BARNSLEY, England, Feb. 15, 2016 /PRNewswire/ -- MAM Software Group,
Inc. (NASDAQ Capital Market: MAMS) (the "Company" or "MAM"), a
leading global provider of on-premise and cloud-based business
management solutions for the auto parts, tire and vertical
distribution industries, announced the following financial results
in accordance with U.S. generally accepted accounting principles
("GAAP") for its second fiscal quarter ended December 31, 2015:
(In thousands,
except share and per share data)
|
For The Three
Months Ended
December 31,
|
|
For The Six Months
Ended
December 31,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Revenues
|
$
|
7,901
|
|
$
|
7,871
|
|
$
|
15,896
|
|
$
|
16,078
|
Gross
profit
|
$
|
4,333
|
|
$
|
4,662
|
|
$
|
8,678
|
|
$
|
9,564
|
Operating
income
|
$
|
758
|
|
$
|
1,128
|
|
$
|
1,782
|
|
$
|
1,940
|
Income before
provision for income taxes
|
$
|
931
|
|
$
|
1,127
|
|
$
|
1,945
|
|
$
|
1,935
|
Net income
|
$
|
738
|
|
$
|
925
|
|
$
|
1,568
|
|
$
|
1,534
|
Earnings per share
attributed to common stockholders – basic
|
$
|
0.06
|
|
$
|
0.07
|
|
$
|
0.12
|
|
$
|
0.11
|
Earnings per share
attributed to common stockholders – diluted
|
$
|
0.06
|
|
$
|
0.07
|
|
$
|
0.12
|
|
$
|
0.11
|
Weighted average
shares outstanding – basic
|
12,907,105
|
|
13,423,060
|
|
13,150,831
|
|
13,310,927
|
Weighted average
shares outstanding – diluted
|
13,005,870
|
|
13,554,977
|
|
13,247,978
|
|
13,405,524
|
Michael Jamieson, MAM's President
and Chief Executive Officer commented, "We continue to make
progress in transitioning to a cloud-based business model, while
simultaneously and effectively managing multiple, large-scale
implementations for our customers. During the quarter our recurring
revenue grew to an all-time high of 80% of total revenue,
reflecting our customers' enthusiasm for our offerings. Organic
revenue growth of 4% was again offset by a significant foreign
currency impact from our U.K. business. Despite this, the climate
for cloud-based business solutions in the automotive vertical
remains positive, as SaaS revenue grew 45% year-over-year and 11%
sequentially. Taking everything into account, we are pleased
with the progress made during the quarter. The large scale projects
that we are focusing on today will help position us for future
growth and we remain very excited about the opportunities in front
of us."
Second Quarter Highlights:
- Revenues were $7.9 million versus
$7.9 million for the same period last
year. On a constant currency basis, total revenues would have been
$8.2 million, or an increase of 4%
over the same period last year.
- Recurring revenues were 80% of total revenues compared to 74%
of total revenues for the same period last year.
- Total Software as a Service (SaaS) revenue increased 45%
year-over-year and 11% sequentially.
- Operating income was $758,000, or
10% of revenues, versus $1.1 million,
or 14% of revenues, for the same period last year.
- Adjusted EBITDA* was $1.3
million, or 16% of revenues, versus $1.5 million, or 19% of revenues, for the same
period last year.
- Net income was $738,000, as
compared to $925,000 in the same
period last year.
Second Quarter Financial Results:
Revenues were $7.9 million for the
quarter ended December 31, 2015,
versus $7.9 million for the same
period last year, an increase of $30,000.
- On a constant currency basis, revenue was up 4% over the same
period last year.
- Recurring revenue for the quarter was $6.3 million, or 80% of total revenues, an
increase of $470,000 or 8%, over
$5.8 million, or 74% of total
revenues, for the same period last year. Sequentially, recurring
revenue increased $46,000, or 1%,
compared to $6.3 million in the
fiscal first quarter of 2016. The increase was due to the
transition to Software as a Service (SaaS) model.
