BLUE BELL, Pa.,
Sept. 28, 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 fourth fiscal
quarter and year ended June 30, 2017,
through the filing on September 28,
2017 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 Years Ended
June 30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Net
revenues
|
$
|
8,279
|
|
$
|
8,400
|
|
$
|
31,596
|
|
$
|
32,212
|
Gross
profit
|
$
|
4,465
|
|
$
|
4,764
|
|
$
|
17,403
|
|
$
|
17,614
|
Operating
income
|
$
|
1,582
|
|
$
|
1,163
|
|
$
|
4,217
|
|
$
|
3,800
|
Income before income
taxes
|
$
|
1,469
|
|
$
|
1,045
|
|
$
|
3,658
|
|
$
|
3,741
|
Net income
|
$
|
2,436
|
|
$
|
1,388
|
|
$
|
4,578
|
|
$
|
3,552
|
Earnings per share
attributed to common stockholders – basic
|
$
|
0.21
|
|
$
|
0.12
|
|
$
|
0.39
|
|
$
|
0.29
|
Earnings per share
attributed to common stockholders – diluted
|
$
|
0.21
|
|
$
|
0.12
|
|
$
|
0.39
|
|
$
|
0.28
|
Weighted average
shares outstanding – basic
|
|
11,739
|
|
|
11,769
|
|
|
11,732
|
|
|
12,314
|
Weighted average
shares outstanding – diluted
|
|
11,802
|
|
|
11,929
|
|
|
11,786
|
|
|
12,490
|
Michael Jamieson, MAM
Software Group President and Chief Executive Officer commented,
"Fiscal 2017 was extremely productive in terms of product
development, pipeline growth and overall business momentum. We
successfully implemented several large new customers and closed
multiple perpetual licenses transactions in the fourth quarter to
help deliver strong quarterly results that included revenue growth
of 6.6% on a constant currency basis and fiscal 2017 full-year
Adjusted EBITDA* of $5.1 million,
well ahead of our guidance of $4.1 million
to $4.6 million."
"We are particularly pleased with the work our team has
completed to bring our large, complex development projects to their
current state, including the scheduled go-live of our first VAST
Online customer in October 2017,"
continued Jamieson. "As a result, the interest in our VAST Online
cloud solution and our engagement in active discussions with
potential customers has increased. The investments we are making in
products are laying a solid foundation for growth that is beginning
to produce tangible results."
Fourth Quarter Highlights:
- Net revenues of $8.3
million were down 1.4% compared to $8.4 million for the same period last year. On a
constant currency basis, revenues were up 6.6% over the same period
last year.
- Recurring revenues were 82.9% of total revenues compared
to 79.3% of total revenues for the same period last year. On a
constant currency basis, recurring revenue increased $781,000, or 11.7%, as compared to the fourth
quarter last year.
- Total Software as a Service (SaaS) revenues increased
15.4% year-over-year and 8.3% sequentially. On a constant currency
basis, SaaS revenues were up 25.9% year-over-year.
- Operating income was $1.6
million, or 19.1% of revenues, versus $1.2 million, or 13.9% of revenues, for the same
period last year. Changes in foreign currency exchange rates
negatively impacted operating income by $197,000, as compared to the same period last
year.
- Adjusted EBITDA* was $1.8
million, or 22.2% of revenues, versus $1.5 million, or 17.3% of revenues, for the same
period last year. Changes in foreign currency exchange rates
negatively impacted Adjusted EBITDA* by $206,000, as compared to the same period last
year.
- Net income was $2.4 million
as compared to $1.4 million in the
same period last year. Changes in foreign currency exchange rates
negatively impacted net income by $156,000, or $0.01
per basic and diluted share, as compared to the same period last
year.
Fourth Quarter Financial Results:
Net revenues were $8.3
million for the quarter ended June
30, 2017, versus $8.4 million
for the same period last year, a decrease of $121,000 or 1.4%.
