BARNSLEY, England, May 16, 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 third fiscal quarter ended March 31, 2016, through the filing on
May 16, 2016 of its Quarterly Report
on Form 10-Q with the Securities and Exchange Commission:
(In thousands,
except share and per share data)
|
For The Three
Months Ended
March 31,
|
|
For The Nine
Months Ended
March 31,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Revenues
|
$
|
7,916
|
|
$
|
7,659
|
|
$
|
23,812
|
|
$
|
23,737
|
Gross
profit
|
$
|
4,379
|
|
$
|
4,317
|
|
$
|
13,057
|
|
$
|
13,881
|
Operating
income
|
$
|
855
|
|
$
|
966
|
|
$
|
2,637
|
|
$
|
2,906
|
Income before
provision for income taxes
|
$
|
751
|
|
$
|
962
|
|
$
|
2,696
|
|
$
|
2,897
|
Net income
|
$
|
596
|
|
$
|
721
|
|
$
|
2,164
|
|
$
|
2,255
|
Earnings per share
attributed to common stockholders – basic
|
$
|
0.05
|
|
$
|
0.05
|
|
$
|
0.17
|
|
$
|
0.17
|
Earnings per share
attributed to common stockholders – diluted
|
$
|
0.05
|
|
$
|
0.05
|
|
$
|
0.17
|
|
$
|
0.17
|
Weighted average
shares outstanding – basic
|
|
11,426,207
|
|
|
13,430,568
|
|
|
12,580,137
|
|
|
13,398,748
|
Weighted average
shares outstanding – diluted
|
|
11,770,176
|
|
|
13,525,148
|
|
|
12,924,601
|
|
|
13,493,328
|
Michael Jamieson, MAM Software
Group President and Chief Executive Officer commented, "During the
quarter we continued the execution of our technology roadmap and
strategy, which includes the management of multiple large
scale-implementations for our customers. We remain focused on
developing this next-generation automotive platform that we expect
to leverage across the broader market to drive future new
business."
"Simultaneously, our cloud-based business model continues to
resonate with customers and now accounts for 53% of total
revenue. Growth in this part of our business is very
important as it drives our recurring revenue, which represents the
overwhelming majority of our business at 81% of the total,"
continued Jamieson. "Organic revenue growth of just over 8% was
again offset by a significant foreign currency impact from our U.K.
business. Taking everything into account, we are pleased with the
progress made during the quarter."
Third Quarter Highlights:
- Revenues were $7.9 million versus
$7.7 million for the same period last
year. On a constant currency basis, revenues were up 8.1% over the
same period last year.
- Recurring revenues were 81% of total revenues compared to 76%
of total revenues for the same period last year.
- Total Software as a Service (SaaS) revenue increased 39%
year-over-year and 5% sequentially.
- Operating income was $855,000, or
10.8% of revenues, versus $966,000,
or 12.6% of revenues, for the same period last year.
- Adjusted EBITDA* was $1.1
million, or 14.1% of revenues, versus $1.2 million, or 16.2% of revenues, for the same
period last year.
- Net income was $596,000 as
compared to $721,000 in the same
period last year.
Third Quarter Financial Results:
Revenue was $7.9 million for the
quarter ended March 31, 2016 versus
$7.7 million for the same period last
year, an increase of $257,000, or
3.4%.
- On a constant currency basis, total revenues would have been
$8.2 million, or an increase of 8.1%
over the same period last year.
- Recurring revenue for the quarter was $6.4 million, or 81% of total revenue, an
increase of $520,000 or 8.9%, over
$5.9 million, or 76% of total revenue
for the third quarter last year. Sequentially, recurring revenue
increased $77,000, or 1.2%, compared
to $6.3 million in the fiscal second
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
$1.8 million, an increase of
$498,000, or 38.7%, year-over-year
and an increase of $82,000, or 4.8%,
sequentially when compared to the fiscal second quarter of 2016.
The increase in the SaaS revenue was primarily attributable to a
25.3% increase in Autowork Online (SaaS) revenue for the quarter to
$1.1 million, and a 67.2% increase in
Autopart Online (SaaS) revenue for the quarter to $690,000.
- Total Data as a Service (DaaS) revenue for the quarter was
$2.4 million, an increase of
$36,000, or 1.5%, year over year and
a decrease of $17,000, or -0.7%,
sequentially when compared to the fiscal second quarter of
2016.