- Total Software as a Service (SaaS) revenue for the quarter was
$1.7 million, an increase of
$528,000, or 45%, year-over-year, and
an increase of $163,000, or 11%,
sequentially when compared to the fiscal first quarter of 2016. The
increase in the SAAS revenue was primarily attributable to a 29%
increase in Autowork Online (SaaS) revenue for the quarter to
$1,059,000, and an 83% increase in
Autopart Online (SaaS) revenue for the quarter to $642,000.
- Total Data as a Service (DaaS) revenue for the quarter was
$2.4 million, an increase of
$22,000, or 1%, year over year, but a
decrease of $115,000, or 5%,
sequentially when compared to the fiscal first quarter of
2016.
Gross profit for the quarter was $4.3
million, or 55% of total revenues, a decrease of
$329,000 compared to $4.7 million, or 59% of total revenues, for the
same period last year. The decrease in gross profit margins was
primarily the result of an increase in lower margin equipment sales
in the three months ended December 31,
2015, higher margin special project revenue in the same
period last year, and an increase professional services headcount
to support growth.
Operating expenses for the quarter increased by $41,000 to $3.6
million, an increase of 1% as compared to the $3.5 million for the same period last year. An
increase in research and development expenses from additional
resources to support new client developments was offset by lower
sales, marketing and administrative expenses.
Operating income for the quarter decreased by $370,000, or 33%, to $758,000, as compared to $1.1 million, for the same period last year.
Other income for the quarter included a $217,000 gain from the settlement of liabilities
with certain vendors and net interest expense of $44,000 primarily as a result of borrowings
incurred in connection with a tender offer.
Net income for the quarter decreased by $187,000, or 20% to $738,000, or $0.06
per basic and diluted share, compared to net income of $925,000, or $0.07
per basic and diluted share, for the same period last year.
Year-to-Date Highlights
- Total revenues were $15.9
million, a decrease of 1% compared to $16.1 million in the same period last year. On a
constant currency basis, total revenues would have been
$16.6 million, or an increase of 3%
over the same period last year.
- Recurring revenues were 79% of total revenues compared to 73%
in the same period last year.
- Total Software as a Service (SaaS) revenue increased 44%.
- Operating income was $1.8
million, or 11% of revenues, versus $1.9 million, or 12% of revenues, for the same
period last year.
- Adjusted EBITDA* was $2.5
million, or 16% of revenues, versus $2.6 million, or 16% of revenues, for the same
period last year.
- Net income was $1.6 million as
compared to $1.5 million in the same
period last year.
Second Quarter Year-to-Date Financial Results:
Revenues were $15.9 million for
the six months ended December 31,
2015, versus $16.1 million for
the same period last year, a decrease of $182,000, or 1%.
- On a constant currency basis, revenue was up 3% over the same
period last year.
- Recurring revenue for the six months was $12.6 million, or 79% of total revenue, an
increase of $764,000, or 6%, over
$11.8 million, or 73% of total
revenue for the same period last year.
- Total Software as a Service (SaaS) revenue for the six months
was $3.2 million, an increase of
$985,000, or 44%, year-over-year. The
increase in the SAAS revenue was primarily attributable to a 28%
increase in Autowork Online (SaaS) revenue for the six months to
$2.0 million, and an 82% increase in
Autopart Online (SaaS) revenue for the six months to $1.2 million.
- Total Data as a Service (DaaS) revenue for the six months was
$4.9 million, an increase of
$57,000, or 1%, year over year.
Gross profit for the six months ended December 31, 2015 was $8.7
million, or 55% of total revenue, a decrease of $886,000, compared to $9.6
million, or 59% of total revenue, for the same period last
year. The decrease in gross profit margins was primarily the result
of an increase in lower margin equipment sales in the six months
ended December 31, 2015, higher
margin special project revenue in the same period last year, and an
increase professional services headcount to support growth.
