BARNSLEY, England, Feb. 14, 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 second fiscal quarter and six months ended
December 31, 2016, through the filing
on February 14, 2017 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,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Revenues
|
$
|
7,382
|
|
$
|
7,901
|
|
$
|
15,444
|
|
$
|
15,896
|
Gross
profit
|
$
|
3,888
|
|
$
|
4,261
|
|
$
|
8,632
|
|
$
|
8,542
|
Operating
income
|
$
|
402
|
|
$
|
758
|
|
$
|
1,769
|
|
$
|
1,782
|
Income before
provision for income taxes
|
$
|
280
|
|
$
|
931
|
|
$
|
1,527
|
|
$
|
1,945
|
Net income
|
$
|
250
|
|
$
|
738
|
|
$
|
1,463
|
|
$
|
1,568
|
Earnings per share
attributed to common stockholders – basic
|
$
|
0.02
|
|
$
|
0.06
|
|
$
|
0.12
|
|
$
|
0.12
|
Earnings per share
attributed to common stockholders – diluted
|
$
|
0.02
|
|
$
|
0.06
|
|
$
|
0.12
|
|
$
|
0.12
|
Weighted average
shares outstanding – basic
|
|
11,716
|
|
|
12,907
|
|
|
11,709
|
|
|
13,151
|
Weighted average
shares outstanding – diluted
|
|
11,813
|
|
|
13,006
|
|
|
11,805
|
|
|
13,248
|
Michael Jamieson, MAM's President
and Chief Executive Officer commented, "MAM delivered solid first
half results in a positional year for us. Our continued progress
towards completion of our 2017 development projects coupled with
recent commercial market wins not only affirms the strength of our
brand and demonstrates the strong market reception to our product
investments, but also provides us with the confidence to reaffirm
our fiscal 2017 full year guidance."
"We showcased our new VAST Online product at the Goodyear Dealer
Conference at the end of January and we were encouraged by the
response. We gathered great feedback about our product and we
received deposits from more than 50 dealers, representing
approximately 150 locations or 25% of the dealer network that use
the current Goodyear system. The deposit allows the dealers to join
the queue and schedule their implementation."
Second Quarter Highlights:
- Net revenues of $7.4 million were
down 6.6% compared to $7.9 million
for the same period last year. On a constant currency basis,
revenues were up 6.8% over the same period last year.
- Recurring revenues were 85.3% of total revenues compared to
78.9% of total revenues for the same period last year.
- Total Software as a Service (SaaS) revenues increased 23.3%
year-over-year and 4.2% sequentially.
- Operating income was $402,000, or
5.4% of revenues, versus $758,000, or
9.6% of revenues, for the same period last year. Changes in foreign
currency exchange rates negatively impacted operating income by
$214,000 as compared to the same
period last year.
- Adjusted EBITDA* was $642,000, or
8.7% of revenues, versus $1.3
million, or 15.9% of revenues, for the same period last
year. Changes in foreign currency exchange rates negatively
impacted Adjusted EBITDA* by $230,000
as compared to the same period last year.
- Net income was $250,000 as
compared to $738,000 in the same
period last year. Changes in foreign currency exchange rates
negatively impacted net income by $198,000, or $0.02
per basic and diluted share, as compared to the same period last
year.
Second Quarter Financial Results:
Net revenues were $7.4 million for
the quarter ended December 31, 2016,
versus $7.9 million for the same
period last year, a decrease of $519,000, or 6.6%.
- On a constant currency basis, revenue was up 6.8% over the same
period last year.
- Recurring revenue for the quarter was $6.3 million, or 85.3% of total revenue, an
increase of $62,000, or 1%, over
$6.2 million, or 78.9% of total
revenue, for the second quarter last year. Sequentially, recurring
revenue decreased $118,000, or 1.8%,
compared to $6.4 million in the
fiscal first quarter of 2017. On a constant currency basis,
recurring revenue increased $1.0
million, or 16.0%, as compared to the second quarter last
year, and increased by $127,000, or
1.8%, sequentially.
