BARNSLEY, England, May 15, 2017 /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 and nine months ended
March 31, 2017, through the filing on
May 15, 2017 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,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Net
revenues
|
$
|
7,873
|
|
$
|
7,916
|
|
$
|
23,317
|
|
$
|
23,812
|
Gross
profit
|
$
|
4,306
|
|
$
|
4,308
|
|
$
|
12,938
|
|
$
|
12,850
|
Operating
income
|
$
|
860
|
|
$
|
855
|
|
$
|
2,629
|
|
$
|
2,637
|
Income before
provision for income taxes
|
$
|
662
|
|
$
|
751
|
|
$
|
2,189
|
|
$
|
2,696
|
Net income
|
$
|
678
|
|
$
|
596
|
|
$
|
2,141
|
|
$
|
2,164
|
Earnings per share
attributed to common stockholders – basic
|
$
|
0.06
|
|
$
|
0.05
|
|
$
|
0.18
|
|
$
|
0.17
|
Earnings per share
attributed to common stockholders – diluted
|
$
|
0.06
|
|
$
|
0.05
|
|
$
|
0.18
|
|
$
|
0.17
|
Weighted average
shares outstanding – basic
|
|
11,739
|
|
|
11,426
|
|
|
11,719
|
|
|
12,580
|
Weighted average
shares outstanding – diluted
|
|
11,830
|
|
|
11,770
|
|
|
11,810
|
|
|
12,925
|
Michael Jamieson, MAM Software
Group President and Chief Executive Officer commented, "Our third
quarter financial results are consistent with our expectations and
our near-term focus on completing key development projects. MAM
business fundamentals are solid as we continue to attract new
business at a steady pace, delivering revenue growth that
approached double-digits on a constant currency basis. As fiscal
2017 year continues to unfold in-line with our plans, we are
reaffirming our fiscal 2017 full-year guidance."
"Our U.K. operations experienced steady growth and profitability
while maintaining its strong market position," continued Jamieson.
"In North America, we remain focused on the development of VAST
Online but we have also seen progress on other key growth
initiatives. This was evidenced by over 20 percent growth in our
North America revenues
year-to-date. We believe the key client and industry relationships
we have developed will continue to give us access to growth
opportunities."
Third Quarter Highlights:
- Net revenues of $7.9 million were
down slightly compared to the same period last year. On a constant
currency basis, revenues were up 9% over the same period last
year.
- Recurring revenues were 82% of total revenues compared to 81%
of total revenues for the same period last year.
- Total Software as a Service (SaaS) revenues increased 24%
year-over-year and 6% sequentially.
- Operating income was $860,000, or
10.9% of revenues, versus $855,000,
or 10.8% of revenues, for the same period last year. Changes in
foreign currency exchange rates negatively impacted operating
income by $166,000 as compared to the
same period last year.
- Adjusted EBITDA* was $1.1
million, or 13% of revenues, versus $1.1 million, or 14% of revenues, for the same
period last year. Changes in foreign currency exchange rates
negatively impacted Adjusted EBITDA* by $178,000 as compared to the same period last
year.
- Net income was $678,000 as
compared to $596,000 in the same
period last year. Changes in foreign currency exchange rates
negatively impacted net income by $204,000, or $0.02
per basic and diluted share, as compared to the same period last
year.
Third Quarter Financial Results:
Net revenues were $7.9 million for
the quarter ended March 31, 2017
versus $7.9 million for the same
period last year, a decrease of $43,000, or 0.5%.
- On a constant currency basis, revenue was up 9.4% over the same
period last year.
- Recurring revenue for the quarter was $6.5 million, or 82% of total revenue, an
increase of $98,000 or 1.5%, over
$6.4 million, or 81% of total
revenue, for the third quarter last year. Sequentially, recurring
revenue increased $182,000, or 2.9%,
compared to $6.3 million in the
fiscal second quarter of 2017. On a constant currency basis,
recurring revenue increased $792,000,
or 12.4%, as compared to the third quarter last year, and increased
by $220,000, or 3.2%,
sequentially.
- Total Software as a Service (SaaS) revenue for the quarter was
$2.2 million, an increase of
$433,000, or 24.3%, year-over-year
and an increase of $132,000, or 6.3%,
sequentially when compared to the second quarter of fiscal 2017. On
a constant currency basis, SaaS revenue increased $691,000, or 38.8%, as compared to the third
quarter last year, and increased by $148,000, or 6.4%, sequentially. The increase in
the SaaS revenue was primarily attributable to a 25.3% increase in
Autowork Online (SaaS) revenue for the quarter to $1.4 million, and a 22.7% increase in Autopart
Online (SaaS) revenue for the quarter to $847,000.