Operating expenses for the six months ended December 31, 2015 decreased by $728,000 to $6.9
million, a decrease of 10% as compared to $7.6 million for the same period last year. The
decrease was primarily the result of an increase in the
capitalization of payroll costs of engineering personnel,
adjustments to the management incentive plan, realignment of the
U.S. management structure in 2015, and strategic goal incentives in
the first quarter of last year.
Operating income for the six months ended December 31, 2015 decreased by $158,000, or 8%, to $1.8, as compared to $1.9
million, for the same period last year.
Other income for the six months ended December 31, 2015 included a $217,000 gain from the settlement of liabilities
with certain vendors and net interest expense of $54,000 primarily as a result of borrowings
incurred in connection with a tender offer.
Net income for the six months ended December 31, 2015 increased by $34,000, or 2%, to $1.6
million, or $0.12 per basic
and diluted share, compared to net income of $1.5 million, or $0.11 per basic and diluted share, for the same
period last year.
Balance Sheet and Other Financial Highlights:
- The Company finished the quarter with $1.3 million in cash after capital expenditures
and capitalized software development costs of $1.4 million and utilizing $4.5 million of cash to fund a portion of the
repurchase of 2,000,000 shares of common stock for a total purchase
price of $15 million in a public
tender offering.
- As of December 31, 2015, the
Company had $10.5 million of debt
outstanding under its $12 million
credit facility, which was used to fund a portion of the tender
offer.
- Stockholders' equity decreased $14.3
million, or 78%, to $4.1
million as a result of the tender offer.
- System backlog was $1.9 million,
with more than half of this business expected to be fulfilled
during the next six months.
- As of December 31, 2015, MAM
Software had 12.4 million shares of common stock outstanding.
"By completing the tender offer of two million shares during the
quarter, we demonstrated our commitment to returning capital to our
shareholders and better aligned our capital structure in light of
the current interest rate environment and the future growth
opportunities we believe are before us," added Brian Callahan, MAM's Executive Vice President
and Chief Financial Officer.
Business Outlook 2016
The Company's previously announced expectation for fiscal year
2016 Adjusted EBITDA* in the range of $5.8
million to $6.0 million was based on various assumptions
including the foreign currency exchange rates. Based largely upon
the continuing impact of foreign currency exchange rates, the
Company now expects Adjusted EBITDA for fiscal year 2016 to be in
the range of $5.0 million to $5.2
million.
Conference Call Information
The Company has scheduled a conference call for Tuesday, February 16, 2016, at 9 a.m. ET to review the results. Investors and
interested parties can access the conference call by dialing:
- Toll-Free: 888-430-8694
- Toll/International: 719-325-2281
- UK Toll-Free: 0 800 404 7655
A replay will be available until February March 1, 2016 by calling 877-870-5176
(United States) or 1-858-384-5517
(toll/UK/international). Please use pin number 6564992 for the
replay.
A live webcast as well as a replay of the call will be
accessible at the investor relations section of the Company's
website, www.mamsoftware.com. The replay will be active for 60 days
following the conference call.
About MAM Software Group, Inc.
MAM Software is a leading global provider of on-premise and
cloud-based business management solutions for the auto parts, tire
and vertical distribution industries. The company provides a
portfolio of innovative software (SaaS and packaged), data (DaaS),
and integration (iPaaS) services that enable businesses to
intelligently manage core business processes, control costs and
generate new profit opportunities. MAM's integrated platforms
provide a wealth of rich functionality including: point-of-sale,
inventory, purchasing, reporting, data and e-commerce. Wholesale,
retail and installer business across North America, the U.K. and Ireland rely on MAM solutions, backed by
dedicated teams of experienced service and support professionals.
For further information, please visit
http://www.mamsoftware.com.
