BARNSLEY, England, Sept. 26, 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 fourth fiscal quarter and year ended June 30, 2016. The annual results for the
year ended June 30, 2016 were
included in the filing on September 26,
2016 of its Annual Report on Form 10-K with the Securities
and Exchange Commission:
(In thousands,
except per share data)
|
For The Three
Months Ended
June 30,
|
|
For The Year
Ended
June 30,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Revenues
|
$
|
8,400
|
|
$
|
7,901
|
|
$
|
32,212
|
|
$
|
31,638
|
Gross
profit
|
$
|
4,764
|
|
$
|
4,164
|
|
$
|
17,614
|
|
$
|
17,861
|
Operating
income
|
$
|
1,163
|
|
$
|
934
|
|
$
|
3,800
|
|
$
|
3,840
|
Income before
provision for income taxes
|
$
|
1,045
|
|
$
|
930
|
|
$
|
3,741
|
|
$
|
3,827
|
Net income
|
$
|
1,388
|
|
$
|
750
|
|
$
|
3,552
|
|
$
|
3,005
|
Earnings per share
attributed
to common
stockholders – basic
|
$
|
0.12
|
|
$
|
0.06
|
|
$
|
0.29
|
|
$
|
0.22
|
Earnings per
share
attributed to common
stockholders – diluted
|
$
|
0.12
|
|
$
|
0.06
|
|
$
|
0.28
|
|
$
|
0.22
|
Weighted average
shares outstanding – basic
|
|
11,769
|
|
|
13,411
|
|
|
12,314
|
|
|
13,404
|
Weighted average
shares outstanding – diluted
|
|
11,929
|
|
|
13,496
|
|
|
12,490
|
|
|
13,498
|
Michael Jamieson, MAM Software
Group President and Chief Executive Officer commented, "We continue
to execute well, balancing organic growth with investments in our
business, while also managing multiple complex development and
implementation projects for our customers. Our annual revenue
growth of over 6% on a constant currency basis was driven in large
part by a substantial recurring revenue base that was made possible
by the transformation of our business to a cloud-based business
model. Fiscal 2016 was a year of investing like no other in our
corporate history. During and subsequent to the end of the fourth
quarter, we were selected for multiple new Autopart contracts with
new customers in North America.
These perpetual software license deals will add to our recurring
revenue base when the customers are live. These recent
successes also demonstrate that the investments we are making today
are consistent with market demand and are laying a foundation for
the future."
"I am very excited about the opportunities that we currently
have in front of us. Our key initiatives for 2017 will allow
us to capture those opportunities and include launching VAST Online
to the market, beginning the deployment of VAST Online for
Goodyear, expanding on our relationship with ALLDATA, and launching
our Autocat+ catalog product. Although we will need to make
additional investments in support staff and R&D in 2017 that
will negatively impact our profitability in the near-term, we
believe these investments and the successful completion of our 2017
key initiatives will position us for double digit growth in revenue
and profitability starting in fiscal year 2018," continued Mr.
Jamieson.
Fourth Quarter Highlights:
- Revenues were $8.4 million versus
$7.9 million for the same period last
year. On a constant currency basis, revenues were up 11.2% over the
same period last year.
- Recurring revenues were 79.3% of total revenues compared to
75.9% of total revenues for the same period last year.
- Total Software as a Service (SaaS) revenues increased 47%
year-over-year and 17% sequentially.
- Operating income was $1.2
million, or 13.9% of revenues, versus $934,000, or 11.8% of revenues, for the same
period last year.
- Adjusted EBITDA* was $1.4
million, or 16.8% of revenues, versus $1.1 million, or 14.1% of revenues, for the same
period last year.
- Net income was $1.4 million as
compared to $750,000 in the same
period last year.
Fourth Quarter Financial Results:
Revenue was $8.4 million for the
quarter ended June 30, 2016, versus
$7.9 million for the same period last
year, an increase of $0.5 million or
6.3%.
- On a constant currency basis, revenues were up 11.2% over the
same period last year.
- Recurring revenues for the quarter were $6.7 million, or 79.3% of total revenue, an
increase of $664,000 or 11.1%, versus
$6.0 million, or 75.9% of total
revenue for the fourth quarter last year. Sequentially, recurring
revenue increased $282,000, or 4.4%,
compared to $6.4 million in the
fiscal third quarter of 2016. The increase was due to the
continuing transition to Software as a Service (SaaS) model.