- Total Data as a Service (DaaS) revenue for the quarter was
$2.2 million, a decrease of
$192,000, or 8.0%, year over year,
and an increase of $73,000, or 3.4%,
sequentially when compared to the fiscal second quarter of 2017. On
a constant currency basis, DaaS revenue increased $54,000, or 2.3%, as compared to the same period
last year, and increased $90,000, or
3.8%, sequentially.
Gross profit for the quarter was $4.3
million, or 54.7% of total revenue, a slight decrease as
compared to $4.3 million, or 54.4% of
total revenue, for the same period last year. Changes in foreign
currency exchange rates negatively impacted gross profit by
$417,000 as compared to the same
period last year.
Operating expenses for the quarter were relatively flat at
$3.4 million as compared to the
$3.5 million for the same period last
year. Decreases in expenses from changes in foreign currency were
primarily offset by increased investments in R&D and increases
in commissions and other incentive compensation.
Operating income for the quarter remained relatively flat at
$860,000, as compared to $855,000, for the same period last year. Changes
in foreign currency exchange rates negatively impacted operating
income by $166,000 as compared to the
same period last year.
Other expense for the quarter was $198,000 as compared to $104,000 for the same period last year. The
increase was primarily the result of the accelerated amortization
of deferred financing due to refinancing the debt during the third
quarter of 2017.
Net income for the quarter increased by $82,000, or 13.8%, to $678,000, or $0.06
per basic and diluted share, compared to net income of $596,000, or $0.05
per basic and diluted share, for the same period last year. Changes
in foreign currency exchange rates negatively impacted net income
by $204,000, or $0.02 per basic and diluted share, as compared to
the same period last year.
Year-to-Date Highlights
- Net revenues were $23.3 million,
a decrease of 2.1% compared to $23.8
million in the same period last year. On a constant currency
basis, revenues were up 9.6% over the same period last year.
- Recurring revenues increased 1.3% to $19.2 million compared to $18.9 million in the same period last year.
Recurring revenues were 82.3% of total revenues compared to 79.5%
in the same period last year.
- Total Software as a Service (SaaS) revenue increased 25.5% to
$6.3 million compared to $5.0 million in the same period last year.
- Operating income was $2.63
million, or 11.3% of revenues, versus $2.64 million, or 11.1% of revenues, for the same
period last year. Changes in foreign currency exchange rates
negatively impacted operating income by $644,000, as compared to the same period last
year.
- Adjusted EBITDA* was $3.3
million, or 14.1% of revenues, versus $3.6 million, or 15.1% of revenues, for the same
period last year. Changes in foreign currency exchange rates
negatively impacted Adjusted EBITDA* by $685,000, as compared to the same period last
year.
- Net income was $2.1 million as
compared to $2.2 million in the same
period last year. Changes in foreign currency exchange rates
negatively impacted net income by $636,000, or $0.05
per basic and diluted share, as compared to the same period last
year.
Year-to-Date Financial Results:
Net revenues were $23.3 million
for the nine months ended March 31,
2017 versus $23.8 million for
the same period last year, a decrease of $495,000 or 2.1%.
- On a constant currency basis, revenues were up 9.6% over the
same period last year.
- Recurring revenues for the six months were $19.2 million, or 82.3% of total revenues, an
increase of $245,000 or 1.3%, over
$18.9 million, or 79.5% of total
revenues for the same period last year. On a constant currency
basis, recurring revenue increased $2.7
million, or 14.2%, as compared to the same period last
year.
- Total Software as a Service (SaaS) revenues for the nine months
were $6.3 million, an increase of
$1.3 million, or 25.5%,
year-over-year. On a constant currency basis, SaaS revenue
increased $2.2 million, or 43.2%, as
compared to the same period last year. The increase in the SaaS
revenues was primarily attributable to a 23.5% increase in Autowork
Online (SaaS) revenues for the nine months to $3.9 million, and a 28.8% increase in Autopart
Online (SaaS) revenues for the nine months to $2.4 million.
- Total Data as a Service (DaaS) revenues for the nine months
were $6.6 million, a decrease of
$744,000, or 10.1%, year over year.
On a constant currency basis, DaaS revenue increased $125,000, or 1.7%, as compared to the same period
last year.