- On a constant currency basis, revenue was up 6.6% over
the same period last year.
- Recurring revenue for the quarter was $6.9 million, or 82.9% of total revenue, an
increase of $199,000 or 3.0%, over
$6.7 million, or 79.3% of total
revenue, for the fourth quarter last year. Sequentially, recurring
revenue increased $384,000, or 5.9%,
compared to $6.5 million in the
fiscal third quarter of 2017. On a constant currency basis,
recurring revenue increased $781,000,
or 11.7%, as compared to the fourth quarter last year, and
increased by $259,000, or 3.6%,
sequentially.
- Total Software as a Service (SaaS) revenue for the
quarter was $2.4 million, an increase
of $320,000, or 15.4%,
year-over-year, and an increase of $184,000, or 8.3%, sequentially when compared to
the third quarter of fiscal 2017. On a constant currency basis,
SaaS revenue increased $540,000, or
25.9%, as compared to the fourth quarter last year, and increased
by $141,000, or 5.7%, sequentially.
The increase in the SaaS revenue was primarily attributable to a
11.0% increase in Autowork Online (SaaS) revenue for the quarter to
$1.5 million, and a 23.2% increase in
Autopart Online (SaaS) revenue for the quarter to $925,000.
- Total Data as a Service (DaaS) revenue for the quarter
was $2.2 million, a decrease of
$209,000, or 8.6%, year over year,
and an increase of $10,000, or 0.5%,
sequentially when compared to the fiscal third quarter of 2017. On
a constant currency basis, DaaS revenue slightly decreased
$12,000, or 0.5%, as compared to the
same period last year, and decreased $43,000, or 1.8% sequentially, due to the timing
of holidays.
Gross profit for the quarter was $4.5 million, or 53.9% of total revenue, a
decrease of $299,000 compared to
$4.8 million, or 56.7% of total
revenue, for the same period last year.
Operating expenses for the quarter decreased by
$716,000 to $2.9 million, a decrease of 19.9% as compared to
the $3.6 million for the same period
last year. The decrease was primarily the result of the impact from
foreign currency movements, adjustments to annual incentive
compensation plans, the timing of commissions, and lower bad debt
expense, partially offset by increased R&D expenses primarily
to support new client growth.
Operating income for the quarter increased by $418,000 or 35.9%, to $1.6
million, as compared to $1.2
million for the same period last year.
Other expense for the quarter was $112,000 and compares to $118,000 for the same period last
year.
Net income for the quarter increased by $1.0 million, or 75.6%, to $2.4 million, or $0.21 per basic and diluted share, compared to
net income of $1.4 million, or
$0.12 per basic and diluted share,
for the same period last year. Net income for the fourth quarter of
fiscal year 2017 included a tax benefit of $968,000 primarily related to a partial release
of the valuation allowance and the impact of adopting a new
accounting pronouncement.
Fiscal 2017 Full Year Highlights
- Net revenues were $31.6
million, a decrease of 1.9% compared to $32.2 million in the same period last year. On a
constant currency basis, revenues would have been $35.0 million.
- Recurring revenues increased 1.7% to $26.0 million compared to $25.6 million in the same period last year.
Recurring revenues were 82.4% of total revenues compared to 79.5%
in the same period last year.
- Total Software as a Service (SaaS) revenue increased
22.5% to $8.7 million compared to
$7.1 million in the same period last
year.
- Operating income was $4.2
million, or 13.3% of revenues, versus $3.8 million, or 11.8% of revenues, for the same
period last year. Changes in foreign currency exchange rates
negatively impacted operating income by $853,000, as compared to the same period last
year.
- Adjusted EBITDA* was $5.1
million, or 16.2% of revenues, versus $5.0 million, or 15.7% of revenues, for the same
period last year. Changes in foreign currency exchange rates
negatively impacted Adjusted EBITDA* by $903,000, as compared to the same period last
year.
