2012-02-14 14:32:14 -
FOR IMMEDIATE RELEASE
Rand Worldwide Reports Second Quarter Fiscal Year 2012 Results
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Strong Quarter Results In Continued Profitability
FRAMINGHAM, MA - February 14, 2012 - Rand Worldwide, Inc. (OTCBB: RWWI), a
global provider of technology solutions to organizations with engineering design
and information technology requirements, announces its financial results for the
three and six months ended December 31, 2011.
For its second fiscal quarter ended December 31, 2011, Rand Worldwide, Inc.
reported total revenues of $22.5 million as compared with $21.7 million in the
same quarter for the prior fiscal year. The Company's overall gross margin
percentage was 47.0% and total selling, general and administrative expenses were
$8.8 million, a slight decrease from the $9.0 million reported for the three
months ended December 31, 2010. As a result, the Company reported net income of
$1,039,000, or $0.02 per fully diluted share, compared to net income of
$1,272,000, ($0.02 per share) for the same period in the prior year.
For the six months ended December 31, 2011, total revenues were $44.4 million as
compared with $38.5 million in the prior year, an increase of 15%. Year to date
net income was $1,441,000, or $0.03 per fully diluted share, a significant
improvement over the $899,000 loss, or $(0.03) per share, reported for the same
period in the prior year.
Lawrence Rychlak, president and chief financial officer at Rand Worldwide
commented, "This proved to be another very good quarter of operating results as
evidenced by the high levels of gross margin as well as a healthy bottom line
that exceeded our plan. It is important to remember that in December of last
year, we recorded a portion of a very large sale that resulted in
extraordinarily high revenue and net income levels, and despite not having such
a large contributing factor in this quarter's results, we still reported an
almost 4% increase in revenues and over $1 million of net income. These
results translated to a healthier balance sheet making us a stronger company and
better positioned us to realize the benefits of stronger sales in the markets in
which we operate."
"We are particularly pleased to see the almost 18% increase in product sales for
the quarter when compared to the same period in the prior fiscal year," said
Marc Dulude, chief executive officer at Rand Worldwide. "The majority of the
product revenue increase resulted from the growing popularity of the Autodesk
Suite products which provide customers a great value proposition.
Additionally, the company's ASCENT courseware sales increased significantly
during the quarter when compared with the same period in the prior fiscal year
as a result of the continued development of global distribution channels for our
courseware."
Conference call details
Rand Worldwide will hold a conference call to discuss its first quarter results
at 11:00 am ET on Tuesday, February 14, 2012. The dial-in numbers for the
conference call are 1 (866) 700-6067 (domestic) or 1 (617) 213-8834
(International), and enter the passcode (79728010). 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.
Forward-looking Statement
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.
(Tables Below)
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
Chantale Marchand
Rand Worldwide
Phone +1 (508) 663-1411
cmarchand@rand.com
Any and all trademarks making reference to or related to Rand Worldwide,
IMAGINiT, ASCENT, ProductivityNOW, or Rand Secure Archive are registered and/or
owned by Rand Worldwide, Inc., and/or its subsidiaries, affiliates, and/or other
legal holders under the Rand Worldwide, Inc. name.
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originality of the information contained therein.
Source: Rand Worldwide Inc. via Thomson Reuters ONE
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