Michael Weber
Chief Financial Officer, XRS Corporation

XRS Corporation Reports Fiscal 2014 Third Quarter Results

Mobile software revenue up 19% year-over-year
Net income of $0.1 million, non-GAAP earnings of $1.8 million
Generated free cash flow of $0.8 million
MINNEAPOLIS, August 7, 2014 — XRS Corporation (NASDAQ: XRSC) reported results for its fiscal 2014 third quarter ended June 30, 2014.

“It’s been an impressive quarter for customer growth and we are pleased that over 190 fleets chose our XRS platform as their fleet management and compliance solution,” said Jay Coughlan chairman and chief executive officer of XRS Corporation. “During the quarter we successfully launched additional fuel tax and trip management functionality, supporting our commitment to deliver the best product to fleets of all sizes. Continued investment in our solution positions us well to capitalize on the growing compliance market."

Third Quarter Results

Revenue: For the three months ended June 30, 2014 mobile software revenue increased 19 percent compared with the comparable fiscal period in 2013 as customers continue to implement our mobile XRS solution. Total revenue was $12.8 million for the three months ended June 30, 2014, compared to $13.4 million for the comparable period in fiscal 2013 as the Company continues to transition from its legacy hardware-based solutions to its mobile solutions.

Gross Margin: Overall gross margin percentage remained consistent at 61 percent for the three months ended June 30, 2014 and 2013. Software gross margins declined 3 percentage points to 70 percent for the three months ended June 30, 2014, compared to the same period in fiscal 2013. The decline in software gross margins is reflective of the Company's commitment to continue to support its legacy solutions while it transitions customers to its XRS mobile solution.

The following information was filed by Xrs Corp (XRSC) on Thursday, August 7, 2014 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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