*Adjusted EBITDA is defined as earnings before interest, taxes,
depreciation and amortization adjusted to exclude non-cash equity
compensation. A reconciliation of adjusted EBITDA to net income
(loss) can be found at the end of the following tables. Adjusted
EBITDA is commonly used by management and investors as an indicator
of operating performance and liquidity. Adjusted EBITDA is not
considered a measure of financial performance under GAAP and it
should not be considered as an alternative to net income (loss), or
other financial statement data presented in accordance with GAAP in
our consolidated financial statements.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Readers are cautioned not to place undue reliance on these
forward-looking statements. Actual results may differ materially
from those indicated by these forward-looking statements as a
result of risks and uncertainties impacting the Company's business
including, increased competition; the ability of the Company to
expand its operations through either acquisitions or internal
growth, to attract and retain qualified professionals, and to
expand commercial relationships; technological obsolescence;
foreign currency fluctuations; general economic conditions; and
other risks detailed from time to time in the Company's filings
with the Securities and Exchange Commission.
MAM SOFTWARE
GROUP, INC.
|
Condensed
Consolidated Balance Sheets
|
(In thousands,
except share and per share data)
|
|
|
|
December 31,
2015
|
|
|
June 30,
2015
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
1,260
|
|
|
$
|
6,793
|
|
Accounts receivable,
net of allowance of $319 and $221, respectively
|
|
|
3,867
|
|
|
|
4,243
|
|
Inventories
|
|
|
284
|
|
|
|
185
|
|
Prepaid expenses and
other current assets
|
|
|
1,127
|
|
|
|
1,722
|
|
Total Current
Assets
|
|
|
6,538
|
|
|
|
12,943
|
|
|
|
|
|
|
|
|
|
|
Property and
Equipment, Net
|
|
|
607
|
|
|
|
732
|
|
|
|
|
|
|
|
|
|
|
Other
Assets
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
9,001
|
|
|
|
9,202
|
|
Amortizable
intangible assets, net
|
|
|
917
|
|
|
|
-
|
|
Software development
costs, net
|
|
|
4,141
|
|
|
|
3,010
|
|
Other long-term
assets
|
|
|
154
|
|
|
|
34
|
|
TOTAL
ASSETS
|
|
$
|
21,358
|
|
|
$
|
25,921
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
1,514
|
|
|
$
|
1,978
|
|
Accrued expenses and
other current liabilities
|
|
|
1,908
|
|
|
|
2,624
|
|
Payroll and other
taxes
|
|
|
730
|
|
|
|
747
|
|
Current portion of
long-term debt
|
|
|
1,900
|
|
|
|
-
|
|
Current portion of
deferred revenue
|
|
|
682
|
|
|
|
719
|
|
Sales tax
payable
|
|
|
781
|
|
|
|
850
|
|
Income tax
payable
|
|
|
340
|
|
|
|
356
|
|
Total Current
Liabilities
|
|
|
7,855
|
|
|
|
7,274
|
|
|
|
|
|
|
|
|
|
|
Long-Term
Liabilities
|
|
|
|
|
|
|
|
|
Deferred revenue, net
of current portion
|
|
|
42
|
|
|
|
52
|
|
Deferred income
taxes
|
|
|
229
|
|
|
|
58
|
|
Long-term debt, net
of current portion
|
|
|
8,600
|
|
|
|
-
|
|
Other long-term
liabilities
|
|
|
569
|
|
|
|
140
|
|
Total
Liabilities
|
|
|
17,295
|
|
|
|
7,524
|
|
|
|
|
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
|
|
|
|
Preferred stock: Par
value $0.0001 per share; 2,000,000 shares authorized, none issued
and outstanding
|
|
|
-
|
|
|
|
-
|
|
Common stock: Par
value $0.0001 per share; 18,000,000 shares authorized, 13,224,675
shares issued and 12,434,887 shares outstanding at December 31,
2015, and 15,027,057 shares issued and 14,266,964 shares
outstanding at June 30, 2015
|
|
|
1
|
|
|
|
2
|
|
Additional paid-in
capital
|
|
|
16,262
|
|
|
|
31,186
|
|
Accumulated other
comprehensive loss
|
|
|
(2,057)
|
|
|
|
(1,241)
|
|
Accumulated
deficit
|
|
|
(7,769)
|
|
|
|
(9,337)
|
|
Treasury stock at
cost, 789,788 shares at December 31, 2015, and 760,093 shares at
June 30, 2015
|
|
|
(2,374)
|
|
|
|
(2,213)
|
|
Total
Stockholders' Equity
|
|
|
4,063
|
|
|
|
18,397
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
$
|
21,358
|
|
|
$
|
25,921
|
|
MAM SOFTWARE
GROUP, INC.