- Total Software as a Service (SaaS) revenue for the quarter was
$2.1 million, an increase of
$665,000, or 47%, year-over-year and
an increase of $297,000, or 16.7%,
sequentially when compared to the fiscal third quarter of 2016. The
increase in the SaaS revenue was primarily attributable to a 41.8%
increase in Autowork Online (SaaS) revenue for the quarter to
$1.3 million, and a 57.2% increase in
Autopart Online (SaaS) revenue for the quarter to $751,000.
- Total Data as a Service (DaaS) revenue for the quarter was
$2.4 million, an increase of
$26,000, or 1.1%, year over year and
$15,000, or 0.6%, sequentially when
compared to the fiscal third quarter of 2016.
Gross profit for the quarter was $4.8
million, or 56.7% of total revenues, an increase of
$600,000 compared to $4.2 million, or 52.7% of total revenues, for the
same period last year. The increase in gross profit margins was
primarily the result of higher revenues and higher margin
customization projects during the quarter.
Operating expenses for the quarter increased by $371,000 to $3.6
million, an increase of 11.5% as compared to the
$3.2 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, expenses
from Origin, and an increase in the allowance for bad debts.
Operating income for the quarter increased by $229,000, or 24.5%, to $1.2 million, as compared to $934,000, for the same period last year.
Other expense for the fourth quarter of $118,000 was the result of increased interest
expense on borrowings used to fund a public tender offer completed
in the second fiscal quarter of 2016, as compared to $4,000 for the same period last year.
Net income for the quarter increased by $638,000, or 85.1%, to $1.4 million, or $0.12 per basic and diluted share, compared to
net income of $750,000, or
$0.06 per basic and diluted share,
for the same period last year.
Year-to-Date Highlights
- Revenues were $32.2 million, an
increase of 1.8% compared to $31.6
million in the same period last year. On a constant currency
basis, revenues were up 6.4% over last year.
- Recurring revenues increased 8.2% to $25.6 million as compared to $23.6 million last year. Recurring revenues were
79.5% of total revenues as compared to 74.7% last year.
- Total Software as a Service (SaaS) revenue increased 43.3% to
$7.1 million compared to $5.0 million last year.
- Operating income was $3.8
million, or 11.8% of revenues, versus $3.8 million, or 12.1% of revenues, for last
year.
- Adjusted EBITDA* was $5.0
million, or 15.5% of revenues, versus $5.0 million, or 15.8% of revenues, for last
year.
- Net income was $3.6 million as
compared to $3.0 million last
year.
Year-to-Date Financial Results:
Revenues were $32.2 million for
the year ended June 30, 2016, versus
$31.6 million for last year, an
increase of $574,000, or 1.8%.
- On a constant currency basis, revenues were up 6.4% over the
same period last year.
- Recurring revenues for fiscal year 2016 were $25.6 million, or 79.5% of total revenues, an
increase of $1.9 million, or 8.2%,
versus $23.6 million, or 74.7% of
total revenues for last year.
- Total Software as a Service (SaaS) revenues for the full year
was $7.1 million, an increase of
$2.1 million, or 43.3%,
year-over-year and an increase of $2.1
million, or 41.4% sequentially. The increase in the SaaS
revenues was primarily attributable to a 31.1% increase in Autowork
Online (SaaS) revenues for fiscal year 2016 to $4.5 million, and a 70.3% increase in Autopart
Online (SaaS) revenues for fiscal year 2016 to $2.6 million.
- Total Data as a Service (DaaS) revenues for fiscal year 2016
were $9.8 million, an increase of
$118,000, or 1.2%, year over
year.
Gross profit for the year ended June 30,
2016 was $17.6 million, or
54.7% of total revenues, a decrease of $247,000 as compared to $17.9 million, or 56.5% of total revenues, for
last year. The decrease in gross profit margins was primarily the
result of increases in professional services headcount to support
growth, the shift of the business to the SaaS model, and certain
higher margin special projects last year.
Operating expenses for the year ended June 30, 2016 decreased by $207,000 to $13.8
million, a decrease of 1.5% as compared to $14.0 million for last year. The decrease was
primarily the result of lower sales and marketing due to lower
salaries and related expenses in the UK division, lower marketing
and communications expenses, and lower internal software licenses
expense in the MAM UK operations, partially offset by higher
general and administrative expenses due to costs associated with
changes within the accounting and finance organization, expenses
from Origin and an increase in the allowance for bad debts.