- Net income was $4.6 million
as compared to $3.6 million in the
same period last year. Changes in foreign currency exchange rates
negatively impacted net income by $814,000, or $0.07
per basic and diluted share, as compared to the same period last
year.
Fiscal 2017 Full Year Financial Results:
Net revenues were $31.6
million for the 12 months ended June
30, 2017 versus $32.2 million
for the same period last year, a decrease of $616,000 or 1.9%.
- On a constant currency basis, revenues were up 8.8% over
the same period last year.
- Recurring revenues for the 12 months were $26.0 million, or 82.4% of total revenues, an
increase of $444,000 or 1.7%, over
$25.6 million, or 79.5% of total
revenues for the same period last year. On a constant currency
basis, recurring revenue increased $781,000, or 11.7%, as compared to the same
period last year.
- Total Software as a Service (SaaS) revenues for the 12
months were $8.7 million, an increase
of $1.6 million, or 22.5%,
year-over-year. On a constant currency basis, SaaS revenue
increased $2.7 million, or 38.2%, as
compared to the same period last year. The increase in the SaaS
revenues was primarily attributable to a 19.8% increase in Autowork
Online (SaaS) revenues for the 12 months to $5.3 million, and a 27.2% increase in Autopart
Online (SaaS) revenues for the 12 months to $3.4 million.
- Total Data as a Service (DaaS) revenues for the 12 months
were $8.8 million, a decrease of
$953,000, or 9.8%, year over year. On
a constant currency basis, DaaS revenue increased $107,000, or 1.1%, as compared to the same period
last year.
Gross profit for the twelve months ended June 30, 2017 was $17.4
million, or 55.1% of total revenue, a decrease of
$211,000 compared to $17.6 million, or 54.7% of total revenue, for the
same period last year. Changes in foreign currency exchange rates
negatively impacted gross profit by $1.9
million, as compared to the same period last year. At
constant currency, the increase in gross profit margins was
primarily the result of 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 and infrastructure
to support growth.
Operating expenses for the twelve months ended
June 30, 2017 decreased by
$628,000 to $13.2 million, a decrease of 4.5% as compared to
the $13.8 million for the same period
last year. The decrease was primarily the result of favorable
foreign exchange rates, partially offset by increased R&D
expenses primarily to support new client growth and increases to
the annual incentive plans.
Operating income for the twelve months ended June 30, 2017 increased by $417,000, or 11.0%, to $4.2 million as compared to $3.8 million for the same period last
year.
Other expense for the twelve months ended June 30, 2017 of $559,000 was the result of net interest expense
on outstanding debt and compares to $59,000 for the same period last year. Other
expense for the twelve months ended June 30,
2016 included a $217,000 gain
from the settlement of liabilities with certain vendors.
Net income for the twelve months ended June 30, 2017 increased by $1.0 million, or 28.9%, to $4.6 million, or $0.39 per basic and diluted share, compared to
net income of $3.6 million, or
$0.29 per basic and $0.28 per diluted share, for the same period last
year. Changes in foreign currency exchange rates negatively
impacted net income by $814,000, or
$0.07 per basic and diluted share, as
compared to the same period last year. Net income for fiscal year
2017 includes a tax benefit of $920,000 primarily related to a partial release
of the valuation allowance and the impact of adopting a new
accounting pronouncement.
Balance Sheet and Other Financial
Highlights
- The Company ended the fiscal year with $1.3 million in cash after capital expenditures
and capitalized software development costs of $2.8 million.
- As of June 30, 2017, the
Company had $8.1 million of debt
outstanding under its $12 million
credit facility.
- Stockholders' equity increased from $5.0 million at June 30,
2016, or 92.8%, to $9.7
million at June 30,
2017.
- As of June 30, 2017, there
were 12.3 million shares of common stock outstanding.
Business Outlook
The Company's expectations for fiscal year 2018 Adjusted
EBITDA* is in the range of $5.5 million to
$6.0 million, on a constant currency basis.
Conference Call Information
The Company has scheduled a conference call for
Friday, September 29, 2017, at
9 a.m. ET to review the results.