Gross profit for the nine months ended March 31, 2017 was $12.9
million, or 55.5% of total revenue, a slight increase from
$12.9 million, or 54.0% of total
revenue, for the same period last year. Changes in foreign currency
exchange rates negatively impacted gross profit by $1.5 million, as compared to the same period last
year. The increase in gross profit margins was primarily the result
of an increase in higher margin nonrecurring revenues primarily
related to Autopart software license deals and increased ALLDATA
user counts, pricing, and customization, partially offset by
increases in professional services headcount to support growth.
Operating expenses for the nine months ended March 31, 2017 increased by $96,000 to $10.3
million, an increase of 0.9% as compared to the $10.2 million for the same period last year. The
increase was primarily the result of increases in R&D expenses
primarily to support new client development, annual incentive
plans, allowance for bad debts, and changes within the accounting
and financing organization, partially offset by changes in foreign
currency exchange rates and a decrease in sales and marketing
expenses related to lower headcount.
Operating income for the nine months ended March 31, 2017 decreased slightly to $2.6 million as compared to $2.6 million for the same period last year.
Changes in foreign currency exchange rates negatively impacted
operating income by $644,000 as
compared to the same period last year.
Other expense for the nine months ended March 31, 2017 was $440,000 as compared to other income of
$59,000 for the same period last
year. Interest expense increased $282,000 due to borrowings used to fund a public
tender offer completed in the second quarter of fiscal year 2016
and the accelerated amortization of deferred financing due to
refinancing the debt during the third quarter of 2017. Other income
for the nine months ended March 31,
2016 included a $217,000 gain
from the settlement of liabilities with certain vendors.
Net income for the nine months ended March 31, 2017 decreased by $23,000, or 1.1%, to $2.1
million, or $0.18 per basic
and diluted share, compared to net income of $2.2 million, or $0.17 per basic and diluted share, for the same
period last year. Changes in foreign currency exchange rates
negatively impacted net income by $636,000, or $0.05
per basic and diluted share, as compared to the same period last
year.
Balance Sheet and Other Financial Highlights
- The Company ended the quarter with $819,000 in cash after capital expenditures and
capitalized software development costs of $2.2 million year-to-date.
- As of March 31, 2017, the Company
had $8.5 million of debt outstanding
under its term loan and nothing outstanding under its $2.75 million revolving loan facility.
- Stockholders' equity increased from $5.0
million at June 30, 2016, or
36%, to $6.8 million at March 31, 2017.
- As of March 31, 2017, there were
12.3 million shares of common stock outstanding.
Business Outlook
The Company's reaffirmed its expectations for fiscal year 2017
Adjusted EBITDA* of $4.1 million to $4.6
million.
Conference Call Information
The Company has scheduled a conference call for Tuesday, May 16, 2017, at 9 a.m. ET to review the results. Investors and
interested parties can access the conference call by dialing:
- Toll-Free: 1-888-747-4666
- Toll/International: 1-913-312-1451
- UK Toll-Free: 0 808 101 7548
A replay will be available until May 30,
2017 by calling 1-844-512-2921 (United States) or 1-412-317-6671
(toll/UK/international). Please use pin number 9381218 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,
|
|
June
30,
|
|
|
2017
|
|
2016
|
|
|
(Unaudited)
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
819
|
|
$
|
491
|
Accounts receivable,
net of allowance of $534 and $359, respectively
|
|
|
4,505
|
|
|
4,627
|
Inventories
|
|
|
381
|
|
|
221
|
Prepaid expenses and
other current assets
|
|
|
1,090
|
|
|
1,495
|
Income tax
receivable
|
|
|
124
|
|
|
535
|
Total Current
Assets
|
|
|
6,919
|
|
|
7,369
|
|
|
|
|
|
|
|
Property and
Equipment, Net
|
|
|
527
|
|
|
581
|
|
|
|
|
|