- Total Software as a Service (SaaS) revenue for the quarter was
$2.1 million, an increase of
$394,000, or 23.3%, year-over-year
and an increase of $85,000, or 4.2%,
sequentially when compared to the fiscal first quarter of 2017. On
a constant currency basis, SaaS revenue increased $740,000, or 43.7%, as compared to the second
quarter last year, and increased by $184,000, or 8.2%, sequentially. The increase in
the SaaS revenue was primarily attributable to a 20.8% increase in
Autowork Online (SaaS) revenue for the quarter to $1.3 million, and a 27.5% increase in Autopart
Online (SaaS) revenue for the quarter to $806,000.
- Total Data as a Service (DaaS) revenue for the quarter was
$2.1 million, a decrease of
$298,000, or 12.3%, year over year,
and $125,000, or 5.5%, sequentially
when compared to the fiscal first quarter of 2017. On a constant
currency basis, DaaS revenue increased $30,000, or 1.2%, as compared to the same period
last year, and decreased $51,000, or
2.0%, sequentially.
Gross profit for the quarter was $3.9
million, or 52.7% of total revenue, a decrease of
$373,000 compared to $4.3 million, or 53.9% of total revenue, for the
same period last year. Changes in foreign currency exchange rates
negatively impacted gross profit by $568,000 as compared to the same period last
year.
Operating expenses for the quarter decreased by $17,000 to $3.49
million, a decrease of 0.5% as compared to the $3.50 million for the same period last year. The
decrease was primarily the result of changes in foreign currency
exchange rates, partially offset by higher general and
administrative expenses due to increases in annual incentive plans
and higher tradeshow costs.
Operating income for the quarter decreased by $356,000 or 46.9%, to $402,000, as compared to $758,000, for the same period last year. Changes
in foreign currency exchange rates negatively impacted operating
income by $214,000 as compared to the
same period last year.
Other expense for the quarter of $122,000 was the result of increased interest
expense on borrowings used to fund a public tender offer completed
in the second quarter of fiscal 2016 and compares to other income
of $173,000 for the same period last
year. Other income in the fiscal second quarter of 2016 included a
$217,000 gain from the settlement of
liabilities with certain vendors and net interest expense of
$44,000.
Net income for the quarter decreased by $488,000, or 66.1%, to $250,000, or $0.02
per basic and diluted share, compared to net income of $738,000, or $0.06
per basic and diluted share, for the same period last year. Changes
in foreign currency exchange rates negatively impacted net income
by $198,000, or $0.02 per basic and diluted share, as compared to
the same period last year.
Year-to-Date Highlights
- Revenues were $15.4 million, a
decrease of 2.8% compared to $15.9
million in the same period last year. On a constant currency
basis, revenues would have been $17.4
million.
- Recurring revenues increased 1.2% to $12.7 million compared to $12.6 million in the same period last year.
Recurring revenues were 82.3% of total revenues compared to 79% in
the same period last year.
- Total Software as a Service (SaaS) revenue increased 26.1% to
$4.1 million compared to $3.2 million in the same period last year.
- Operating income was $1.8
million, or 11.5% of revenues, versus $1.8 million, or 11.2% of revenues, for the same
period last year. Changes in foreign currency exchange rates
negatively impacted operating income by $481,000, as compared to the same period last
year.
- Adjusted EBITDA* was $2.2
million, or 14.4% of revenues, versus $2.5 million, or 15.6% of revenues, for the same
period last year. Changes in foreign currency exchange rates
negatively impacted Adjusted EBITDA* by $511,000, as compared to the same period last
year.
- Net income was $1.5 million as
compared to $1.6 million in the same
period last year. Changes in foreign currency exchange rates
negatively impacted net income by $426,000, or $0.04
per basic and diluted share, as compared to the same period last
year.
Year-to-Date Financial Results:
Revenues were $15.4 million for
the six months ended December 31,
2016 versus $15.9 million for
the same period last year, a decrease of $452,000 or 2.8%.
- On a constant currency basis, revenues were up 9.6% over the
same period last year.
- Recurring revenues for the six months were $12.7 million, or 82% of total revenues, an
increase of $147,000 or 1.2%, over
$12.6 million, or 79% of total
revenues for the same period last year. On a constant currency
basis, recurring revenue increased $1.9
million, or 15.1%, as compared to the same period last year.