Investors and interested parties can access the conference call by
dialing:
- Toll-Free:
888-802-2239
- Toll/International: 719-325-2428
- UK Toll-Free: 0 808 101
7162
A replay will be available until October 13, 2017 by calling 1-844-512-2921
(United States) or 1-412-317-6671
(toll/UK/international). Please use pin number 1226077 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,
|
|
|
June 30,
|
|
|
|
2017
|
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current Assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
1,260
|
|
|
$
|
491
|
|
Accounts receivable,
net of allowance of $332 and $359, respectively
|
|
|
4,644
|
|
|
|
4,627
|
|
Inventories
|
|
|
384
|
|
|
|
221
|
|
Prepaid expenses and
other current assets
|
|
|
1,433
|
|
|
|
1,495
|
|
Income tax
receivable
|
|
|
168
|
|
|
|
535
|
|
Total Current Assets
|
|
|
7,889
|
|
|
|
7,369
|
|
|
|
|
|
|
|
|
|
|
Property and Equipment, Net
|
|
|
511
|
|
|
|
581
|
|
|
|
|
|
|
|
|
|
|
Other Assets
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
8,191
|
|
|
|
8,363
|
|
Intangible assets,
net
|
|
|
639
|
|
|
|
739
|
|
Software development
costs, net
|
|
|
7,634
|
|
|
|
5,234
|
|
Deferred income
taxes
|
|
|
1,679
|
|
|
|
-
|
|
Other long-term
assets
|
|
|
109
|
|
|
|
68
|
|
TOTAL ASSETS
|
|
$
|
26,652
|
|
|
$
|
22,354
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
Current Liabilities
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
1,334
|
|
|
$
|
1,618
|
|
Accrued expenses and
other liabilities
|
|
|
2,165
|
|
|
|
1,811
|
|
Payroll and other
taxes
|
|
|
815
|
|
|
|
1,188
|
|
Current portion of
long-term debt
|
|
|
1,734
|
|
|
|
1,879
|
|
Current portion of
deferred revenue
|
|
|
1,477
|
|
|
|
939
|
|
Sales tax
payable
|
|
|
761
|
|
|
|
750
|
|
Income tax
payable
|
|
|
506
|
|
|
|
1
|
|
Total Current Liabilities
|
|
|
8,792
|
|
|
|
8,186
|
|
|
|
|
|
|
|
|
|
|
Long-Term Liabilities
|
|
|
|
|
|
|
|
|
Deferred revenue, net
of current portion
|
|
|
534
|
|
|
|
273
|
|
Deferred income
taxes
|
|
|
682
|
|
|
|
535
|
|
Long-term debt, net
of current portion
|
|
|
6,386
|
|
|
|
7,808
|
|
Other long-term
liabilities
|
|
|
583
|
|
|
|
533
|
|
Total Liabilities
|
|
|
16,977
|
|
|
|
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, 12,313
shares issued and 12,308 shares
outstanding at June 30, 2017, and 13,199
shares issued and 12,410 shares
outstanding at June 30, 2016
|
|
|
1
|
|
|
|
1
|
|
Additional paid-in
capital
|
|
|
14,180
|
|
|
|
16,162
|
|
Accumulated other
comprehensive loss
|
|
|
(3,283)
|
|
|
|
(2,985)
|
|
Accumulated
deficit
|
|
|
(1,207)
|
|
|
|
(5,785)
|
|
Treasury stock at
cost, 5 shares at June 30, 2017 and 790 shares at June 30,
2016
|
|
|
(16)
|
|
|
|
(2,374)
|
|
Total Stockholders' Equity
|
|
|
9,675
|
|
|
|
5,019
|
|
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY
|
|
$
|
26,652
|
|
|
$
|
22,354
|
|
MAM SOFTWARE GROUP, INC.
