CIMdata PLM Industry Summary Online Archive
15 May 2013
Financial News
Rand Worldwide Reports Third Quarter Fiscal Year 2013 Results
Rand Worldwide, Inc., a global provider of technology solutions to organizations with engineering design and information technology requirements, announces its financial results for the three and nine months ended March 31, 2013.
For the three months ended March 31, 2013, Rand Worldwide, Inc. reported total revenues of $26.1 million as compared with $22.4 million in the same quarter for the prior fiscal year. The Company’s overall gross margin percentage for the current quarter was 52.1%, an increase over the 50.6% that was reported for the quarter ended March 31, 2012 as a result of higher revenues and a more favorable revenue mix. Total selling, general and administrative expenses were $10.2 million, a 12% increase from the $9.1 million reported for the same quarter for the prior fiscal year, due primarily to additions to the Company’s sales force and higher sales commissions as a result of the higher revenues and gross margin for the period. As a result, the Company reported net income of $1,775,000, or $0.03 per fully diluted share, compared to net income of $1,639,000, or $0.03 per share, for the same period in the prior year.
For the nine months ended March 31, 2013, the Company reported total revenues of $69.3 million as compared to $66.8 million in the prior year. Year to date net income was $2,847,000, or $0.05 per fully diluted share, as compared with net income of $3,080,000, or $0.05 per share, reported for the same period in the prior year.
“Our third fiscal quarter is typically our strongest quarter in terms of our financial results and this year was no exception,” commented Larry Rychlak, president and chief financial officer at Rand Worldwide. “We experienced good revenue levels that combined with a positive revenue mix of higher commission revenues, primarily from subscription renewals, to produce a very healthy bottom line and strong cash flows for quarter.”
“We are very pleased with our results this quarter,” added Rand Worldwide chief executive officer, Marc Dulude. “We saw strong growth results across both product and services sales, with product sales growing 18% year over year, services sales growing 20% in the same period and total revenues growing 17%. We believe that this increase is attributable to three reasons: we continued to grow our sales staff across all groups, improved productivity from our sales and services professionals, and continued adoption of the Autodesk product suites by our clients.”
To view an unabridged version of this press release, visit: http://rand.com/news-events/press-releases/2013/Rand-WW-Reports-Third-Quarter-Fiscal-Year-2013
Become a member of the CIMdata PLM Community to receive your daily PLM news and much more.
Tell us what you think of the CIMdata Newsletter. Send your feedback.
CIMdata is committed to your privacy. Your personal information will never be sold or shared outside of CIMdata without your express permission.