Gross profit for the quarter was $4.4
million, or 55% of total revenue, an increase of
$62,000 compared to $4.3 million, or 56% of total revenue, for the
same period last year. The decrease in gross profit margin, as a
percent of total revenue, was primarily the result of the shift in
the business mix to the SaaS model since there are additional APOL
infrastructure costs, partly offset by an increase in higher margin
special project revenue primarily related to customization work in
the U.S.
Operating expenses for the quarter increased by $173,000 to $3.5
million, an increase of 5.2% as compared to the $3.4 million for the same period last year. The
increase was primarily the result of higher general and
administrative expenses primarily due to costs associated with
changes within the accounting and finance organization and expenses
from Origin, which was partially offset by a decrease in sales and
marketing expenses.
Operating income for the quarter decreased by $111,000, or 12%, to $855,000, as compared to $966,000, for the same period last year.
Other expense for the quarter of $104,000 was the result of increased interest
expense on borrowings used to fund a public tender offer completed
in the second fiscal quarter of 2016 and compares to $4,000 for the same period last year.
Net income for the quarter decreased by $125,000, or 17%, to $596,000, or $0.05
per basic and diluted share, compared to net income of $721,000, or $0.05
per basic and diluted share, for the same period last year.
Year-to-Date Highlights
- Total revenue was $23.8 million,
an increase of 0.3% compared to $23.7
million in the same period last year. On a constant currency
basis, total revenue would have been $24.8
million, or an increase of 5% over the same period last
year.
- Total recurring revenue increased 7.3% to $18.9 million compared to $17.7 million in the same period last year.
Recurring revenue was 80% of total revenue compared to 74% in the
same period last year.
- Total Software as a Service (SaaS) revenue increased 41.9% to
$5 million compared to $3.5 million in the same period last year.
- Operating income was $2.6
million, or 11% of revenues, versus $2.9 million, or 12% of revenues, for the same
period last year.
- Adjusted EBITDA* was $3.6
million, or 15.1% of revenues, versus $3.9 million, or 16.4% of revenues, for the same
period last year.
- Net income was $2.2 million as
compared to $2.3 million in the same
period last year.
Year-to-Date Financial Results:
Revenue was $23.8 million for the
nine months ended March 31, 2016
versus $23.7 million for the same
period last year, an increase of $75,000 or 0.3%.
- On a constant currency basis, revenue was up 5% over the same
period last year.
- Recurring revenue for the nine months was $18.9 million, or 80% of total revenue, an
increase of $1.2 million, or 7.3%,
over $17.7 million, or 74% of total
revenue for the same period last year.
- Total Software as a Service (SaaS) revenue for the nine months
was $5 million, an increase of
$1.5 million, or 41.9%,
year-over-year and an increase of $1.8
million, or 55%, sequentially. The increase in the SaaS
revenue was primarily attributable to a 27% increase in Autowork
Online (SaaS) revenue for the nine months to $3.1 million, and a 76% increase in Autopart
Online (SaaS) revenue for the nine months to $1.9 million.
- Total Data as a Service (DaaS) revenue for the nine months was
$7.3 million, an increase of
$92,000, or 1.3%, year over
year.
Gross profit for the nine months ended March 31, 2016 was $13.1
million, or 55% of total revenue, a decrease of $0.8 million compared to $13.9 million, or 58% of total revenue, for the
same period last year. The decrease in gross profit margins was
primarily the result of the shift in the business mix to the SaaS
model since there are additional APOL infrastructure costs and an
increase in professional service staff to support growth.
Operating expenses for the nine months ended March 31, 2016 decreased by $555,000 to $10.4
million, a decrease of 5%, as compared to the $11.0 million for the same period last year. The
decrease was partially the result of lower sales and marketing due
to lower headcount in the U.S. and lower commissions and staff
incentives in the U.K. The decrease was also partially the
result of lower general and administrative expenses due to
adjustments to management incentive plan, reductions from
realignment of the MAM NA management structure, and strategic goal
incentives, partially offset by costs associated with changes
within the accounting and finance organization in fiscal 2016 and
expenses from Origin.
Operating income for the nine months ended March 31, 2016 decreased by $269,000, or 9.2%, to $2.6
million as compared to $2.9
million for the same period last year.