- Total Software as a Service (SaaS) revenues for the six months
were $4.1 million, an increase of
$846,000, or 26%, year-over-year. On
a constant currency basis, SaaS revenue increased $1.5 million, or 45.6%, as compared to the same
period last year. The increase in the SaaS revenues was primarily
attributable to a 22.5% increase in Autowork Online (SaaS) revenues
for the six months to $2.5 million,
and a 32.3% increase in Autopart Online (SaaS) revenues for the six
months to $1.6 million.
- Total Data as a Service (DaaS) revenues for the six months were
$4.4 million, a decrease of
$552,000, or 11%, year over year. On
a constant currency basis, DaaS revenue increased $70,000, or 1.4%, as compared to the same period
last year.
Gross profit for the six months ended December 31, 2016 was $8.6
million, or 55.9% of total revenue, an increase of
$90,000 compared to $8.5 million, or 53.7% of total revenue, for the
same period last year. Changes in foreign currency exchange rates
negatively impacted gross profit by $1.1
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 six months ended December 31, 2016 increased by $103,000 to $6.9
million, an increase of 1.5% as compared to the $6.8 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 six months ended December 31, 2016 decreased by $13,000, or 0.7%, to $1.77
million as compared to $1.78
million for the same period last year. Changes in foreign
currency exchange rates negatively impacted operating income by
$481,000, as compared to the same
period last year.
Other expense for the six months ended December 31, 2016 of $242,000 was the result of increased interest
expense on borrowings used to fund a public tender offer completed
in the second quarter of fiscal 2016 and compares to other income
of $163,000 for the same period last
year. Other income for the six months ended December 31, 2015 included a $217,000 gain from the settlement of liabilities
with certain vendors and net interest expense of $54,000.
Net income for the six months ended December 31, 2016 decreased by $105,000, or 6.7%, to $1.5
million, or $0.12 per basic
and diluted share, compared to net income of $1.6 million, or $0.12 per basic and diluted share, for the same
period last year. Changes in foreign currency exchange rates
negatively impacted net income by $426,000, or $0.04
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 $632,000 in cash after capital expenditures and
capitalized software development costs of $1.6 million.
- As of December 31, 2016, the
Company had $8.9 million of debt
outstanding under its $12 million
credit facility.
- Stockholders' equity increased from $5.0
million at June 30, 2016, or
18.6%, to $6.0 million at
December 31, 2016.
- As of December 31, 2016, there
were 12.2 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 Wednesday,
February 15, 2017, at 9 a.m.
ET to review the results. Investors and interested parties
can access the conference call by dialing:
- Toll-Free: 1-888-245-0962
- Toll/International: 1-913-312-1516
- UK Toll-Free: 0 808 101 7548
A replay will be available until March 1,
2017 by calling 1-844-512-2921 (United States) or 1-412-317-6671
(toll/UK/international). Please use pin number 9107596 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 per share data)
|
|
|
|
December
31,
|
|
|
June
30,
|
|
|
|
2016
|
|
|
2016
|
|
|
|
(Unaudited)
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
632
|
|
|
$
|
491
|
|
Accounts receivable,
net of allowance of $482 and $359, respectively
|
|
|
4,079
|
|
|
|
4,627
|
|
Inventories
|
|
|
325
|
|
|
|
221
|
|
Prepaid expenses and
other current assets
|
|
|
1,002
|
|
|
|
1,495
|
|
Income tax
receivable
|
|
|
216
|
|
|
|
535
|
|
Total Current
Assets
|
|
|
6,254
|
|
|
|
7,369
|
|
|
|
|
|
|
|
|
|
|
Property and
Equipment, Net
|
|
|
516
|
|
|
|
581
|
|
|
|
|
|
|
|
|
|
|
Other
Assets
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
7,896
|
|
|
|
8,363
|
|
Intangible assets,
net
|
|
|
644
|
|
|
|
739
|
|