|
|
Other
Assets
|
|
|
|
|
|
|
Goodwill
|
|
|
7,962
|
|
|
8,363
|
Intangible assets,
net
|
|
|
632
|
|
|
739
|
Software development
costs, net
|
|
|
7,031
|
|
|
5,234
|
Other long-term
assets
|
|
|
96
|
|
|
68
|
TOTAL
ASSETS
|
|
$
|
23,167
|
|
$
|
22,354
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
1,447
|
|
$
|
1,618
|
Accrued expenses and
other liabilities
|
|
|
1,858
|
|
|
1,811
|
Payroll and other
taxes
|
|
|
907
|
|
|
1,188
|
Current portion of
long-term debt
|
|
|
1,561
|
|
|
1,879
|
Current portion of
deferred revenues
|
|
|
1,454
|
|
|
939
|
Sales tax
payable
|
|
|
733
|
|
|
750
|
Income tax
payable
|
|
|
-
|
|
|
1
|
Total Current
Liabilities
|
|
|
7,960
|
|
|
8,186
|
|
|
|
|
|
|
|
Long-Term
Liabilities
|
|
|
|
|
|
|
Deferred revenues,
net of current portion
|
|
|
409
|
|
|
273
|
Deferred income
taxes
|
|
|
498
|
|
|
535
|
Long-term debt, net
of current portion
|
|
|
6,946
|
|
|
7,808
|
Other long-term
liabilities
|
|
|
529
|
|
|
533
|
Total
Liabilities
|
|
|
16,342
|
|
|
17,335
|
Commitments and
Contingencies
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
|
|
Preferred stock: Par
value $0.0001 per share; 2,000 shares authorized, none issued
and
outstanding
|
|
|
-
|
|
|
-
|
Common stock: Par
value $0.0001 per share; 18,000 shares authorized, 13,050 shares
issued
and 12,260 shares outstanding at March 31, 2017 and 13,199 shares
issued and 12,409 shares
outstanding at June 30, 2016
|
|
|
1
|
|
|
1
|
Additional paid-in
capital
|
|
|
16,458
|
|
|
16,162
|
Accumulated other
comprehensive loss
|
|
|
(3,616)
|
|
|
(2,985)
|
Accumulated
deficit
|
|
|
(3,644)
|
|
|
(5,785)
|
Treasury stock at
cost, 790 shares at March 31, 2017 and 790 shares at June 30,
2016
|
|
|
(2,374)
|
|
|
(2,374)
|
Total
Stockholders' Equity
|
|
|
6,825
|
|
|
5,019
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
$
|
23,167
|
|
$
|
22,354
|
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,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Net
revenues
|
|
$
|
7,873
|
|
$
|
7,916
|
|
$
|
23,317
|
|
$
|
23,812
|
Cost of
revenues
|
|
|
3,567
|
|
|
3,608
|
|
|
10,379
|
|
|
10,962
|
Gross
Profit
|
|
|
4,306
|
|
|
4,308
|
|
|
12,938
|
|
|
12,850
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
1,003
|
|
|
1,005
|
|
|
2,854
|
|
|
2,819
|
Sales and
marketing
|
|
|
917
|
|
|
905
|
|
|
2,859
|
|
|
3,016
|
General and
administrative
|
|
|
1,471
|
|
|
1,436
|
|
|
4,423
|
|
|
4,071
|
Depreciation and
amortization
|
|
|
55
|
|
|
107
|
|
|
173
|
|
|
307
|
Total Operating
Expenses
|
|
|
3,446
|
|
|
3,453
|
|
|
10,309
|
|
|
10,213
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
|
860
|
|
|
855
|
|
|
2,629
|
|
|
2,637
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income
(Expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
(198)
|
|
|
(104)
|
|
|
(440)
|
|
|
(158)
|
Gain on settlement of
liabilities
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
217
|
Total other income
(expense), net
|
|
|
(198)
|
|
|
(104)
|
|
|
(440)
|
|
|
59
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
provision (benefit) for income taxes
|
|
|
662
|
|
|
751
|
|
|
2,189
|
|
|
2,696
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit)
|
|
|
(16)
|
|
|
155
|
|
|
48
|
|
|
532
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
|
$
|
678
|
|
$
|
596
|
|
$
|
2,141
|
|
$
|
2,164
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
attributed to common stockholders – basic
|
|
$
|
0.06
|
|
$
|
0.05
|
|
$
|
0.18
|
|
$
|
0.17
|
Earnings per share
attributed to common stockholders - diluted
|
|
$
|
0.06
|
|
$
|
0.05
|
|
$
|
0.18
|
|
$
|
0.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding – basic
|
|
|
11,739
|
|
|
11,426
|
|
|
11,719
|
|
|
12,580
|
Weighted average
common shares outstanding – diluted
|
|
|
11,830
|
|
|
11,770
|
|
|
11,810
|
|
|
12,925
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
|
$
|
678
|
|
$
|
596
|
|
$
|
2,141
|
|
$
|
2,164
|
Foreign currency
translation income (loss)
|
|
|
41
|
|
|
(252)
|
|
|
(631)
|
|
|
(1,068)
|
Total
Comprehensive Income
|
|
$
|
719
|
|
$
|
344
|
|
$
|
1,510
|
|
$
|
1,096
|
MAM SOFTWARE
GROUP, INC.