Condensed Consolidated Statements of Comprehensive
Income
(Unaudited)
(In thousands, except per share
data)
|
|
|
|
|
For the Three Months Ended
|
|
|
For the Years Ended
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
Net
revenues
|
|
$
|
8,279
|
|
|
$
|
8,400
|
|
|
$
|
31,596
|
|
|
$
|
32,212
|
|
Cost of
revenues
|
|
|
3,814
|
|
|
|
3,636
|
|
|
|
14,193
|
|
|
|
14,598
|
|
Gross Profit
|
|
|
4,465
|
|
|
|
4,764
|
|
|
|
17,403
|
|
|
|
17,614
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
937
|
|
|
|
959
|
|
|
|
3,791
|
|
|
|
3,777
|
|
Sales and
marketing
|
|
|
799
|
|
|
|
992
|
|
|
|
3,659
|
|
|
|
4,009
|
|
General and
administrative
|
|
|
1,089
|
|
|
|
1,587
|
|
|
|
5,505
|
|
|
|
5,658
|
|
Depreciation and
amortization
|
|
|
58
|
|
|
|
63
|
|
|
|
231
|
|
|
|
370
|
|
Total Operating Expenses
|
|
|
2,883
|
|
|
|
3,601
|
|
|
|
13,186
|
|
|
|
13,814
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
|
1,582
|
|
|
|
1,163
|
|
|
|
4,217
|
|
|
|
3,800
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
(112)
|
|
|
|
(118)
|
|
|
|
(559)
|
|
|
|
(276)
|
|
Gain on settlement of
liabilities
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
217
|
|
Total other income (expense),
net
|
|
|
(112)
|
|
|
|
(118)
|
|
|
|
(559)
|
|
|
|
(59)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before provision (benefit) for income
taxes
|
|
|
1,469
|
|
|
|
1,045
|
|
|
|
3,658
|
|
|
|
3,741
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit)
|
|
|
(968)
|
|
|
|
(343)
|
|
|
|
(920)
|
|
|
|
189
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
$
|
2,436
|
|
|
$
|
1,388
|
|
|
$
|
4,578
|
|
|
$
|
3,552
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
attributed to common stockholders – basic
|
|
$
|
0.21
|
|
|
$
|
0.12
|
|
|
$
|
0.39
|
|
|
$
|
0.29
|
|
Earnings per share
attributed to common stockholders - diluted
|
|
$
|
0.21
|
|
|
$
|
0.12
|
|
|
$
|
0.39
|
|
|
$
|
0.28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding – basic
|
|
|
11,739
|
|
|
|
11,769
|
|
|
|
11,732
|
|
|
|
12,314
|
|
Weighted average
common shares outstanding – diluted
|
|
|
11,802
|
|
|
|
11,929
|
|
|
|
11,786
|
|
|
|
12,490
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
$
|
2,436
|
|
|
$
|
1,388
|
|
|
$
|
4,578
|
|
|
$
|
3,552
|
|
Foreign currency
translation income (loss)
|
|
|
333
|
|
|
|
(676)
|
|
|
|
(298)
|
|
|
|
(1,744)
|
|
Total Comprehensive Income
|
|
$
|
2,769
|
|
|
$
|
712
|
|
|
$
|
4,280
|
|
|
$
|
1,808
|
|
MAM SOFTWARE GROUP, INC.