Other income for the nine months ended March 31, 2016 of $59,000 was the result of a $217,000 gain from the settlement of liabilities
with certain vendors which was partially offset by $158,000 of interest expense on borrowings used
to fund a tender offer completed in the second fiscal quarter of
2016, and compares to other expense of $9,000 for the same period last year.
Net income for the nine months ended March 31, 2016 decreased by $91,000, or 4%, to $2.2
million, or $0.17 per basic
and diluted share, compared to net income of $2.3 million, or $0.17 per basic and diluted share, for the same
period last year.
Balance Sheet and Other Financial Highlights
- The Company finished the quarter with $1.6 million in cash after capital expenditures
and capitalized software development costs of $2.1 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 $15.0 million in a public
tender offering during the second fiscal quarter of 2016.
- As of March 31, 2016, the Company
had $10.0 million of debt outstanding
under its $12 million credit
facility, which was used to fund a portion of a tender offer
completed during the second fiscal quarter of 2016.
- Stockholders' equity decreased from $18.4 million at June 30,
2015, or 76%, to $4.5 million
at March 31, 2016 as a result of the
$15 million tender offer completed
during the second fiscal quarter of 2016.
- System backlog was $1.7 million,
with more than half of this business expected to be fulfilled
during the next six months.
- As of March 31, 2016, MAM
Software had 12.4 million shares of common stock outstanding.
Business Outlook
The Company's expectations for Adjusted EBITDA for fiscal year
2016 remain in the range of $5.0 million to
$5.2 million, but the expectations are dependent on certain
key assumptions, including closing certain deals in the pipeline
and foreign currency exchange rates.
Conference Call Information
The Company has scheduled a conference call for Tuesday, May 17, 2016, at 9:00 a.m. ET to review the results. Investors and
interested parties can access the conference call by dialing:
- Toll-Free: 888-378-0320
- Toll/International: 719-785-1765
- U.K. Toll-Free: 0 800 404
7655
A replay will be available until May 31,
2016 by calling 877-870-5176 (United States) or 858-384-5517
(toll/U.K./international). Please use pin number 1114065 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 cloud-based
business and on-premise 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, and other special non-recurring charges. 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;
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)
|
|
|
|
|
|
|
|
|
|
March 31,
2016
|
|
|
June 30,
2015
|
|
|
|
(Unaudited)
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
1,592
|
|
|
$
|
6,793
|
|
Accounts receivable,
net of allowance of $313 and $221, respectively
|
|
|
3,976
|
|
|
|
4,243
|
|
Inventories
|
|
|
231
|
|
|
|
185
|
|
Prepaid expenses and
other current assets
|
|
|
1,186
|
|
|
|
1,722
|
|
Total Current
Assets
|
|
|
6,985
|
|
|
|
12,943
|
|
|
|
|
|
|
|
|
|
|
Property and
Equipment, Net
|
|
|
523
|
|
|
|
732
|
|
|
|
|
|
|
|
|
|
|
Other
Assets
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
8,808
|
|
|
|
9,202
|
|
Amortizable
intangible assets, net
|
|
|
866
|
|
|
|
-
|
|
Software development
costs, net
|
|
|
4,693
|
|
|
|
3,010
|
|
Other long-term
assets
|
|
|
170
|
|
|
|
34
|
|
TOTAL
ASSETS
|
|
$
|
22,045
|
|
|
$
|
25,921
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
1,633
|
|
|
$
|
1,978
|
|
Accrued expenses and
other current liabilities
|
|
|
2,151
|
|
|
|
2,624
