Exhibit 99.1

 

 

 

 

 

 

 

MAM Software Reports Fiscal Third Quarter 2019 Results

 

Delivers Steady Revenue Growth and Strengthens Balance Sheet

 

 

 

BLUE BELL, Pa., May 9, 2019 /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 third fiscal quarter ended March 31, 2019, through the filing on May 9, 2019 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
March 31,

   

For the Nine Months Ended
March 31,

 
   

2019

   

2018

   

2019

   

2018

 

Net revenues

  $ 9,478     $ 9,109     $ 27,734     $ 26,247  

Gross profit

  $ 5,034     $ 4,974     $ 15,159     $ 14,306  

Operating income

  $ 1,191     $ 1,223     $ 3,702     $ 3,573  

Income before provision for income taxes

  $ 1,110     $ 1,128     $ 3,438     $ 3,265  

Net income

  $ 890     $ 1,217     $ 2,805     $ 2,252  

Earnings per share attributed to common
stockholders – basic and diluted

  $ 0.07     $ 0.10     $ 0.23     $ 0.19  

 

 

Michael Jamieson, MAM's President and Chief Executive Officer commented, “During the third quarter we continued to work closely with our customers on our launch of VAST Online. Our team successfully rolled out 15 VAST Online locations since January 1, 2019, bringing the total to 22. We continue to work with our customers to incorporate feedback from the pilot phase to enhance the product to support the rollout. Additionally, we had additional locations go-live with Autocat in the quarter and continue to move more of our customers onto the product. We are working hard to promote our new products and we continue to be encouraged by the level of interest expressed by existing and potential customers.”

 

Third Quarter Highlights:

 

 

Net revenues of $9.5 million were up 4.0% compared to $9.1 million for the same period last year. On a constant currency basis, revenues increased 8.5% over the same period in the prior fiscal year. 

 

Recurring revenues were 83.5% of net revenues compared to 85.0% of net revenues for the same period in the prior fiscal year. 

 

Total Software as a Service (SaaS) revenues increased 7.7% year-over-year and 4.2% sequentially. On a constant currency basis, SaaS revenues increased 13.0% year-over-year. 

 

Operating income was $1.2 million, or 12.6% of net revenues, compared to $1.2 million, or 13.4% of net revenues, for the same period in the prior fiscal year. 

 

Net income was $890,000 compared to a net income of $1.2 million for the same period in the prior fiscal year. 

 

Adjusted EBITDA* was $1.5 million, or 15.3% of net revenues, compared to $1.5 million, or 16.8% of net revenues, for the same period in the prior fiscal year.

 

Third Quarter Financial Results: 

 

Net revenues were $9.5 million for the quarter ended March 31, 2019, as compared to $9.1 million for the same period last year, an increase of $369,000, or 4.0%. On a constant currency basis, revenue increased 8.5% over the same period in the prior fiscal year.

 

Recurring revenue for the quarter was $7.9 million, or 83.5% of total revenue, an increase of $176,000, or 2.3%, as compared to $7.7 million, or 85.0% of net revenues, for the third quarter last year. Sequentially, recurring revenue increased $299,000, or 3.9%, as compared to $7.6 million, or 85.0% of net revenues, in the second quarter of fiscal year 2019, primarily due to growth in SaaS and DaaS revenues. On a constant currency basis, recurring revenue increased 6.9% over the same period in the prior fiscal year.

 

Total Software as a Service (SaaS) revenue for the quarter was $3.2 million, an increase of $226,000, or 7.7%, year-over-year, and an increase of $127,000 or 4.2%, sequentially when compared to the second quarter of fiscal year 2019. The increase in SaaS revenue over the prior year was primarily attributable to an 18.1% increase in Autopart Online (SaaS) revenue for the quarter to $1.5 million. On a constant currency basis, total SaaS revenue for the quarter increased by 13.0% over the same period in the prior fiscal year. 

 

Total Data as a Service (DaaS) revenue for the quarter was $2.5 million, a decrease of $32,000, or (1.3)%, year over year, and an increase of $96,000, or 4.0%, sequentially when compared to the second quarter of fiscal year 2019, primarily due to seasonality. On a constant currency basis, DaaS revenue increased by 3.2% over the same in the prior fiscal year.

 

Gross profit for the quarter was $5.0 million, or 53.1% of net revenues, an increase of $60,000, or 1.2%, as compared to $5.0 million, or 54.6% of net revenues, for the same period in the prior fiscal year. 

 

Operating expenses for the quarter increased by $92,000 to $3.8 million, an increase of 2.5% as compared to $3.8 million for the same period last year. The increase was primarily the result of increased R&D expenses due to additional resources focused on new initiatives and lower capitalized costs, partially offset by a reduction in G&A primarily due to timing of fees for professional services and annual incentive accruals.

