CIMdata PLM Industry Summary Online Archive
30 September 2013
Financial News
Rand Worldwide Reports Fiscal Year 2013 Results
Rand Worldwide, Inc. announces its financial results for its year ended June 30, 2013.
For its fiscal year ended June 30, 2013, Rand Worldwide, Inc. reported total revenues of $82.5 million, as compared with $81.1 million for its prior fiscal year. The Company’s overall gross margin was 50.5%, an increase over the 48.0% reported for fiscal 2012 due primarily to higher margins realized through its product sales.
During fiscal year 2013, the Company disposed of its operations in Singapore, Malaysia and Australia. As a result of these dispositions, the Company reported a loss from discontinued operations of $241,000 and a loss on the sale of those operations of $370,000, both of which were separately reflected in the consolidated statement of operations. As a result, Rand Worldwide, Inc. reported net income from continuing operations before income taxes of $4.2 million for the years ended June 30, 2013 and 2012. In the prior fiscal year, the Company reported a $4.3 million non-recurring reduction of income tax expense resulting from the recognition of a portion of the value of the Company’s net operating loss carryforwards that are available to offset future income taxes and there was no such adjustment this year. Thus, for the current fiscal year, the Company reported net income from continuing operations available to common stockholders of $2.4 million, or $0.03 per fully diluted share, as compared with $8.1 million, or $0.15 per fully diluted share in the prior year.
Marc Dulude, chief executive officer, commented, “The closures of our foreign operations will allow us to focus our resources on strengthening our presence in North America where we have seen better profitability and where we have the largest market presence. We are particularly pleased that we were able to grow our Service revenue 14% over the prior fiscal year and we will continue to exploit the depth and breadth of our technical experience to continue this growth. In addition, our non- Autodesk businesses all saw good revenue growth with our ASCENT division leading the way with 17% year over year growth and our Enterprise Applications division growing 15.5%.”
To view an unabridged version of this press release, visit: http://rand.com/news-events/press-releases/2013/rand-worldwide-reports-fiscal-year-2013-results
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.