|
Condensed
Consolidated Statements of Comprehensive Income
|
(Unaudited)
|
(In thousands,
except share and per share data)
|
|
|
|
For the Three Months
Ended
|
|
For the Six Months
Ended
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
Revenues,
net
|
|
$
|
7,901
|
|
$
|
7,871
|
|
$
|
15,896
|
|
$
|
16,078
|
|
|
|
Cost of
revenues
|
|
|
3,568
|
|
|
3,209
|
|
|
7,218
|
|
|
6,514
|
|
|
|
Gross
profit
|
|
|
4,333
|
|
|
4,662
|
|
|
8,678
|
|
|
9,564
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
984
|
|
|
858
|
|
|
1,814
|
|
|
1,881
|
|
|
|
Sales and
marketing
|
|
|
1,040
|
|
|
1,155
|
|
|
2,111
|
|
|
2,315
|
|
|
|
General and
administrative
|
|
|
1,368
|
|
|
1,389
|
|
|
2,635
|
|
|
3,070
|
|
|
|
Depreciation and
amortization
|
|
|
183
|
|
|
132
|
|
|
336
|
|
|
358
|
|
|
|
Total operating
expenses
|
|
|
3,575
|
|
|
3,534
|
|
|
6,896
|
|
|
7,624
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
758
|
|
|
1,128
|
|
|
1,782
|
|
|
1,940
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
(44)
|
|
|
(1)
|
|
|
(54)
|
|
|
(5)
|
|
|
|
Gain on settlement of
liabilities
|
|
|
217
|
|
|
-
|
|
|
217
|
|
|
-
|
|
|
|
Total other income
(expense), net
|
|
|
173
|
|
|
(1)
|
|
|
163
|
|
|
(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
provision for income taxes
|
|
|
931
|
|
|
1,127
|
|
|
1,945
|
|
|
1,935
|
|
|
|
Provision for income
taxes
|
|
|
193
|
|
|
202
|
|
|
377
|
|
|
401
|
|
|
|
Net
income
|
|
$
|
738
|
|
$
|
925
|
|
$
|
1,568
|
|
$
|
1,534
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
attributed to common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.06
|
|
$
|
0.07
|
|
$
|
0.12
|
|
$
|
0.11
|
|
|
|
Diluted
|
|
$
|
0.06
|
|
$
|
0.07
|
|
$
|
0.12
|
|
$
|
0.11
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
12,907,105
|
|
|
13,423,060
|
|
|
13,150,831
|
|
|
13,310,927
|
|
|
|
Diluted
|
|
|
13,005,870
|
|
|
13,554,977
|
|
|
13,247,978
|
|
|
13,405,524
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
$
|
738
|
|
$
|
925
|
|
$
|
1,568
|
|
$
|
1,534
|
|
|
|
Foreign currency
translation loss
|
|
|
(211)
|
|
|
(598)
|
|
|
(816)
|
|
|
(1,253)
|
|
|
|
MAM SOFTWARE
GROUP, INC.
