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Research Solutions, Inc. (RSSS) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

Research Solutions, Inc.

CIK: 1386301 Ticker: RSSS

 

Exhibit 99.1

 

FOR IMMEDIATE RELEASE

 

 


 

Research Solutions Reports Preliminary Fiscal Fourth Quarter 2020 Results

Company Expects to Report $4.4 million of Annual Recurring Revenue

 

ENCINO, Calif., August 26, 2020

Research Solutions, Inc. (NASDAQ: RSSS), a pioneer in providing cloud-based workflow solutions for R&D driven organizations, today announced selected preliminary results for its fiscal fourth quarter ended June 30, 2020.

 

Based on preliminary unaudited information, Research Solutions expects total revenue in the fourth quarter of fiscal 2020 to increase 5.5% to approximately $7.9 million compared to $7.5 million in the same quarter last year. Platform subscription revenue is expected to increase 33% to approximately $1.1 million. Annual recurring revenue is expected to increase 38% to approximately $4.4 million (see the company's definition of annual recurring revenue below), and the number of paid platform deployments is expected to increase 33% to 401. Net income is expected to be approximately breakeven, with Adjusted EBITDA of approximately $145,000. In addition, Research Solutions expects transaction revenue to increase 2% to approximately $6.8 million.

 

Cash and cash equivalents at June 30, 2020, are expected to amount to approximately $9.3 million compared to $8.2 million at March 31, 2020. As of June 30, 2020 the company had no long-term liabilities or other debt and full access to a revolving line of credit for the lesser of $2.5 million, or 80% of eligible accounts receivable..

 

"Our preliminary fourth quarter results reflect continued momentum in our Platforms business, as more users find value in the offering, which was strengthened through our recent launch of Article Galaxy+” said Peter Derycz, President and CEO of Research Solutions. “We are also pleased to increase our cash position while remaining debt-free.”

 


The following information was filed by Research Solutions, Inc. (RSSS) on Wednesday, August 26, 2020 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Research Solutions, Inc. provided additional information to their SEC Filing as exhibits

Ticker: RSSS
CIK: 1386301
Form Type: 10-Q Quarterly Report
Accession Number: 0001104659-20-124369
Submitted to the SEC: Thu Nov 12 2020 4:00:31 PM EST
Accepted by the SEC: Thu Nov 12 2020
Period: Wednesday, September 30, 2020
Industry: Business Services

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