CIMdata PLM Industry Summary Online Archive
14 February 2012
Financial News
Rand Worldwide Reports Second Quarter Fiscal Year 2012 Results
Rand Worldwide, Inc. 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.
For the unabridged press release with Financial Tables click HERE.
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