 

Operating income for the quarter decreased by $32,000, or 2.6%, to $1.2 million as compared to $1.2 million for the same period in the prior fiscal year. 

 

Interest expense for the quarter decreased by $14,000, or 14.7%, to $81,000 as compared to $95,000 for the same period last year primarily due to reductions in the outstanding debt balance.

 

Provision for income taxes decreased to $220,000, or an effective tax rate of 19.8%, for the quarter as compared to an income tax benefit of $89,000, or an effective tax rate of (7.9)%, for the same period last year. The increase in the effective tax rate was primarily due to the utilization of US R&D credits taken in the prior year.

 

Net income for the quarter was $890,000, or $0.07 per basic and diluted share, as compared to a net income of $1.2 million, or $0.10 per basic and diluted share, for the same period in the prior fiscal year. 

 

 

 

Year-to-Date Financial Results

 

Net revenues increased 5.7% or $1.5 million to $27.7 million for the nine months ended March 31, 2019, compared to $26.2 million for the same period last year. On a constant currency basis, revenues were up 8.1% over the same period in the prior fiscal year. 

 

Recurring revenue for the first nine months of fiscal year 2019 was $23.2 million, or 83.7% of net revenues, an increase of $1.1 million, or 5.1%, compared to $22.1 million, or 84.1% of net revenues, for the first nine months of the prior fiscal year. On a constant currency basis, recurring revenues were up 6.9% over the same period in the prior fiscal year. 

 

Total Software as a Service (SaaS) revenue for the first nine months of fiscal year 2019 was $9.2 million, an increase of $1.0 million, or 11.7%, year-over-year. The increase in the SaaS revenue was primarily attributable to a 3.5% increase in Autowork Online (SaaS) revenue for the first nine months of fiscal year 2019 to $4.9 million, and a 22.9% increase in Autopart Online (SaaS) revenue for the first nine months of fiscal year 2019 to $4.3 million. On a constant currency basis, SaaS revenues were up 14.6% over the same period in the prior fiscal year. 

 

Total Data as a Service (DaaS) revenue for the first nine months of fiscal year 2019 was $7.4 million, an increase of $184,000, or 2.5%, when compared to the first nine months of the prior fiscal year. On a constant currency basis, DaaS revenues were up 5.0% over the same period in the prior fiscal year. 

 

Gross profit for the first nine months of fiscal year 2019 was $15.2 million, or 54.7% of net revenues, an increase of $853,000, compared to $14.3 million, or 54.5% of net revenues, for the same period in the prior fiscal year.

 

Operating expenses for the first nine months of fiscal year 2019 increased by $724,000 to $11.5 million, an increase of 6.7% compared to $10.7 million for the same period in the prior fiscal year. The increase was primarily the result of increased R&D expenses due to additional resources focused on new initiatives and lower capitalized costs.

 

Operating income for the first nine months of fiscal year 2019 increased by $129,000, or 3.6%, to $3.7 million, compared to $3.6 million for the same period in the prior fiscal year.

 

Interest expense for the first nine months of fiscal year 2019 decreased by $44,000, or 14.3%, to $264,000, compared to $308,000 for the same period in the prior fiscal year.

 

Provision for income taxes decreased to $633,000, or an effective tax rate of 18.4%, for the first nine months of fiscal year 2019, compared to $1.0 million, or an effective tax rate of 31.0%, for the same period in the prior fiscal year. The decrease in the effective tax rate for the nine months ended March 31, 2019 compared to the same period in the prior year, was primarily due to the lower US federal statutory rate effective January 1, 2018 as per the Tax Cuts and Jobs Act, tax benefits from equity compensation, and the revaluation of our net deferred tax assets at the lower US federal statutory rate and the one-time repatriation tax on deemed repatriation of historical earnings on our foreign subsidiaries in the prior year, as per the Tax Cuts and Jobs Act, partially offset by lower R&D tax credits.

 

Net income for the first nine months of fiscal year 2019 was $2.8 million, or $0.23 per basic and diluted share, compared to $2.3 million, or $0.19 per basic and diluted share, for the same period in the prior fiscal year.

 

 

 

Balance Sheet and Other Financial Highlights

 

 

As of March 31, 2019, the Company had $5.1 million in cash after capital expenditures and capitalized software development costs of $570,000. 

 

As of March 31, 2019, the Company had $5.1 million of debt outstanding under its $11.5 million credit facility. 

 

Stockholders' equity increased 22.5% from $13.5 million at June 30, 2018 to $16.6 million at March 31, 2019. 

 

As of March 31, 2019, there were 12.6 million shares of common stock outstanding.

