Rand Worldwide Reports First Quarter Fiscal Year 2013 Results
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FRAMINGHAM, MA - November 14, 2012 - Rand Worldwide, Inc. (OTCBB: RWWI), a global provider of technology solutions to organizations with engineering design and information technology requirements, announces financial results for its first quarter ended September 30, 2012.
For the quarter ended September 30, 2012, Rand Worldwide, Inc. reported revenues of $21.6 million, compared with $21.9 million for the same quarter in the prior fiscal year. The Company`s overall gross margin was 49.0%, a significant increase from the 43.3% reported for the first quarter of fiscal 2012, resulting in net income of $576,000, or $0.01 per fully diluted share. For the quarter ended September 30, 2011, Rand Worldwide reported net income of $402,000, or $0.01 per fully diluted share.
Lawrence Rychlak, president and chief financial officer at Rand Worldwide, commented, "In this quarter, we were able to increase our net income by 43% from the levels we reported in the same quarter last year due to a positive revenue mix which helped to drive higher overall gross margins. In addition, we continue to generate good levels of cash flow which supported a significant investment in our IT infrastructure and the acquisition of a specialty computer-aided engineering consulting company that we closed in July of this year."
Marc Dulude, chief executive officer of Rand Worldwide, noted that, "The investments we have made in our various sales forces are beginning to add the capacity we intended and we noted that our archiving business was especially productive this quarter as sales of our Rand Secure Archive product suite continue to grow significantly. These returns on investments made over the past year are gratifying to us as a company."
Conference call details
Rand Worldwide will hold a conference call to discuss its first quarter 2013 results at 11:00 am ET on Wednesday November 14, 2012. The dial-in numbers for the conference call are 1 (866) 700-7477 (domestic) or 1 (617) 213-8840 (International), and enter the passcode (99124529). A live, listen-only Webcast of the conference call will be available to all investors in the Investor Relations section of the Company`s Web site.
This press release contains forward-looking statements about the expectations, beliefs, plans, intentions, and strategies of Rand Worldwide, Inc. There are a number of important factors that could cause actual results to differ materially from those anticipated by any forward-looking information. Statements that are not historical in nature, including those that include the words "goal," "expect," "anticipate," "estimate," "should," "believe," "intend," and similar expressions, are based on current expectations, estimates and projections about, among other things, the industry and the markets in which Rand Worldwide operates, and they are not guarantees of future performance. Whether actual results will conform to expectations and predictions is subject to known and unknown risks and uncertainties, including risks and uncertainties discussed in this report; general economic, market, or business conditions; changes in interest rates, and demand for our products and services; changes in our competitive position or competitive actions by other companies; the ability to manage growth; changes in laws or regulations or policies of federal and state regulators and agencies; and other circumstances beyond our control. Consequently, all of the forward-looking statements made in this document are qualified by these cautionary statements, and there can be no assurance that the actual results anticipated will be realized, or, if substantially realized, will have the expected consequences on our business or operations.
Rand Worldwide, Inc.
Summary Consolidated Financial Data
|Three Months Ended September 30,|
|Cost of revenues-|
|Cost of product sales||7,331,000||9,302,000|
|Cost of service revenue||3,695,000||3,132,000|
|Total cost of revenues||11,026,000||12,434,000|
|Earnings per share:|
|Basic||$ 0.01||$ 0.01|
|Diluted||$ 0.01||$ 0.01|
|Weighted average common shares outstanding:|
|September 30,||June 30,|
|Long term assets||30,468,000||27,887,000|
|Long term liabilities||1,612,000||614,000|
|Total stockholders` equity||32,052,000||30,846,000|
|Total liabilities and stockholders` equity||$48,950,000||$51,210,000|
About Rand Worldwide
Rand Worldwide is one of the world`s leading professional services and technology companies for the engineering community, targeting organizations in the building, infrastructure, and manufacturing industries. The company advances the way organizations design, develop, and manage building, infrastructure, and manufacturing projects. Fortune 500 and Engineering News Record`s Top 100 companies work with Rand Worldwide to gain a competitive advantage through technology consulting, implementation, training, and support services. One of the world`s largest integrators of Autodesk software, the company also provides data archiving based upon solutions from Autonomy, facilities management software from ARCHIBUS, CAD and PLM courseware through their ASCENT division and provides training and support solutions on Dassault Systèmes and PTC products. For more information, visit rand.com
|Rand Worldwide Company Contact|
|Phone +1 (508) 663-1411|
Any and all trademarks making reference to or related to Rand Worldwide, IMAGINiT Technologies, ASCENT, Rand Secure Archive, or IMAGINiT Clarity, are registered and/or owned by Rand Worldwide, Inc., and/or its subsidiaries, affiliates, and/or other legal holders.