BLUE BELL, Pa., Feb. 8, 2018 /PRNewswire/ -- MAM Software Group,
Inc. (NASDAQ Capital Market: MAMS) (the "Company" or "MAM"), a
leading global provider of on-premise and cloud-based business
management solutions for the auto parts, tire and vertical
distribution industries, announced the following financial results
in accordance with U.S. generally accepted accounting principles
("GAAP") for its second fiscal quarter and six months ended
December 31, 2017, through the filing
on February 8, 2018 of its Quarterly
Report on Form 10-Q with the Securities and Exchange
Commission:
(In thousands,
except per share data)
|
For the Three
Months Ended
December 31,
|
|
For the Six Months
Ended
December 31,
|
|
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Net
revenues
|
$
|
8,500
|
|
$
|
7,382
|
|
$
|
17,138
|
|
$
|
15,444
|
Gross
profit
|
$
|
4,501
|
|
$
|
3,888
|
|
$
|
9,332
|
|
$
|
8,632
|
Operating
income
|
$
|
823
|
|
$
|
402
|
|
$
|
2,350
|
|
$
|
1,769
|
Income before
provision for income taxes
|
$
|
714
|
|
$
|
280
|
|
$
|
2,137
|
|
$
|
1,527
|
Net income
(loss)
|
$
|
(79)
|
|
$
|
250
|
|
$
|
1,035
|
|
$
|
1,463
|
Earnings (loss) per
share attributed to common stockholders – basic
|
$
|
(0.01)
|
|
$
|
0.02
|
|
$
|
0.09
|
|
$
|
0.12
|
Earnings (loss) per
share attributed to common stockholders – diluted
|
$
|
(0.01)
|
|
$
|
0.02
|
|
$
|
0.09
|
|
$
|
0.12
|
Weighted average
shares outstanding – basic
|
|
11,825
|
|
|
11,716
|
|
|
11,820
|
|
|
11,709
|
Weighted average
shares outstanding – diluted
|
|
11,825
|
|
|
11,813
|
|
|
12,151
|
|
|
11,805
|
Michael Jamieson, MAM's President
and Chief Executive Officer commented, "The second quarter was
another quarter of continued progress with our large, complex
development projects highlighted by the first 'go live' of VAST
Online at a Goodyear dealer location, which was followed by two
additional locations in early January. We are incorporating
feedback from these initial locations and making adjustments as we
select and prepare for implementation at subsequent locations. We
continue to be encouraged by the growing number of identified, new
business opportunities, yet remain focused on successfully
delivering on current business under contract to ensure customer
satisfaction and protect the investments we have made in product
development."
"Our financial results for the quarter, and year-to-date, were
in-line with our expectations and reflect the positive impact that
reshaping our business to a service model has had both on our
earnings and cash generation," continued Jamieson. "Our balance
sheet remains strong with an increasing cash balance and lower debt
outstanding driven by nearly $3.1
million in cash generated from operations during the first
six months of fiscal year 2018, an increase of more than 9%
compared to the first six months of fiscal year
2017."
Second Quarter Highlights:
- Net revenues of $8.5 million were
up 15.1% compared to $7.4 million for
the same period last year. On a constant currency basis, revenues
were up 10.3% over the same period last year.
- Recurring revenues were 85.4% of total revenues compared to
85.3% of total revenues for the same period in the prior fiscal
year.
- Total Software as a Service (SaaS) revenues increased 29.7%
year-over-year and 4.8% sequentially from the prior quarter.
- Operating income was $823,000, or
9.7% of revenues, compared to $402,000, or 5.4% of revenues, for the same
period last year.
- Net loss was $79,000 compared to
net income of $250,000 in the same
period last year. The net loss included $729,000 of nonrecurring income tax expense from
the implementation of U.S. Tax Cuts and Jobs Act (the "Tax
Act").
- Adjusted EBITDA* was $1.1
million, or 12.9% of revenues, compared to $642,000, or 8.7% of revenues, for the same
period last year.
Second Quarter Financial Results:
Net revenues were $8.5 million for
the quarter ended December 31, 2017,
compared to $7.4 million for the same
period last year, an increase of $1.1
million or 15.1%.
- On a constant currency basis, revenues were up 10.3% over the
same period in the prior fiscal year.
- Recurring revenue for the quarter was $7.3 million, or 85.4% of total revenue, an
increase of $963,000 or 15.3%, over
$6.3 million, or 85.3% of total
revenue, for the second quarter last year. Sequentially, recurring
revenue increased $172,000, or 2.4%,
compared to $7.1 million, or 82% of
total revenue, in the first quarter of fiscal year 2018.