Consolidated Statements of Cash
Flows
(In thousands)
|
|
|
|
|
For the Years Ended
|
|
|
|
June 30,
|
|
|
|
2017
|
|
|
2016
|
|
CASH FLOWS FROM OPERATING
ACTIVITIES:
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
4,578
|
|
|
$
|
3,552
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
Bad debt
expense
|
|
|
283
|
|
|
|
257
|
|
Depreciation
and amortization
|
|
|
537
|
|
|
|
648
|
|
Amortization of
debt discount and debt issuance costs
|
|
|
139
|
|
|
|
32
|
|
Deferred income
taxes
|
|
|
(1,523)
|
|
|
|
359
|
|
Stock-based
compensation expense
|
|
|
375
|
|
|
|
383
|
|
|
|
|
|
|
|
|
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
(386)
|
|
|
|
(881)
|
|
Inventories
|
|
|
(169)
|
|
|
|
(70)
|
|
Prepaid
expenses and other assets
|
|
|
(6)
|
|
|
|
42
|
|
Income tax
receivable
|
|
|
352
|
|
|
|
(535)
|
|
Accounts
payable
|
|
|
(264)
|
|
|
|
(215)
|
|
Accrued
expenses and other liabilities
|
|
|
514
|
|
|
|
(988)
|
|
Income tax
payable
|
|
|
593
|
|
|
|
-
|
|
Payroll and
other taxes
|
|
|
(314)
|
|
|
|
183
|
|
Deferred
revenue
|
|
|
816
|
|
|
|
478
|
|
NET CASH PROVIDED BY OPERATING
ACTIVITIES
|
|
|
5,525
|
|
|
|
3,245
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES:
|
|
|
|
|
|
|
|
|
Purchase of property
and equipment
|
|
|
(96)
|
|
|
|
(207)
|
|
Capitalized software
development costs
|
|
|
(2,729)
|
|
|
|
(2,759)
|
|
Business acquisition,
net of cash acquired
|
|
|
-
|
|
|
|
(453)
|
|
NET CASH USED IN INVESTING
ACTIVITIES
|
|
|
(2,825)
|
|
|
|
(3,419)
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING
ACTIVITIES:
|
|
|
|
|
|
|
|
|
Repurchase of common
stock for treasury
|
|
|
-
|
|
|
|
(161)
|
|
Repurchase of common
stock
|
|
|
-
|
|
|
|
(15,000)
|
|
Common stock
surrendered to pay for tax withholding
|
|
|
(150)
|
|
|
|
-
|
|
Payment for
acquisition of debt
|
|
|
(144)
|
|
|
|
(123)
|
|
Payment of fees for
repurchase of common stock
|
|
|
-
|
|
|
|
(118)
|
|
Proceeds from
long-term debt
|
|
|
9,519
|
|
|
|
10,729
|
|
Repayment of
long-term debt
|
|
|
(11,081)
|
|
|
|
(950)
|
|
Proceeds from
exercise of stock options
|
|
|
16
|
|
|
|
-
|
|
NET CASH USED IN FINANCING
ACTIVITIES
|
|
|
(1,840)
|
|
|
|
(5,623)
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes
|
|
|
(91)
|
|
|
|
(505)
|
|
Net change in cash
and cash equivalents
|
|
|
769
|
|
|
|
(6,302)
|
|
Cash and cash
equivalents at beginning of year
|
|
|
491
|
|
|
|
6,793
|
|
Cash and cash
equivalents at end of year
|
|
$
|
1,260
|
|
|
$
|
491
|
|
MAM SOFTWARE
GROUP, INC.
|
Calculation of
Adjusted Earnings before Interest,
Taxes,
Depreciation, and Amortization (Non-GAAP)
|
(Unaudited)
(In
thousands)
|
|
|
|
|
|
For the
Three Months
Ended June
30,
|
For the Years
Ended
June 30,
|
|
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP)
|
$
|
2,436
|
$
|
1,388
|
$
|
4,578
|
$
|
3,552
|
|
Interest expense,
net
|
|
112
|
|
118
|
|
559
|
|
276
|
|
Income tax expense
(benefit)
|
|
(968)
|
|
(343)
|
|
(920)
|
|
189
|
|
Depreciation and
amortization
|
|
163
|
|
134
|
|
537
|
|
648
|
|
Non-cash stock-based
compensation
|
|
97
|
|
158
|
|
375
|
|
383
|
|
Adjusted EBITDA
(Non-GAAP)
|
$
|
1,840
|
$
|
1,455
|
$
|
5,129
|
$
|
5,048
|
|
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SOURCE MAM Software Group, Inc.