 

Business Outlook

 

The Company continues to expect fiscal year 2019 Adjusted EBITDA* to be in the range of $6.2 million to $6.7 million, on a constant currency basis. However, the timing and nature (perpetual vs. SaaS) of certain client opportunities may cause the revenue growth for fiscal year 2019 to fall short of the previously announced revenue growth guidance of 10%, on a constant currency basis. The Company also expects to invest approximately $7.0 million in Research and Development, including capitalized software development costs, on a constant currency basis.

 

 

 

Conference Call Information

 

The Company has scheduled a conference call for Friday, May 10, 2019, at 9 a.m. ET to review the results. Investors and interested parties can access the conference call by dialing:

 

 

United States: 1-800-239-9838 

 

 

UK/international: 1-323-794-2551 

 

 

U.K. toll free: 0 800 358 6377

 

A replay will be available until May 31, 2019 by calling 1-844-512-2921 (United States) or 1-412-317-6671 (UK/international). Please use pin number 6001782 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 27 A 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) 

 

 

March 31,

 

 

June 30,

 

 

 

2019

 

 

2018

 

 

 

(Unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

5,138

 

 

$

4,171

 

Accounts receivable, net of allowance of $341 and $224, respectively

 

 

5,278

 

 

 

5,010

 

Inventories

 

 

170

 

 

 

170

 

Prepaid expenses and other current assets

 

 

1,531

 

 

 

1,270

 

Total Current Assets

 

 

12,117

 

 

 

10,621

 

 

 

 

 

 

 

 

 

 

Property and Equipment, Net

 

 

433

 

 

 

480

 

 

 

 

 

 

 

 

 

 

Other Assets

 

 

 

 

 

 

 

 

Goodwill

 

 

8,201

 

 

 

8,280

 

Intangible assets, net

 

 

500

 

 

 

568

 

Software development costs, net

 

 

9,718

 

 

 

8,889

 

Deferred income taxes

 

 

1,629

 

 

 

1,251

 

Other long-term assets

 

 

502

 

 

 

545

 

TOTAL ASSETS

 

$

33,100

 

 

$

30,634

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

1,529

 

 

$

1,318

 

Accrued expenses and other liabilities

 

 

1,148

 

 

 

1,201

 

Accrued payroll and related expenses

 

 

1,303

 

 

 

2,146

 

Current portion of long-term debt

 

 

2,093

 

 

 

1,811

 

Current portion of deferred revenues

 

 

2,694

 

 

 

1,885

 

Sales tax payable

 

 

1,000

 

 

 

910

 

Income tax payable

 

 

989

 

 

 

669

 

Total Current Liabilities

 

 

10,756

 

 

 

9,940

 

 

 

 

 

 

 

 

 

 

Long-Term Liabilities

 

 

 

 

 

 

 

 

Deferred revenues, net of current portion

 

 

1,483

 

 

 

1,146

 

Deferred income taxes

 

 

755

 

 

 

789

 

Income tax payable, net of current portion

 

 

232

 

 

 

232

 

Long-term debt, net of current portion

 

 

3,003

 

 

 

4,581

 

Other long-term liabilities

 

 

314

 

 

 

426

 

Total Liabilities

 

 

16,543

 

 

 

17,114

 

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, 12,655 shares issued and 12,608 shares outstanding at March 31, 2019 and 12,593 shares issued and 12,588 shares outstanding at June 30, 2018

 

 

1

 

 

 

1

 

Additional paid-in capital

 

 

15,289

 

 

 

14,768

 

Accumulated other comprehensive loss

 

 

(3,423

)

 

 

(3,236

)

Retained earnings 

 

 

5,028

 

 

 

2,003

 

Treasury stock at cost, 47 and 5 shares at March 31, 2019 and June 30, 2018, respectively

 

 

(338

)

 

 

(16

)

Total Stockholders’ Equity

 

 

16,557

 

 

 

13,520

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

$

33,100

 

 

$

30,634

 

 

 

 

 

 

 

 

 

 

 

MAM SOFTWARE GROUP, INC.

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

(In thousands, except per share data)

 

 

 

For the Three Months Ended

March 31,

 

 

For the Nine Months Ended

March 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net revenues

 

 $

9,478

 

 

 $

9,109

 

 

$

27,734

 

 

$

26,247

 

Cost of revenues

 

 

4,444

 

 

 

4,135

 

 

 

12,575

 

 

 

11,941

 

Gross Profit

 

 

5,034

 

 

 

4,974

 

 

 

15,159

 

 

 

14,306

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

1,649

 

 

 

1,274

 

 

 

4,295

 

 

 

3,469

 

Sales and marketing

 

 

752

 

 

 

828

 

 

 

2,525

 

 

 

2,567

 

General and administrative

 

 

1,385

 

 

 

1,589

 

 

 

4,469

 

 

 

4,521

 

Depreciation and amortization

 

 

57

 

 

 

60

 

 

 

168

 

 

 

176

 