- Total Software as a Service (SaaS) revenue for the quarter was
$2.7 million, an increase of
$619,000, or 29.7%, year-over-year
and an increase of $124,000, or 4.8%,
sequentially when compared to the first quarter of fiscal 2018. The
increase in the SaaS revenue was primarily attributable to a 21.4%
increase in Autowork Online (SaaS) revenue for the quarter to
$1.6 million, and a 42.8% increase in
Autopart Online (SaaS) revenue for the quarter to $1.2 million.
- Total Data as a Service (DaaS) revenue for the quarter was
$2.4 million, an increase of
$222,000, or 10.4%, year over year,
and $24,000, or 1%, sequentially when
compared to the fiscal first quarter of 2018.
Gross profit for the quarter was $4.5
million, or 53.0% of total revenue, an increase of
$613,000 compared to $3.9 million, or 52.7% of total revenue, for the
same period last year.
Operating expenses for the quarter increased by $192,000 to $3.7
million, an increase of 5.5% compared to $3.5 million for the same period last year. An
increase in Research and Development expenses to support growth was
partially offset by lower Sales and Marketing expenses.
Operating income for the quarter increased by $421,000, or 104.7%, to $823,000 compared to $402,000 for the same period last year.
Other expense for the quarter decreased by $13,000, or 10.7%, to $109,000 compared to $122,000 for the same period last year.
Provision for income taxes increased to $0.8 million, or an effective tax rate of 111%,
for the quarter, as compared to $30,000, or an effective tax rate of 11%, for the
same period last year. The increase in the effective tax rate was
primarily due to the nonrecurring impact from the implementation of
the Tax Act that resulted in a write-down of our net US federal
deferred tax assets to the lower statutory tax rate and one-time
repatriation tax on deemed repatriation of historical earnings of
foreign subsidiaries in the current quarter, and a partial release
of our valuation allowance last year.
Net loss for the quarter was $79,000, or $(0.01)
per basic and diluted share, compared to net income of $250,000, or $0.02
per basic and diluted share, for the same period last year. The net
loss for the quarter included $729,000, or $(0.06) per basic and diluted share, of
additional income tax expense from the impact of the Tax Act.
Year-to-Date Financial Results:
Net revenues were $17.1 million
for the six months ended December 31,
2017 compared to $15.4 million
for the same period last year, an increase of $1.7 million, or 11.0%.
- On a constant currency basis, revenues were up 8.8% over the
same period in the prior fiscal year.
- Recurring revenue for the first six months of fiscal 2018 was
$14.3 million, or 83.7% of total
revenue, an increase of $1.6 million,
or 12.9%, compared to $12.7 million,
or 82.3% of total revenue, for the first six months of the prior
fiscal year.
- Total Software as a Service (SaaS) revenue for the first six
months of fiscal 2018 was $5.3
million, an increase of $1.2
million, or 29.3%, year-over-year. The increase in the SaaS
revenue was primarily attributable to a 22.8% increase in Autowork
Online (SaaS) revenue for the first six months of fiscal 2018 to
$3.1 million, and a 39.7% increase in
Autopart Online (SaaS) revenue for the first six months of fiscal
2018 to $2.2 million.
- Total Data as a Service (DaaS) revenue for the first six months
of fiscal 2018 was $4.7 million, an
increase of $294,000, or 6.7%, when
compared to the first six months of fiscal 2017.
Gross profit for the first six months of fiscal 2018 was
$9.3 million, or 54.5% of total
revenue, an increase of $700,000
compared to $8.6 million, or 55.9% of
total revenue, for the same period in the prior fiscal year.
Operating expenses for the first six months of fiscal 2018
increased by $119,000 to $7.0 million, an increase of 1.7% compared to
$6.9 million for the same period last
year. An increase in Research and Development expenses to support
growth was partially offset by lower Sales and Marketing
expenses.
Operating income for the first six months of fiscal 2018
increased by $581,000, or 32.8%, to
$2.4 million, compared to
$1.8 million for the same period in
the prior fiscal year.
Other expense for the first six months of fiscal 2018 decreased
by $29,000, or 12.0%, to $213,000, compared to $242,000 for the same period in the prior fiscal
year.
Provision for income taxes increased to $1.1 million, or an effective tax rate of 52%,
for the first six months of fiscal 2018, as compared to
$64,000, or an effective tax rate of
4%, for the same period last year. The increase in the effective
tax rate was primarily due to the implementation of the Tax Act
that resulted in a write-down of our net US federal deferred tax
assets to the lower statutory tax rate and one-time repatriation
tax on deemed repatriation of historical earnings of foreign
subsidiaries in the current fiscal year, and a partial release of
our valuation allowance last fiscal year.