Operating income for the year ended June
30, 2016 decreased by $40,000,
or (1.0)%, to $3.8 million as
compared to $3.8 million for last
year.
Other expense for the year ended June 30,
2016 of $59,000 was the result
of increased interest expense on borrowings used to fund a public
tender offer completed in the second fiscal quarter of 2016
partially offset by a $217,000 gain
from the settlement of liabilities with vendors, as compared to
other expense of $13,000 for last
year.
Net income for the year ended June 30,
2016 increased by $546,000, or
18.2%, to $3.6 million, or
$0.29 per basic and $0.28 per diluted share, as compared to net
income of $3.0 million, or
$0.22 per basic and diluted share,
for last year.
Balance Sheet and Other Financial Highlights
- The Company finished the quarter with $491,000 in cash after capital expenditures and
capitalized software development costs of $3.0 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 June 30, 2016, the Company
had $9.8 million of debt outstanding
under its $12 million credit facility
which was used to fund a portion of a tender offer completed in the
second fiscal quarter of 2016.
- Stockholders' equity decreased from $18.4 million at June 30,
2015 to $5.0 million at
June 30, 2016 due primarily to the
public tender offer completed during the second fiscal quarter of
2016.
- As of June 30, 2016, MAM Software
had 12.4 million shares of common stock outstanding.
Business Outlook
The Company's expectations for fiscal year 2017 Adjusted EBITDA*
is in the range of $4.1 million to $4.6
million. The expected decrease in Adjusted EBITDA is
primarily the result of additional investment in support staff and
R&D related to the launch of VAST Online in fiscal year 2017,
and the impact from foreign currency exchange rates.
Conference Call Information
The Company has scheduled a conference call for Wednesday, September 28, 2016, at 9 a.m. ET to review the results. Investors and
interested parties can access the conference call by dialing:
- Toll-Free: 888-765-5576
- Toll/International: 913-312-1471
- UK Toll-Free: 0 808 101 7548
A replay will be available until October
12, 2016 by calling 844-512-2921 (United States) or 1-412-317-6671
(UK/international). Please use pin number 9371230 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)
|
|
|
|
|
|
|
|
|
|
June 30,
2016
|
|
|
June 30,
2015
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
491
|
|
|
$
|
6,793
|
|
Accounts receivable,
net of allowance of $359 and $221, respectively
|
|
|
4,627
|
|
|
|
4,243
|
|
Inventories
|
|
|
221
|
|
|
|
185
|
|
Prepaid expenses and
other current assets
|
|
|
1,495
|
|
|
|
1,722
|
|
Income tax
receivable
|
|
|
535
|
|
|
|
-
|
|
Total Current
Assets
|
|
|
7,369
|
|
|
|
12,943
|
|
|
|
|
|
|
|
|
|
|
Property and
Equipment, Net
|
|
|
581
|
|
|
|
732
|
|
|
|
|
|
|
|
|
|
|
Other
Assets
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
8,363
|
|
|
|
9,202
|
|
Intangible assets,
net
|
|
|
739
|
|
|
|
-
|
|
Software development
costs, net
|
|
|
5,234
|
|
|
|
3,010
|
|
Other long-term
assets
|
|
|
159
|
|
|
|
34
|
|
TOTAL
ASSETS
|
|
$
|
22,445
|
|
|
$
|
25,921
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
1,618
|
|
|
$
|
1,978
|
|
Accrued expenses and
other current liabilities
|
|
|
1,811
|
|
|
|
2,624
|
|
Payroll and other
taxes
|
|
|
1,188
|
|
|
|
747
|
|
Current portion of
long-term debt
|
|
|
1,925
|
|
|
|
-
|
|
Current portion of
deferred revenue
|
|
|
939
|
|
|
|
719