|
Condensed
Consolidated Statements of Cash Flows
|
(Unaudited)
|
(In
thousands)
|
|
|
|
For the Six Months
Ended
December
31,
|
|
|
|
2015
|
|
|
2014
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
1,568
|
|
|
$
|
1,534
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
Bad debt
expense
|
|
|
146
|
|
|
|
80
|
|
Depreciation and
amortization
|
|
|
336
|
|
|
|
358
|
|
Amortization of debt
issuance costs
|
|
|
5
|
|
|
|
-
|
|
Stock based
compensation
|
|
|
142
|
|
|
|
349
|
|
Deferred income
taxes
|
|
|
(31)
|
|
|
|
(20)
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
297
|
|
|
|
(122)
|
|
Inventories
|
|
|
(113)
|
|
|
|
(78)
|
|
Prepaid expenses and other assets
|
|
|
479
|
|
|
|
(225)
|
|
Accounts payable
|
|
|
(412)
|
|
|
|
(471)
|
|
Payroll and other taxes payable
|
|
|
(1)
|
|
|
|
73
|
|
Deferred revenue
|
|
|
(86)
|
|
|
|
(2)
|
|
Accrued expenses and other liabilities
|
|
|
(808)
|
|
|
|
(866)
|
|
Sales tax payable
|
|
|
(57)
|
|
|
|
(67)
|
|
Net cash provided
by operating activities
|
|
|
1,465
|
|
|
|
543
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
Purchase of property
and equipment
|
|
|
(51)
|
|
|
|
(272)
|
|
Business acquisition,
net of cash acquired
|
|
|
(453)
|
|
|
|
-
|
|
Capitalized software
development costs
|
|
|
(1,345)
|
|
|
|
(729)
|
|
Net cash used in
investing activities
|
|
|
(1,849)
|
|
|
|
(1,001)
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
Repurchase of common
stock for treasury
|
|
|
(161)
|
|
|
|
(187)
|
|
Repurchase of common
stock
|
|
|
(15,000)
|
|
|
|
-
|
|
Payment of fees for
acquisition of debt
|
|
|
(60)
|
|
|
|
-
|
|
Payment of fees for
repurchase of common stock
|
|
|
(118)
|
|
|
|
-
|
|
Proceeds from the
credit facility
|
|
|
10,500
|
|
|
|
-
|
|
Net cash used in
financing activities
|
|
|
(4,839)
|
|
|
|
(187)
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes
|
|
|
(310)
|
|
|
|
(630)
|
|
|
|
|
|
|
|
|
|
|
Net change in cash
and cash equivalents
|
|
|
(5,533)
|
|
|
|
(1,275)
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, beginning of period
|
|
|
6,793
|
|
|
|
7,008
|
|
Cash and cash
equivalents, end of period
|
|
$
|
1,260
|
|
|
$
|
5,733
|
|
MAM SOFTWARE
GROUP, INC.
|
Calculation of
Adjusted Earnings before Interest, Taxes,
Depreciation,
|
and Amortization
(Non-GAAP) (unaudited, includes non-cash
compensation)
|
|
|
|
For the
Three
|
|
For the
Six
|
|
For the
Trailing
Twelve
|
|
|
Months
Ended December
31,
|
|
Months
Ended
December 31,
|
|
Months Ended
December 31,
|
(in
thousands)
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(GAAP)
|
$
|
738
|
$
|
925
|
$
|
1,568
|
$
|
1,534
|
$
|
3,039
|
Interest expense,
net
|
|
44
|
|
1
|
|
54
|
|
5
|
|
62
|
Provision for income
taxes
|
|
193
|
|
202
|
|
377
|
|
401
|
|
798
|
Depreciation and
amortization
|
|
183
|
|
132
|
|
336
|
|
358
|
|
577
|
Non-cash stock
compensation
|
|
101
|
|
201
|
|
142
|
|
349
|
|
355
|
Adjusted EBITDA
(Non-GAAP)
|
$
|
1,259
|
$
|
1,461
|
$
|
2,477
|
$
|
2,647
|
$
|
4,831
|
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SOURCE MAM Software Group, Inc.