Software development
costs, net
|
|
|
6,449
|
|
|
|
5,234
|
|
Other long-term
assets
|
|
|
67
|
|
|
|
68
|
|
TOTAL
ASSETS
|
|
$
|
21,826
|
|
|
$
|
22,354
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
1,577
|
|
|
$
|
1,618
|
|
Accrued expenses and
other liabilities
|
|
|
1,459
|
|
|
|
1,811
|
|
Payroll and other
taxes
|
|
|
850
|
|
|
|
1,188
|
|
Current portion of
long-term debt
|
|
|
1,884
|
|
|
|
1,879
|
|
Current portion of
deferred revenues
|
|
|
1,036
|
|
|
|
939
|
|
Sales tax
payable
|
|
|
648
|
|
|
|
750
|
|
Income tax
payable
|
|
|
109
|
|
|
|
1
|
|
Total Current
Liabilities
|
|
|
7,563
|
|
|
|
8,186
|
|
|
|
|
|
|
|
|
|
|
Long-Term
Liabilities
|
|
|
|
|
|
|
|
|
Deferred revenues,
net of current portion
|
|
|
364
|
|
|
|
273
|
|
Deferred income
taxes
|
|
|
491
|
|
|
|
535
|
|
Long-term debt, net
of current portion
|
|
|
6,938
|
|
|
|
7,808
|
|
Other long-term
liabilities
|
|
|
518
|
|
|
|
533
|
|
Total
Liabilities
|
|
|
15,874
|
|
|
|
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,
13,010 shares issued
and 12,220 shares outstanding at December 31, 2016 and
13,199 shares issued and 12,409
shares outstanding at June 30, 2016
|
|
|
1
|
|
|
|
1
|
|
Additional paid-in
capital
|
|
|
16,304
|
|
|
|
16,162
|
|
Accumulated other
comprehensive loss
|
|
|
(3,657)
|
|
|
|
(2,985)
|
|
Accumulated
deficit
|
|
|
(4,322)
|
|
|
|
(5,785)
|
|
Treasury stock at
cost, 790 shares at December 31, 2016 and 790 shares at June 30,
2016
|
|
|
(2,374)
|
|
|
|
(2,374)
|
|
Total
Stockholders' Equity
|
|
|
5,952
|
|
|
|
5,019
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
$
|
21,826
|
|
|
$
|
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 Six Months
Ended
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
Net
revenues
|
|
$
|
7,382
|
|
|
$
|
7,901
|
|
|
$
|
15,444
|
|
|
$
|
15,896
|
|
Cost of
revenues
|
|
|
3,494
|
|
|
|
3,640
|
|
|
|
6,812
|
|
|
|
7,354
|
|
Gross
Profit
|
|
|
3,888
|
|
|
|
4,261
|
|
|
|
8,632
|
|
|
|
8,542
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
956
|
|
|
|
984
|
|
|
|
1,851
|
|
|
|
1,814
|
|
Sales and
marketing
|
|
|
1,032
|
|
|
|
1,040
|
|
|
|
1,942
|
|
|
|
2,111
|
|
General and
administrative
|
|
|
1,442
|
|
|
|
1,368
|
|
|
|
2,952
|
|
|
|
2,635
|
|
Depreciation and
amortization
|
|
|
56
|
|
|
|
111
|
|
|
|
118
|
|
|
|
200
|
|
Total Operating
Expenses
|
|
|
3,486
|
|
|
|
3,503
|
|
|
|
6,863
|
|
|
|
6,760
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
|
402
|
|
|
|
758
|
|
|
|
1,769
|
|
|
|
1,782
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income
(Expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
(122)
|
|
|
|
(44)
|
|
|
|
(242)
|
|
|
|
(54)
|
|
Gain on settlement of
liabilities
|
|
|
-
|
|
|
|
217
|
|
|
|
-
|
|
|
|
217
|
|
Total other income
(expense), net
|
|
|
(122)
|
|
|
|
173
|
|
|
|
(242)
|
|
|
|
163
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
provision for income taxes
|
|
|
280
|
|
|
|
931
|
|
|
|
1,527
|
|
|
|
1,945
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
|
|
30
|
|
|
|
193
|
|
|
|
64
|
|
|
|
377
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
|
$
|
250
|
|
|
$
|
738
|
|
|
$
|
1,463
|
|
|
$
|
1,568
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
attributed to common stockholders – basic
|
|
$
|
0.02
|
|
|
$
|
0.06
|
|
|
$
|
0.12
|
|
|
$
|
0.12
|
|
Earnings per share
attributed to common stockholders - diluted
|
|
$
|
0.02
|
|
|
$
|
0.06
|
|
|
$
|
0.12
|
|
|
$
|
0.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding – basic
|
|
|
11,716
|
|
|
|
12,907
|
|
|
|
11,709
|
|
|
|
13,151
|
|
Weighted average
common shares outstanding – diluted
|
|
|
11,813
|
|
|
|
13,006
|
|
|
|
11,805
|
|
|
|
13,248
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
|
$
|
250
|
|
|
$
|
738
|
|
|
$
|
1,463
|
|
|
$
|
1,568
|
|
Foreign currency
translation loss
|
|
|
(196)
|
|
|
|
(211)
|
|
|
|
(672)
|
|
|
|
(816)
|
|
Total
Comprehensive Income
|
|
$
|
54
|
|
|
$
|
527
|
|
|
$
|
791
|
|
|
$
|
752
|
|
MAM SOFTWARE
GROUP, INC.
