FOR IMMEDIATE RELEASE
Rand Worldwide
Reports Second Quarter Fiscal Year 2013 Results
- - -
Trend of Profitable Operations
Continues
FRAMINGHAM,
MA - February 14, 2013 - Rand Worldwide,
Inc. (OTCBB: RWWI), a global provider of technology solutions to
organizations with engineering design and information technology
requirements, announces its financial results for the three and six
months ended December 31, 2012.
For the three months ended
December 31, 2012, Rand Worldwide, Inc. reported total revenues of
$21.6 million as compared with $22.5 million in the same quarter
for the prior fiscal year. The Company's overall gross margin
percentage for the current quarter was 50.5%, up significantly from
the 47.0% reported for the quarter ended December 31, 2011. Total
selling, general and administrative expenses were $9.2 million, a
5% increase from the $8.8 million reported for the same quarter for
the prior fiscal year. As a result, the Company reported net
income of $496,000, or $0.01 per share per fully diluted share,
compared to net income of $1,039,000, or $0.02 per share, for the
same period in the prior year.
For the six months ended December
31, 2012, the Company reported total revenues of $43.2 million as
compared with $44.4 million in the prior year. Year to date
net income was $1,072,000, or $0.02 per fully diluted share, as
compared with net income of $1,441,000, or $0.03 per share,
reported for the same period in the prior year.
"Our core business continues to
produce high gross margin levels which should result in some
further improvement in profitability when we see the results of the
additional sales professionals that we have brought on board in the
past few quarters," said Lawrence Rychlak, president and chief
financial officer at Rand Worldwide. "In addition, we remain very
confident about the prospects for our archiving business, as sales
levels have exceeded our expectations and the pipeline of new
opportunities continues to grow."
"We continue to stay focused on
investing in our customer facing, technical employees to ensure
that our clients work with the most talented, technically savvy and
industry knowledgeable experts in the channel," added Marc Dulude,
chief executive officer at Rand Worldwide. "This investment has
resulted in the receipt of several specialization designations from
Autodesk based on our demonstrated expertise in the areas of PLM,
Simulation, Consulting, Plant and MEP Systems Engineering."
Forward-looking
Statement
This press release contains forward-looking statements about the
expectations, beliefs, plans, intentions, and strategies of Rand
Worldwide, Inc. There are a number of important factors that could
cause actual results to differ materially from those anticipated by
any forward-looking information. Statements that are not historical
in nature, including those that include the words "goal," "expect,"
"anticipate," "estimate," "should," "believe," "intend," and
similar expressions, are based on current expectations, estimates
and projections about, among other things, the industry and the
markets in which Rand Worldwide operates, and they are not
guarantees of future performance. Whether actual results will
conform to expectations and predictions is subject to known and
unknown risks and uncertainties, including risks and uncertainties
discussed in this report; general economic, market, or business
conditions; changes in interest rates, and demand for our products
and services; changes in our competitive position or competitive
actions by other companies; the ability to manage growth; changes
in laws or regulations or policies of federal and state regulators
and agencies; and other circumstances beyond our control.
Consequently, all of the forward-looking statements made in this
document are qualified by these cautionary statements, and there
can be no assurance that the actual results anticipated will be
realized, or, if substantially realized, will have the expected
consequences on our business or operations.