|
|
Payroll and other
taxes
|
|
|
901
|
|
|
|
747
|
|
Current portion of
long-term debt
|
|
|
1,900
|
|
|
|
-
|
|
Current portion of
deferred revenue
|
|
|
890
|
|
|
|
719
|
|
Sales tax
payable
|
|
|
869
|
|
|
|
850
|
|
Income tax
payable
|
|
|
307
|
|
|
|
356
|
|
Total Current
Liabilities
|
|
|
8,651
|
|
|
|
7,274
|
|
|
|
|
|
|
|
|
|
|
Long-Term
Liabilities
|
|
|
|
|
|
|
|
|
Deferred revenue, net
of current portion
|
|
|
35
|
|
|
|
52
|
|
Deferred income
taxes
|
|
|
217
|
|
|
|
58
|
|
Long-term debt, net
of current portion
|
|
|
8,124
|
|
|
|
-
|
|
Other long-term
liabilities
|
|
|
492
|
|
|
|
140
|
|
Total
Liabilities
|
|
|
17,519
|
|
|
|
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, 13,236,829
shares issued and 12,447,041 shares outstanding at March 31, 2016,
and 15,027,057 shares issued and 14,266,964 shares outstanding at
June 30, 2015
|
|
|
1
|
|
|
|
2
|
|
Additional paid-in
capital
|
|
|
16,381
|
|
|
|
31,186
|
|
Accumulated other
comprehensive loss
|
|
|
(2,309)
|
|
|
|
(1,241)
|
|
Accumulated
deficit
|
|
|
(7,173)
|
|
|
|
(9,337)
|
|
Treasury stock at
cost, 789,788 shares at March 31, 2016, and 760,093 shares at June
30, 2015
|
|
|
(2,374)
|
|
|
|
(2,213)
|
|
Total
Stockholders' Equity
|
|
|
4,526
|
|
|
|
18,397
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
$
|
22,045
|
|
|
$
|
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 Nine Months
Ended
|
|
|
|
March
31,
|
|
|
March
31,
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
|
2015
|
|
|
Revenues,
net
|
|
$
|
7,916
|
|
|
$
|
7,659
|
|
|
$
|
23,812
|
|
|
$
|
23,737
|
|
|
Cost of
revenues
|
|
|
3,537
|
|
|
|
3,342
|
|
|
|
10,755
|
|
|
|
9,856
|
|
|
Gross
profit
|
|
|
4,379
|
|
|
|
4,317
|
|
|
|
13,057
|
|
|
|
13,881
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
1,005
|
|
|
|
973
|
|
|
|
2,819
|
|
|
|
2,854
|
|
|
Sales and
marketing
|
|
|
905
|
|
|
|
1,003
|
|
|
|
3,016
|
|
|
|
3,318
|
|
|
General and
administrative
|
|
|
1,436
|
|
|
|
1,255
|
|
|
|
4,071
|
|
|
|
4,325
|
|
|
Depreciation and
amortization
|
|
|
178
|
|
|
|
120
|
|
|
|
514
|
|
|
|
478
|
|
|
Total operating
expenses
|
|
|
3,524
|
|
|
|
3,351
|
|
|
|
10,420
|
|
|
|
10,975
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
855
|
|
|
|
966
|
|
|
|
2,637
|
|
|
|
2,906
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
(104)
|
|
|
|
(4)
|
|
|
|
(158)
|
|
|
|
(9)
|
|
|
Gain on settlement of
liabilities
|
|
|
-
|
|
|
|
-
|
|
|
|
217
|
|
|
|
-
|
|
|
Total other income
(expense), net
|
|
|
(104)
|
|
|
|
(4)
|
|
|
|
59
|
|
|
|
(9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
provision for income taxes
|
|
|
751
|
|
|
|
962
|
|
|
|
2,696
|
|
|
|
2,897
|
|
|
Provision for income
taxes
|
|
|
155
|
|
|
|
241
|
|
|
|
532
|
|
|
|
642
|
|
|
Net
income
|
|
$
|
596
|
|
|
$
|
721
|
|
|
$
|
2,164
|
|
|
$
|
2,255
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
attributed to common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.05
|
|
|
$
|
0.05
|
|
|
$
|
0.17
|
|
|
$
|
0.17
|
|
|
Diluted
|
|
$
|
0.05
|
|
|
$
|
0.05
|
|
|
$
|
0.17
|
|
|
$
|
0.17
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
11,426,207
|
|
|
|
13,430,568
|
|
|
|
12,580,137
|
|
|
|
13,398,748
|
|
|
Diluted
|
|
|
11,770,176
|
|
|
|
13,525,148
|
|
|
|
12,924,601
|
|
|
|
13,493,328
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
$
|
596
|
|
|
$
|
721
|
|
|
$
|
2,164
|
|
|
$
|
2,255
|
|
|
Foreign currency
translation loss
|
|
|
(252)
|
|
|
|
(673)
|
|
|
|
(1,068)
|
|
|
|
(1,926)
|
|
|
Total
comprehensive income
|
|
$
|
344
|
|
|
$
|
48
|
|
|
$
|
1,096
|
|
|
$
|
329
|
|
|
MAM SOFTWARE
GROUP, INC.