Net income for the first six months of fiscal year 2018 was
$1 million, or $0.09 per basic and diluted share, compared to
net income of $1.5 million, or
$0.12 per basic and diluted share,
for the same period last year. The net income for the first six
months of fiscal year 2018 included $729,000, or $(0.06) per basic and diluted share, of
additional income tax expense from the impact of the Tax Act.
Balance Sheet and Other Financial Highlights
- As of December 31, 2017, the
Company had $2.8 million in cash
after capital expenditures and capitalized software development
costs of $8.5 million.
- As of December 31, 2017, the
Company had $7.6 million of debt
outstanding under its $11.5 million
credit facility.
- Stockholders' equity increased 17.2% from $9.7 million at June 30,
2017 to $11.3 million at
December 31, 2017.
- As of December 31, 2017, there
were 12.6 million shares of common stock outstanding.
U.S. Tax Cuts and Jobs Act
On December 22, 2017, the U.S.
government enacted comprehensive tax legislation referred to as the
Tax Cuts and Jobs Act (the "Tax Act"). The Tax Act significantly
revises the future ongoing U.S. corporate income tax by, among
other things, lowering U. S. corporate income tax rates and the
imposition of a territorial tax system with a one-time repatriation
tax on deemed repatriated earnings of foreign subsidiaries. As the
Company has a June 30 fiscal
year-end, the lower corporate income tax rate will be phased in,
resulting in a lower U.S. statutory federal rate, from the
previously 34%, to a blended rate of
approximately 28% for our fiscal year ending June 30, 2018, and 21% for subsequent
fiscal years. During the quarter ended December 31, 2017, we
were required to revalue our U.S. federal deferred tax assets and
liabilities at the new federal corporate income tax rate in the
period of enactment; accordingly, we recorded additional income tax
expense of $0.7 million, which
consisted of $0.5 million related to
the write-down our net U.S. federal deferred tax asset to the lower
statutory tax rate and $0.2 million
for the one-time repatriation tax on deemed repatriation of
historical earnings of foreign subsidiaries.
Business Outlook
The Company reaffirmed its expectations for fiscal year 2018
Adjusted EBITDA* 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, February 9, 2018, at 9 a.m. ET to review the results. Investors and
interested parties can access the conference call by dialing:
- Toll-Free: 1-800-239-9838
- Toll/International: 1-323-794-2551
- UK Toll-Free: 0800 358
6377
A replay will be available until February
23, 2018 by calling 1-844-512-2921 (United States) or 1-412-317-6671
(toll/UK/international). Please use pin number 3160019 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.
Statement regarding use of non-GAAP financial
measures
In this press release, the Company's financial results and
financial guidance are provided in accordance with accounting
principles generally accepted in the
United States (GAAP) and using certain non-GAAP financial
measures. Management believes that presentation of operating
results using non-GAAP financial measures provides useful
supplemental information to investors and facilitates the analysis
of the Company's core operating results and comparison of operating
results across reporting periods. Management also uses non-GAAP
financial measures to establish budgets and to manage the Company's
business. A reconciliation of the GAAP financial results to
non-GAAP financial results is included in the attached
schedules.