Total Operating Expenses

 

 

3,843

 

 

 

3,751

 

 

 

11,457

 

 

 

10,733

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

 

1,191

 

 

 

1,223

 

 

 

3,702

 

 

 

3,573

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Income (Expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

(81

)

 

 

(95

)

 

 

(264

)

 

 

(308

)

Total other expense, net

 

 

(81

)

 

 

(95

)

 

 

(264

)

 

 

(308

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before provision (benefit) for income taxes

 

 

1,110

 

 

 

1,128

 

 

 

3,438

 

 

 

3,265

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision (benefit) for income taxes

 

 

220

 

 

 

(89

)

 

 

633

 

 

 

1,013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

 $

890

 

 

 $

1,217

 

 

$

2,805

 

 

$

2,252

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share attributed to common stockholders – basic

 

 $

0.07

 

 

 $

0.10

 

 

$

0.23

 

 

$

0.19

 

Earnings per share attributed to common stockholders – diluted

 

 $

0.07

 

 

 $

0.10

 

 

$

0.23

 

 

$

0.19

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding – basic

 

 

12,135

 

 

 

11,835

 

 

 

12,145

 

 

 

11,825

 

Weighted average common shares outstanding – diluted

 

 

12,178

 

 

 

12,166

 

 

 

12,202

 

 

 

12,156

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

 $

890

 

 

 $

1,217

 

 

$

2,805

 

 

$

2,252

 

Foreign currency translation gain (loss)

 

 

300

 

 

 

352

 

 

 

(187

)

 

 

712

 

Total Comprehensive Income

 

 $

1,190

 

 

 $

1,569

 

 

$

2,618

 

 

$

2,964

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

MAM SOFTWARE GROUP, INC.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

 

 

 

For the Nine Months Ended

 

 

 

March 31,

 

 

 

2019

 

 

2018

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

 Net income

 

$

2,805

 

 

$

2,252

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

   Bad debt expense

 

 

183

 

 

 

77

 

   Depreciation and amortization

 

 

372

 

 

 

421

 

   Amortization of debt issuance costs

 

 

25

 

 

 

32

 

   Deferred income taxes

 

 

(278

)

 

 

743

 

   Stock-based compensation expense

 

 

503

 

 

 

401

 

 

 

 

 

 

 

 

 

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

   Accounts receivable

 

 

(427

)

 

 

66

 

   Prepaid expenses and other assets

 

 

(95

)

 

 

(203

)

   Income tax receivable

 

 

-

 

 

 

173

 

   Accounts payable

 

 

222

 

 

 

506

 

   Accrued expenses and other liabilities

 

 

(710

)

 

 

(98

)

   Income tax payable

 

 

55

 

 

 

90

 

   Deferred revenues

 

 

818

 

 

 

748

 

NET CASH PROVIDED BY OPERATING ACTIVITIES

 

 

3,473

 

 

 

5,208

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Purchase of property and equipment

 

 

(66

)

 

 

(79

)

Capitalized software development costs

 

 

(570

)

 

 

(1,298

)

NET CASH USED IN INVESTING ACTIVITIES

 

 

(636

)

 

 

(1,377

)

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Repayment of long-term debt

 

 

(1,321

)

 

 

(1,301

)

Repayment of contingent consideration

 

 

(86

)

 

 

-

 

Repurchase of common stock for treasury 

 

 

(322

)

 

 

-

 

Common stock surrendered to pay for tax withholding

 

 

(53

)

 

 

(24

)

NET CASH USED IN FINANCING ACTIVITIES

 

 

(1,782

)

 

 

(1,325

)

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes

 

 

(88

)

 

 

26

 

Net change in cash and cash equivalents

 

 

967

 

 

 

2,532

 

Cash and cash equivalents at beginning of period

 

 

4,171

 

 

 

1,260

 

Cash and cash equivalents at end of period

 

$

5,138

 

 

$

3,792

 

 

 

  

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MAM SOFTWARE GROUP, INC.

Calculation of Adjusted Earnings before Interest,        

Taxes, Depreciation and Amortization (Non-GAAP)

(Unaudited)

(In thousands)

 

 

   

For the Three Months Ended

March 31,

   

For the Nine Months Ended

March 31,

   

2019

   

2018

   

2019

   

2018

                               

Net income (GAAP)

  $ 890     $ 1,217     $ 2,805     $ 2,252

Interest expense, net

    81       95       264       308

Provision (benefit) for income taxes

    220       (89 )     633       1,013

Depreciation and amortization

    124       138       372       421

Non-cash stock compensation

    139       170       503       401

Adjusted EBITDA

  $ 1,454     $ 1,531     $ 4,577     $ 4,395

 

 

 


The following information was filed by Mam Software Group, Inc. (MAMS) on Thursday, May 9, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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