Condensed
Consolidated Statements of Cash Flows
(Unaudited)
(In
thousands)
|
|
|
|
|
|
|
For the Nine
Months Ended
March
31,
|
|
|
|
2016
|
|
|
2015
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
2,164
|
|
|
$
|
2,255
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
Bad debt
expense
|
|
|
203
|
|
|
|
119
|
|
Depreciation and
amortization
|
|
|
514
|
|
|
|
478
|
|
Amortization of debt
issuance costs
|
|
|
19
|
|
|
|
-
|
|
Stock-based
compensation
|
|
|
225
|
|
|
|
503
|
|
Deferred income
taxes
|
|
|
(18)
|
|
|
|
(21)
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
48
|
|
|
|
(502)
|
|
Inventories
|
|
|
(64)
|
|
|
|
(194)
|
|
Prepaid expenses and other assets
|
|
|
431
|
|
|
|
(337)
|
|
Accounts payable
|
|
|
(256)
|
|
|
|
(117)
|
|
Payroll and other taxes payable
|
|
|
174
|
|
|
|
(227)
|
|
Deferred revenue
|
|
|
137
|
|
|
|
22
|
|
Accrued expenses and other liabilities
|
|
|
(585)
|
|
|
|
(652)
|
|
Sales tax payable
|
|
|
60
|
|
|
|
(62)
|
|
Net cash provided
by operating activities
|
|
|
3,052
|
|
|
|
1,265
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
Purchase of property
and equipment
|
|
|
(71)
|
|
|
|
(292)
|
|
Business acquisition,
net of cash acquired
|
|
|
(453)
|
|
|
|
-
|
|
Capitalized software
development costs
|
|
|
(2,009)
|
|
|
|
(1,227)
|
|
Net cash used in
investing activities
|
|
|
(2,533)
|
|
|
|
(1,519)
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
Repurchase of common
stock for treasury
|
|
|
(161)
|
|
|
|
(232)
|
|
Repurchase of common
stock
|
|
|
(15,000)
|
|
|
|
-
|
|
Payment of fees for
acquisition of debt
|
|
|
(123)
|
|
|
|
-
|
|
Payment of fees for
repurchase of common stock
|
|
|
(118)
|
|
|
|
-
|
|
Proceeds from
long-term debt
|
|
|
10,500
|
|
|
|
-
|
|
Repayment of
long-term debt
|
|
|
(476)
|
|
|
|
-
|
|
Net cash used in
financing activities
|
|
|
(5,378)
|
|
|
|
(232)
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes
|
|
|
(342)
|
|
|
|
(967)
|
|
|
|
|
|
|
|
|
|
|
Net change in cash
and cash equivalents
|
|
|
(5,201)
|
|
|
|
(1,453)
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, beginning of period
|
|
|
6,793
|
|
|
|
7,008
|
|
Cash and cash
equivalents, end of period
|
|
$
|
1,592
|
|
|
$
|
5,555
|
|
MAM SOFTWARE GROUP, INC.
Calculation of Adjusted Earnings before
Interest,
Taxes, Depreciation, and Amortization
(Non-GAAP)
(Unaudited)
(in thousands)
|
|
|
|
|
|
|
|
|
|
For the
Three
|
|
For the
Nine
|
|
For the
Trailing Twelve
|
|
|
Months
Ended March
31,
|
|
Months
Ended
March 31,
|
|
Months Ended
March 31,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(GAAP)
|
$
|
596
|
$
|
721
|
$
|
2,164
|
$
|
2,255
|
$
|
2,915
|
Interest expense,
net
|
|
104
|
|
4
|
|
158
|
|
9
|
|
162
|
Provision for income
taxes
|
|
155
|
|
241
|
|
532
|
|
642
|
|
711
|
Depreciation and
amortization
|
|
178
|
|
120
|
|
514
|
|
478
|
|
635
|
Non-cash stock
compensation
|
|
83
|
|
154
|
|
225
|
|
503
|
|
283
|
Adjusted EBITDA
(Non-GAAP)
|
$
|
1,116
|
$
|
1,240
|
$
|
3,593
|
$
|
3,887
|
$
|
4,706
|
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SOURCE MAM Software Group, Inc.