|
|
Sales tax
payable
|
|
|
750
|
|
|
|
850
|
|
Income tax
payable
|
|
|
1
|
|
|
|
356
|
|
Total Current
Liabilities
|
|
|
8,232
|
|
|
|
7,274
|
|
|
|
|
|
|
|
|
|
|
Long-Term
Liabilities
|
|
|
|
|
|
|
|
|
Deferred revenue, net
of current portion
|
|
|
273
|
|
|
|
52
|
|
Deferred income
taxes
|
|
|
535
|
|
|
|
58
|
|
Long-term debt, net
of current portion
|
|
|
7,853
|
|
|
|
-
|
|
Other long-term
liabilities
|
|
|
533
|
|
|
|
140
|
|
Total
Liabilities
|
|
|
17,426
|
|
|
|
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, 13,199,365
shares issued and 12,409,577 shares outstanding at June 30, 2016,
and 15,027,057 shares issued and 14,266,964 shares outstanding at
June 30, 2015
|
|
|
1
|
|
|
|
2
|
|
Additional paid-in
capital
|
|
|
16,162
|
|
|
|
31,186
|
|
Accumulated other
comprehensive loss
|
|
|
(2,985)
|
|
|
|
(1,241)
|
|
Accumulated
deficit
|
|
|
(5,785)
|
|
|
|
(9,337)
|
|
Treasury stock at
cost, 789,788 shares at June 30, 2016, and 760,093 shares at June
30, 2015
|
|
|
(2,374)
|
|
|
|
(2,213)
|
|
Total
Stockholders' Equity
|
|
|
5,019
|
|
|
|
18,397
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
$
|
22,445
|
|
|
$
|
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 Year
Ended
|
|
|
|
June
30,
|
|
|
June
30,
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
2015
|
|
|
Net
revenues
|
|
$
|
8,400
|
|
|
$
|
7,901
|
|
|
$
|
32,212
|
|
|
$
|
31,638
|
|
|
Cost of
revenues
|
|
|
3,636
|
|
|
|
3,737
|
|
|
|
14,598
|
|
|
|
13,777
|
|
|
Gross
profit
|
|
|
4,764
|
|
|
|
4,164
|
|
|
|
17,614
|
|
|
|
17,861
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
958
|
|
|
|
1,005
|
|
|
|
3,777
|
|
|
|
3,860
|
|
|
Sales and
marketing
|
|
|
993
|
|
|
|
1,001
|
|
|
|
4,009
|
|
|
|
4,319
|
|
|
General and
administrative
|
|
|
1,587
|
|
|
|
1,165
|
|
|
|
5,658
|
|
|
|
5,490
|
|
|
Depreciation and
amortization
|
|
|
63
|
|
|
|
59
|
|
|
|
370
|
|
|
|
352
|
|
|
Total operating
expenses
|
|
|
3,601
|
|
|
|
3,230
|
|
|
|
13,814
|
|
|
|
14,021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
1,163
|
|
|
|
934
|
|
|
|
3,800
|
|
|
|
3,840
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
(118)
|
|
|
|
(4)
|
|
|
|
(276)
|
|
|
|
(13)
|
|
|
Gain on settlement of
liabilities
|
|
|
-
|
|
|
|
-
|
|
|
|
217
|
|
|
|
-
|
|
|
Total other
expense, net
|
|
|
(118)
|
|
|
|
(4)
|
|
|
|
(59)
|
|
|
|
(13)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
provision for income taxes
|
|
|
1,045
|
|
|
|
930
|
|
|
|
3,741
|
|
|
|
3,827
|
|
|
Provision for income
taxes
|
|
|
(343)
|
|
|
|
180
|
|
|
|
189
|
|
|
|
822
|
|
|
Net
income
|
|
$
|
1,388
|
|
|
$
|
750
|
|
|
$
|
3,552
|
|
|
$
|
3,005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
attributed to common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.12
|
|
|
$
|
0.06
|
|
|
$
|
0.29
|
|
|
$
|
0.22
|
|
|
Diluted
|
|
$
|
0.12
|
|
|
$
|
0.06
|
|
|
$
|
0.28
|
|
|
$
|
0.22
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
11,768,678
|
|
|
|
13,410,722
|
|
|
|
12,314,071
|
|
|
|
13,403,877
|
|
|
Diluted
|
|
|
11,928,662
|
|
|
|
13,496,408
|
|
|
|
12,489,934
|
|
|
|
13,498,182
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
$
|
1,388
|
|
|
$
|
750
|
|
|
$
|
3,552
|
|
|
$
|
3,005
|
|
|
Foreign currency
translation gain/(loss)
|
|
|
(676)
|
|
|
|
750
|
|
|
|
(1,744)
|
|
|
|
(1,176)
|
|
|
Total
comprehensive income
|
|
$
|
712
|
|
|
$
|
1,500
|
|
|
$
|
1,808
|
|
|
$
|
1,829
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MAM SOFTWARE
GROUP, INC.
