Rand Worldwide, Inc. announces its financial results for the quarter ended December 31, 2014.
For the three months ended December 31, 2014, Rand Worldwide, Inc. reported total revenues of $22,415,000. Revenues for the same quarter in the prior fiscal year included a single large sale of $3.2 million, thus excluding this one-time large sale, revenues increased from the prior year by $1.6 million or 7.6%. The Company’s overall gross margin percentage increased from 50.1% to 51.2% due to a positive revenue mix. Total selling, general and administrative expenses were higher by 15.7% for the current quarter over the same period of the prior fiscal year as a result of costs associated with the Company’s tender offer which closed during the quarter. When these expenses are excluded from the calculation, operating expenses decreased slightly over the comparable prior year period. As a result, the Company reported income from continuing operations of $763,000, or $0.02 per diluted share for the quarter ended December 31, 2014, compared with $2,163,000, or $0.02 per diluted share, for the same quarter of the prior year.
“Overall, we are pleased with our revenue growth and the continued profitability that we reported for our second fiscal quarter,” commented John Kuta, chief financial officer of Rand Worldwide. “The cash flows that our ongoing operations generate coupled with our available line of credit provide us ample liquidity to fund our operations and strategic plans.”
“With the tender offer and other related transactions behind us, we are intensely focused on strengthening our business through numerous initiatives to further enhance our customers’ experience,” stated Lawrence Rychlak, president and chief executive officer at Rand Worldwide. “These efforts include the development and implementation of new methods of providing training and product knowledge to our customers, the alignment of our Facilities Management team under the IMAGINiT umbrella to better serve our clients in the AEC space and additional investments in sales and technical resources to further our growth initiatives.”
To view an unabridged version of this press release, visit: http://rand.com/news-events/press-releases/2015/rand-worldwide-announces-2q-fy15-results