|
Condensed
Consolidated Statements of Cash Flows
|
(Unaudited)
|
(In
thousands)
|
|
|
|
For the Nine
Months Ended
|
|
|
March
31,
|
|
|
2017
|
|
2016
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
Net income
|
|
$
|
2,141
|
|
$
|
2,164
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
Bad debt
expense
|
|
|
331
|
|
|
203
|
Depreciation and
amortization
|
|
|
372
|
|
|
514
|
Amortization of debt
discount and debt issuance costs
|
|
|
120
|
|
|
19
|
Deferred income
taxes
|
|
|
5
|
|
|
(18)
|
Stock-based
compensation expense
|
|
|
278
|
|
|
225
|
|
|
|
|
|
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
(390)
|
|
|
48
|
Inventories
|
|
|
(173)
|
|
|
(64)
|
Prepaid expenses and
other assets
|
|
|
314
|
|
|
431
|
Income tax
receivable
|
|
|
338
|
|
|
-
|
Accounts
payable
|
|
|
(121)
|
|
|
(256)
|
Accrued expenses and
other liabilities
|
|
|
360
|
|
|
(585)
|
Payroll and other
taxes
|
|
|
(209)
|
|
|
234
|
Deferred
revenues
|
|
|
699
|
|
|
137
|
NET CASH PROVIDED
BY OPERATING ACTIVITIES
|
|
|
4,065
|
|
|
3,052
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
Purchase of property
and equipment
|
|
|
(88)
|
|
|
(71)
|
Capitalized software
development costs
|
|
|
(2,136)
|
|
|
(2,009)
|
Business acquisition,
net of cash acquired
|
|
|
-
|
|
|
(453)
|
NET CASH USED IN
INVESTING ACTIVITIES
|
|
|
(2,224)
|
|
|
(2,533)
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
Proceeds from
long-term debt
|
|
|
9,519
|
|
|
10,500
|
Repayment of
long-term debt
|
|
|
(10,681)
|
|
|
(476)
|
Common stock
surrendered to pay for tax withholding
|
|
|
(149)
|
|
|
-
|
Repurchase of common
stock for treasury
|
|
|
-
|
|
|
(161)
|
Repurchase of common
stock
|
|
|
-
|
|
|
(15,000)
|
Payment of fees for
repurchase of common stock
|
|
|
-
|
|
|
(118)
|
Payment of fees for
acquisition of debt
|
|
|
(138)
|
|
|
(123)
|
NET CASH USED IN
FINANCING ACTIVITIES
|
|
|
(1,449)
|
|
|
(5,378)
|
|
|
|
|
|
|
|
Effect of exchange
rate changes
|
|
|
(64)
|
|
|
(342)
|
Net change in cash
and cash equivalents
|
|
|
328
|
|
|
(5,201)
|
Cash and cash
equivalents at beginning of period
|
|
|
491
|
|
|
6,793
|
Cash and cash
equivalents at end of period
|
|
$
|
819
|
|
$
|
1,592
|
MAM SOFTWARE
GROUP, INC.
|
Calculation of
Adjusted Earnings before Interest,
Taxes, Depreciation, and Amortization (Non-GAAP)
|
(Unaudited)
|
(In
thousands)
|
|
|
|
For the
Three
Months
Ended
March
31,
|
For the
Nine
Months
Ended
March
31,
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP)
|
$
|
678
|
$
|
596
|
$
|
2,141
|
$
|
2,164
|
Interest expense,
net
|
|
198
|
|
104
|
|
440
|
|
158
|
Provision for income
taxes
|
|
(16)
|
|
155
|
|
48
|
|
532
|
Depreciation and
amortization
|
|
120
|
|
178
|
|
372
|
|
514
|
Non-cash stock
compensation
|
|
78
|
|
83
|
|
278
|
|
225
|
Adjusted EBITDA
(Non-GAAP)
|
$
|
1,058
|
$
|
1,116
|
$
|
3,279
|
$
|
3,593
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/mam-software-reports-fiscal-third-quarter-results-300457844.html
SOURCE MAM Software Group, Inc.