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Rand Worldwide Reports Second Quarter Fiscal Year 2013 Results


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2013-02-14 14:31:58 -

FOR IMMEDIATE RELEASE
         Rand Worldwide Reports Second Quarter Fiscal Year 2013 Results
                                     - - -
                    Trend of Profitable Operations Continues

FRAMINGHAM,  MA  -  February  14, 2013 -  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, 2012. For the three months ended December 31, 2012, Rand Worldwide, Inc. reported total revenues of $21.6 million as compared with $22.5 million in the same quarter for the prior fiscal year. The Company's overall gross margin percentage for the current quarter was 50.5%, up significantly from the 47.0% reported for the quarter ended December 31, 2011. Total selling, general and administrative expenses were $9.2 million, a 5% increase from the $8.8 million reported for the same quarter for the prior fiscal year.  As a result, the Company reported net income of $496,000, or $0.01 per share per fully diluted share, compared to net income of $1,039,000, or $0.02 per share, for the same period in the prior year. For the six months ended December 31, 2012, the Company reported total revenues of $43.2 million as compared with $44.4 million in the prior year.  Year to date net income was $1,072,000, or $0.02 per fully diluted share, as compared with net income of $1,441,000, or $0.03 per share, reported for the same period in the prior year. "Our core business continues to produce high gross margin levels which should result in some further improvement in profitability when we see the results of the additional sales professionals that we have brought on board in the past few quarters," said Lawrence Rychlak, president and chief financial officer at Rand Worldwide. "In addition, we remain very confident about the prospects for our archiving business, as sales levels have exceeded our expectations and the pipeline of new opportunities continues to grow." "We continue to stay focused on investing in our customer facing, technical employees to ensure that our clients work with the most talented, technically savvy and industry knowledgeable experts in the channel," added Marc Dulude, chief executive officer at Rand Worldwide. "This investment has resulted in the receipt of several specialization designations from Autodesk based on our demonstrated expertise in the areas of PLM, Simulation, Consulting, Plant and MEP Systems Engineering." 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) Rand Worldwide, Inc. Summary Consolidated Financial Data       Three Months Ended   Six Months Ended       December 31,   December 31,       2012   2011   2012   2011 -------------- ------------- ------------- ------------ Revenues-      Product sales     $10,540,000   $12,771,000   $22,055,000   $26,046,000      Service revenue     5,505,000   5,255,000   10,878,000   10,059,000      Commission revenue     5,536,000   4,447,000   10,249,000   8,311,000 -------------- ------------- ------------- ------------           Total revenues     21,581,000   22,473,000   43,182,000   44,416,000 -------------- ------------- ------------- ------------ Cost of revenues-      Cost of product sales     6,858,000   8,703,000   14,188,000   18,003,000      Cost of service revenue     3,816,000   3,198,000   7,510,000   6,332,000 -------------- ------------- ------------- ------------           Total cost of revenues     10,674,000   11,901,000   21,698,000   24,335,000 -------------- ------------- ------------- ------------ Gross margin     $10,907,000   $10,572,000   $21,484,000   $20,081,000 Operating income     1,135,000   1,343,000   2,080,000   1,938,000 Net income     496,000   1,039,000   1,072,000   1,441,000 Earnings per share:         Basic     $   0.01   $   0.02   $   0.02   $   0.03 -------------- ------------- ------------- ------------         Diluted       $   0.01   $   0.02   $   0.02   $   0.03 -------------- ------------- ------------- ------------ Weighted average common shares outstanding:         Basic     53,990,589   52,223,307   53,906,012   52,072,435 -------------- ------------- ------------- ------------         Diluted       55,040,285   55,694,749   54,955,708   55,563,059 -------------- ------------- ------------- ------------       December 31,   June 30,       2012   2012 -------------- ------------- Current assets     $24,471,000   $23,323,000 Long term assets     29,619,000   27,887,000 -------------- ------------- Total assets     $54,090,000   $51,210,000 -------------- ------------- Current liabilities     $19,974,000   $19,750,000 Long term liabilities     1,575,000   614,000 Total stockholders' equity     32,541,000   30,846,000 -------------- ------------- Total liabilities and stockholders' equity     $54,090,000   $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 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. ### This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Rand Worldwide Inc. via Thomson Reuters ONE [HUG#1676587]


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