|
Condensed
Consolidated Statements of Cash Flows
|
(Unaudited)
|
(In
thousands)
|
|
|
|
For the Six Months
Ended
|
|
|
|
December
31,
|
|
|
|
2016
|
|
|
2015
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
1,463
|
|
|
$
|
1,568
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
Bad debt
expense
|
|
|
237
|
|
|
|
146
|
|
Depreciation and
amortization
|
|
|
252
|
|
|
|
336
|
|
Amortization of debt
discount and debt issuance costs
|
|
|
24
|
|
|
|
5
|
|
Deferred income
taxes
|
|
|
5
|
|
|
|
(31)
|
|
Stock-based
compensation expense
|
|
|
200
|
|
|
|
142
|
|
|
|
|
|
|
|
|
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
111
|
|
|
|
297
|
|
Inventories
|
|
|
(121)
|
|
|
|
(113)
|
|
Prepaid expenses and
other assets
|
|
|
425
|
|
|
|
479
|
|
Income tax
receivable
|
|
|
343
|
|
|
|
-
|
|
Accounts
payable
|
|
|
20
|
|
|
|
(412)
|
|
Accrued expenses and
other liabilities
|
|
|
(4)
|
|
|
|
(808)
|
|
Payroll and other
taxes
|
|
|
(345)
|
|
|
|
(58)
|
|
Deferred
revenues
|
|
|
240
|
|
|
|
(86)
|
|
NET CASH PROVIDED
BY OPERATING ACTIVITIES
|
|
|
2,850
|
|
|
|
1,465
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Purchase of property
and equipment
|
|
|
(47)
|
|
|
|
(51)
|
|
Capitalized software
development costs
|
|
|
(1,519)
|
|
|
|
(1,345)
|
|
Business acquisition,
net of cash acquired
|
|
|
-
|
|
|
|
(453)
|
|
NET CASH USED IN
INVESTING ACTIVITIES
|
|
|
(1,566)
|
|
|
|
(1,849)
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Proceeds from
long-term debt
|
|
|
400
|
|
|
|
10,500
|
|
Repayment of
long-term debt
|
|
|
(1,264)
|
|
|
|
-
|
|
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
|
|
|
(25)
|
|
|
|
(60)
|
|
NET CASH USED IN
FINANCING ACTIVITIES
|
|
|
(1,038)
|
|
|
|
(4,839)
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes
|
|
|
(105)
|
|
|
|
(310)
|
|
Net change in cash
and cash equivalents
|
|
|
141
|
|
|
|
(5,533)
|
|
Cash and cash
equivalents at beginning of period
|
|
|
491
|
|
|
|
6,793
|
|
Cash and cash
equivalents at end of period
|
|
$
|
632
|
|
|
$
|
1,260
|
|
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,
|
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP)
|
$
|
250
|
$
|
738
|
$
|
1,463
|
$
|
1,568
|
|
Interest expense,
net
|
|
122
|
|
44
|
|
242
|
|
54
|
|
Provision for income
taxes
|
|
30
|
|
193
|
|
64
|
|
377
|
|
Depreciation and
amortization
|
|
124
|
|
183
|
|
252
|
|
336
|
|
Non-cash stock
compensation
|
|
116
|
|
101
|
|
200
|
|
142
|
|
Adjusted EBITDA
(Non-GAAP)
|
$
|
642
|
$
|
1,259
|
$
|
2,221
|
$
|
2,477
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/mam-software-reports-fiscal-second-quarter-results-300407445.html
SOURCE MAM Software Group, Inc.