
assets |
150 |
150 |
449 |
448 |
Loss on lease amendment |
-- |
-- |
-- |
1,203 |
Total Operating
Expenses |
2,042 |
2,051 |
5,939 |
7,142 |
|
|
|
|
|
Loss From Operations |
(26) |
(110) |
(9) |
(1,256) |
|
|
|
|
|
Other Income (Expenses): |
|
|
|
|
Interest income |
2 |
-- |
8 |
2 |
Foreign currency translation gain
(loss) |
67 |
(24) |
47 |
(41) |
Loss (gain) on sale of assets |
-- |
(18) |
-- |
5 |
Interest expense and other |
(5) |
(20) |
(20) |
(57) |
Gain on sale of investment |
-- |
130 |
-- |
130 |
Total Other Income
(Expense) |
64 |
68 |
35 |
39 |
|
|
|
|
|
Income (Loss) Before Income Taxes |
38 |
(42) |
26 |
(1,217) |
Provision For Income Taxes |
(9) |
42 |
(30) |
14 |
Net Income (Loss) |
$ 29 |
$ 0 |
$ (4) |
$ (1,203) |
|
|
|
|
|
Basic Income (Loss) Per
Share |
$ 0.01 |
$ 0 |
$ (0.00) |
$ (0.39) |
Diluted Income (Loss) Per
Share |
$ 0.01 |
$ 0 |
$ (0.00) |
$ (0.39) |
|
|
|
|
|
Shares Used In Computing Basic Income
(Loss) Per Share |
3,085 |
3,085 |
3,085 |
3,088 |
Shares Used In Computing Diluted
Income (Loss) Per Share |
3,094 |
3,085 |
3,085 |
3,088 |
|
|
|
|
|
The accompanying notes from the
Company's upcoming 10Q are an integral part of these condensed
consolidated financial statements |
CONTACT: David Scoglio
512-437-2732
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