*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)
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
|
June
30,
|
|
|
|
2017
|
|
|
2017
|
|
|
|
(Unaudited)
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
2,810
|
|
|
$
|
1,260
|
|
Accounts receivable,
net of allowance of $272 and $332, respectively
|
|
|
4,576
|
|
|
|
4,873
|
|
Inventories
|
|
|
222
|
|
|
|
154
|
|
Prepaid expenses and
other current assets
|
|
|
905
|
|
|
|
1,260
|
|
Income tax
receivable
|
|
|
-
|
|
|
|
168
|
|
Total Current
Assets
|
|
|
8,513
|
|
|
|
7,715
|
|
|
|
|
|
|
|
|
|
|
Property and
Equipment, Net
|
|
|
510
|
|
|
|
511
|
|
|
|
|
|
|
|
|
|
|
Other
Assets
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
8,407
|
|
|
|
8,191
|
|
Intangible assets,
net
|
|
|
621
|
|
|
|
639
|
|
Software development
costs, net
|
|
|
8,459
|
|
|
|
7,634
|
|
Deferred income
taxes
|
|
|
1,495
|
|
|
|
1,679
|
|
Other long-term
assets
|
|
|
460
|
|
|
|
283
|
|
TOTAL
ASSETS
|
|
$
|
28,465
|
|
|
$
|
26,652
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
958
|
|
|
$
|
1,334
|
|
Accrued expenses and
other liabilities
|
|
|
1,220
|
|
|
|
1,137
|
|
Accrued payroll and
related expenses
|
|
|
1,189
|
|
|
|
1,605
|
|
Current portion of
long-term debt
|
|
|
1,864
|
|
|
|
1,734
|
|
Current portion of
deferred revenues
|
|
|
1,724
|
|
|
|
1,477
|
|
Sales tax
payable
|
|
|
832
|
|
|
|
761
|
|
Income tax
payable
|
|
|
864
|
|
|
|
506
|
|
Total Current
Liabilities
|
|
|
8,651
|
|
|
|
8,554
|
|
|
|
|
|
|
|
|
|
|
Long-Term
Liabilities
|
|
|
|
|
|
|
|
|
Deferred revenues,
net of current portion
|
|
|
988
|
|
|
|
772
|
|
Deferred income
taxes
|
|
|
1,272
|
|
|
|
682
|
|
Long-term debt, net
of current portion
|
|
|
5,611
|
|
|
|
6,386
|
|
Other long-term
liabilities
|
|
|
606
|
|
|
|
583
|
|
Total
Liabilities
|
|
|
17,128
|
|
|
|
16,977
|
|
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, 12,575 shares
issued and 12,570 shares outstanding at December 31, 2017 and
12,313 shares issued and 12,308 shares outstanding at June 30,
2017
|
|
|
1
|
|
|
|
1
|
|
Additional paid-in
capital
|
|
|
14,447
|
|
|
|
14,180
|
|
Accumulated other
comprehensive loss
|
|
|
(2,923)
|
|
|
|
(3,283)
|
|
Accumulated
deficit
|
|
|
(172)
|
|
|
|
(1,207)
|
|
Treasury stock at
cost, 5 shares at December 31, 2017 and June 30,
2017
|
|
|
(16)
|
|
|
|
(16)
|
|
Total
Stockholders' Equity
|
|
|
11,337
|
|
|
|
9,675
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
$
|
28,465
|
|
|
$
|
26,652
|
|
MAM SOFTWARE
GROUP, INC.
|
Condensed
Consolidated Statements of Comprehensive Income
|
(Unaudited)
|
(In thousands,
except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
For the Six
Months
Ended
December
31,
|
|
|
For the Three
Months
Ended December
31,
|
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
Net
revenues
|
|
$
|
8,500
|
|
|
$
|
7,382
|
|
|
$
|
17,138
|
|
|
$
|
15,444
|
|
Cost of
revenues
|
|
|
3,999
|
|
|
|
3,494
|
|
|
|
7,806
|
|
|
|
6,812
|
|
Gross
Profit
|
|
|
4,501
|
|
|
|
3,888
|
|
|
|
9,332
|
|
|
|
8,632
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
1,192
|
|
|
|
956
|
|
|
|
2,195
|
|
|
|
1,851
|
|
Sales and
marketing
|
|
|
986
|
|
|
|
1,032
|
|
|
|
1,739
|
|
|
|
1,942
|
|
General and
administrative
|
|
|
1,442
|
|
|
|
1,442
|
|
|
|
2,932
|
|
|
|
2,952
|
|
Depreciation and
amortization
|
|
|
58
|
|
|
|
56
|
|
|
|
116
|
|
|
|
118
|
|
Total Operating
Expenses
|
|
|
3,678
|
|
|
|
3,486
|
|
|
|
6,982
|
|
|
|
6,863
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
|
823
|
|
|
|
402
|
|
|
|
2,350
|
|
|
|
1,769
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income
(Expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
(109)
|
|
|
|
(122)
|
|
|
|
(213)
|
|
|
|
(242)
|
|
Total other income
(expense), net
|
|
|
(109)
|
|
|
|
(122)
|
|
|
|
(213)
|
|
|
|
(242)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
provision for income taxes
|
|
|
714
|
|
|
|
280
|
|
|
|
2,137
|
|
|
|
1,527
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
|
|
793
|
|
|
|
30
|
|
|
|
1,102
|
|
|
|
64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss)
|
|
$
|
(79)
|
|
|
$
|
250
|
|
|
$
|
1,035
|
|
|
$
|
1,463
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share attributed to common stockholders – basic
|
|
$
|
(0.01)
|
|
|
$
|
0.02
|
|
|
$
|
0.09
|
|
|
$
|
0.12
|
|
Earnings (loss) per
share attributed to common stockholders - diluted
|
|
$
|
(0.01)
|
|
|
$
|
0.02
|
|
|
$
|
0.09
|
|
|
$
|
0.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding – basic
|
|
|
11,825
|
|
|
|
11,716
|
|
|
|
11,820
|
|
|
|
11,709
|
|
Weighted average
common shares outstanding – diluted
|
|
|
11,825
|
|
|
|
11,813
|
|
|
|
12,151
|
|
|
|
11,805
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss)
|
|
$
|
(79)
|
|
|
$
|
250
|
|
|
$
|
1,035
|
|
|
$
|
1,463
|
|
Foreign currency
translation income (loss)
|
|
|
95
|
|
|
|
(196)
|
|
|
|
360
|
|
|
|
(672)
|
|
Total
Comprehensive Income
|
|
$
|
16
|
|
|
$
|
54
|
|
|
$
|
1,395
|
|
|
$
|
791
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MAM SOFTWARE
GROUP, INC.