Condensed
Consolidated Statements of Cash Flows
(Unaudited)
(In
thousands)
|
|
|
|
|
|
|
|
For the Year
Ended
June
30,
|
|
|
|
2016
|
|
|
2015
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
3,552
|
|
|
$
|
3,005
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
Bad debt
expense
|
|
|
257
|
|
|
|
99
|
|
Depreciation and
amortization
|
|
|
648
|
|
|
|
599
|
|
Amortization of debt
discount and debt issuance costs
|
|
|
32
|
|
|
|
-
|
|
Deferred income
taxes
|
|
|
359
|
|
|
|
5
|
|
Stock-based
compensation expense
|
|
|
383
|
|
|
|
562
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
(881)
|
|
|
|
(715)
|
|
Inventories
|
|
|
(70)
|
|
|
|
9
|
|
Prepaid expenses and other assets
|
|
|
42
|
|
|
|
(266)
|
|
Income tax receivable
|
|
|
(535)
|
|
|
|
-
|
|
Accounts payable
|
|
|
(215)
|
|
|
|
599
|
|
Accrued expenses and other liabilities
|
|
|
(988)
|
|
|
|
(265)
|
|
Payroll and other taxes
|
|
|
183
|
|
|
|
(413)
|
|
Deferred revenue
|
|
|
478
|
|
|
|
(251)
|
|
Net cash provided
by operating activities
|
|
|
3,245
|
|
|
|
2,968
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
Purchase of property
and equipment
|
|
|
(207)
|
|
|
|
(354)
|
|
Capitalized software
development costs
|
|
|
(2,759)
|
|
|
|
(1,740)
|
|
Business acquisition,
net of cash acquired
|
|
|
(453)
|
|
|
|
-
|
|
Net cash used in
investing activities
|
|
|
(3,419)
|
|
|
|
(2,094)
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
Repurchase of common
stock for treasury
|
|
|
(161)
|
|
|
|
(476)
|
|
Repurchase of common
stock
|
|
|
(15,000)
|
|
|
|
-
|
|
Payment for debt
issuance costs
|
|
|
(123)
|
|
|
|
-
|
|
Payment of fees for
repurchase of common stock
|
|
|
(118)
|
|
|
|
-
|
|
Proceeds from
long-term debt
|
|
|
10,729
|
|
|
|
-
|
|
Repayment of
long-term debt
|
|
|
(950)
|
|
|
|
-
|
|
Net cash used in
financing activities
|
|
|
(5,623)
|
|
|
|
(476)
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes
|
|
|
(505)
|
|
|
|
(613)
|
|
|
|
|
|
|
|
|
|
|
Net change in cash
and cash equivalents
|
|
|
(6,302)
|
|
|
|
(215)
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at beginning of year
|
|
|
6,793
|
|
|
|
7,008
|
|
Cash and cash
equivalents at end of year
|
|
$
|
491
|
|
|
$
|
6,793
|
|
MAM SOFTWARE
GROUP, INC.
|
Calculation of
Adjusted Earnings before Interest,
Taxes,
Depreciation, and Amortization (Non-GAAP)
|
(Unaudited)
(in
thousands)
|
|
|
|
For the
Three
|
|
For the
|
|
|
Months
Ended
June 30,
|
|
Year Ended
June 30,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
Net Income
(GAAP)
|
$
|
1,388
|
$
|
750
|
$
|
3,552
|
$
|
3,005
|
Interest expense,
net
|
|
118
|
|
4
|
|
276
|
|
13
|
Provision for income
taxes
|
|
(343)
|
|
180
|
|
189
|
|
822
|
Depreciation and
amortization
|
|
134
|
|
121
|
|
648
|
|
599
|
Non-cash stock
compensation
|
|
117
|
|
58
|
|
342
|
|
562
|
Adjusted EBITDA
(Non-GAAP)
|
$
|
1,414
|
$
|
1,113
|
$
|
5,008
|
$
|
5,001
|
|
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SOURCE MAM Software Group, Inc.