(Tables Below)
| Rand
Worldwide, Inc. |
| Summary
Consolidated Financial Data |
|
|
|
|
Three Months
Ended |
|
Six Months
Ended |
|
|
|
December
31, |
|
December
31, |
|
|
|
2012 |
|
2011 |
|
2012 |
|
2011 |
|
|
|
|
|
|
|
|
|
|
| Revenues- |
|
|
|
|
|
|
|
|
|
| Product sales |
|
|
$10,540,000 |
|
$12,771,000 |
|
$22,055,000 |
|
$26,046,000 |
| Service revenue |
|
|
5,505,000 |
|
5,255,000 |
|
10,878,000 |
|
10,059,000 |
| Commission revenue |
|
|
5,536,000 |
|
4,447,000 |
|
10,249,000 |
|
8,311,000 |
| Total revenues |
|
|
21,581,000 |
|
22,473,000 |
|
43,182,000 |
|
44,416,000 |
|
|
|
|
|
|
|
|
|
|
| Cost of revenues- |
|
|
|
|
|
|
|
|
|
| Cost of product sales |
|
|
6,858,000 |
|
8,703,000 |
|
14,188,000 |
|
18,003,000 |
| Cost of service revenue |
|
|
3,816,000 |
|
3,198,000 |
|
7,510,000 |
|
6,332,000 |
| Total cost of
revenues |
|
|
10,674,000 |
|
11,901,000 |
|
21,698,000 |
|
24,335,000 |
|
|
|
|
|
|
|
|
|
|
| Gross margin |
|
|
$10,907,000 |
|
$10,572,000 |
|
$21,484,000 |
|
$20,081,000 |
| Operating income |
|
|
1,135,000 |
|
1,343,000 |
|
2,080,000 |
|
1,938,000 |
| Net income |
|
|
496,000 |
|
1,039,000 |
|
1,072,000 |
|
1,441,000 |
|
|
|
|
|
|
|
|
|
|
| Earnings per share: |
|
|
|
|
|
|
|
|
|
| Basic |
|
|
$ 0.01 |
|
$ 0.02 |
|
$ 0.02 |
|
$ 0.03 |
| Diluted |
|
|
$ 0.01 |
|
$ 0.02 |
|
$ 0.02 |
|
$ 0.03 |
|
|
|
|
|
|
|
|
|
|
| Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
| Basic |
|
|
53,990,589 |
|
52,223,307 |
|
53,906,012 |
|
52,072,435 |
| Diluted |
|
|
55,040,285 |
|
55,694,749 |
|
54,955,708 |
|
55,563,059 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
June 30, |
|
|
|
|
|
|
|
2012 |
|
2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current assets |
|
|
$24,471,000 |
|
$23,323,000 |
|
|
|
|
| Long term assets |
|
|
29,619,000 |
|
27,887,000 |
|
|
|
|
| Total assets |
|
|
$54,090,000 |
|
$51,210,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current liabilities |
|
|
$19,974,000 |
|
$19,750,000 |
|
|
|
|
| Long term liabilities |
|
|
1,575,000 |
|
614,000 |
|
|
|
|
| Total stockholders' equity |
|
|
32,541,000 |
|
30,846,000 |
|
|
|
|
| Total liabilities and stockholders' equity |
|
|
$54,090,000 |
|
$51,210,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
About Rand
Worldwide
Rand Worldwide is one of the world's leading professional services
and technology companies for the engineering community, targeting
organizations in the building, infrastructure, and manufacturing
industries. The company advances the way organizations design,
develop, and manage building, infrastructure, and manufacturing
projects. Fortune 500 and Engineering News Record's Top 100 companies work with
Rand Worldwide to gain a competitive advantage through technology
consulting, implementation, training, and support services. One of
the world's largest integrators of Autodesk software, the company
also provides data archiving based upon solutions from Autonomy,
facilities management software from ARCHIBUS, CAD and PLM
courseware through their ASCENT division and provides training and
support solutions on Dassault Systèmes and PTC products. For more
information, visit rand.com
Rand Worldwide Company
Contact
Chantale Marchand |
|
| Rand Worldwide |
|
| Phone +1 (508) 663-1411 |
|
| cmarchand@rand.com |
|
Any and all
trademarks making reference to or related to Rand Worldwide,
IMAGINiT, ASCENT, ProductivityNOW, or Rand Secure Archive are
registered and/or owned by Rand Worldwide, Inc., and/or its
subsidiaries, affiliates, and/or other legal holders under the Rand
Worldwide, Inc. name.
###
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(ii) they are solely responsible for the content, accuracy and
originality of the
information contained therein.
Source: Rand Worldwide Inc. via Thomson Reuters ONE
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