|
Consolidated
Statements of Cash Flows
|
(Unaudited)
|
(In
thousands)
|
|
|
|
|
|
|
For the Six Months
Ended
|
|
|
|
December
31,
|
|
|
|
2017
|
|
|
2016
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
1,035
|
|
|
$
|
1,463
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
Bad debt
expense
|
|
|
5
|
|
|
|
237
|
|
Depreciation and
amortization
|
|
|
283
|
|
|
|
252
|
|
Amortization of debt
issuance costs
|
|
|
22
|
|
|
|
24
|
|
Deferred income
taxes
|
|
|
744
|
|
|
|
5
|
|
Stock-based
compensation expense
|
|
|
231
|
|
|
|
200
|
|
|
|
|
|
|
|
|
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
392
|
|
|
|
111
|
|
Prepaid expenses and
other assets
|
|
|
140
|
|
|
|
304
|
|
Income tax
receivable
|
|
|
170
|
|
|
|
343
|
|
Accounts
payable
|
|
|
(395)
|
|
|
|
20
|
|
Accrued expenses and
other liabilities
|
|
|
(297)
|
|
|
|
(349)
|
|
Income taxes
payable
|
|
|
358
|
|
|
|
-
|
|
Deferred
revenues
|
|
|
422
|
|
|
|
240
|
|
NET CASH PROVIDED
BY OPERATING ACTIVITIES
|
|
|
3,110
|
|
|
|
2,850
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Purchase of property
and equipment
|
|
|
(60)
|
|
|
|
(47)
|
|
Capitalized software
development costs
|
|
|
(864)
|
|
|
|
(1,519)
|
|
NET CASH USED IN
INVESTING ACTIVITIES
|
|
|
(924)
|
|
|
|
(1,566)
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Proceeds from
long-term debt
|
|
|
-
|
|
|
|
400
|
|
Repayment of
long-term debt
|
|
|
(667)
|
|
|
|
(1,264)
|
|
Common stock
surrendered to pay for tax withholding
|
|
|
-
|
|
|
|
(149)
|
|
Payment of fees for
acquisition of debt
|
|
|
-
|
|
|
|
(25)
|
|
NET CASH USED IN
FINANCING ACTIVITIES
|
|
|
(667)
|
|
|
|
(1,038)
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes
|
|
|
31
|
|
|
|
(105)
|
|
Net change in cash
and cash equivalents
|
|
|
1,550
|
|
|
|
141
|
|
Cash and cash
equivalents at beginning of period
|
|
|
1,260
|
|
|
|
491
|
|
Cash and cash
equivalents at end of period
|
|
$
|
2,810
|
|
|
$
|
632
|
|
MAM SOFTWARE
GROUP, INC.
|
Calculation of
Adjusted Earnings before Interest,
|
Taxes,
Depreciation and Amortization (Non-GAAP)
|
(Unaudited)
|
(In
thousands)
|
|
|
For the
Three
Months
Ended
December
31,
|
For the
Six
Months
Ended
December
31,
|
|
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
Net income (loss)
(GAAP)
|
$
|
(79)
|
$
|
250
|
$
|
1,035
|
$
|
1,463
|
Interest expense,
net
|
|
109
|
|
122
|
|
213
|
|
242
|
Provision for income
taxes
|
|
793
|
|
30
|
|
1,102
|
|
64
|
Depreciation and
amortization
|
|
141
|
|
124
|
|
283
|
|
252
|
Non-cash stock
compensation
|
|
134
|
|
116
|
|
231
|
|
200
|
Adjusted EBITDA
(Non-GAAP)
|
$
|
1,098
|
$
|
642
|
$
|
2,864
|
$
|
2,221
|
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SOURCE MAM Software Group, Inc.