Rand Worldwide, Inc. announces its financial results for the three and six months ended December 31, 2013.
For the three months ended December 31, 2013, Rand Worldwide, Inc. reported total revenues of $24.5 million as compared with $20.1 million in the same quarter for the prior fiscal year. The Company’s overall gross margin percentage for the current quarter was 49.3%, down from the 52.1% reported for the quarter ended December 31, 2012 as a result of a single larger sale that yielded a lower margin percentage. Total selling, general and administrative expenses as a percentage of total revenues were 36.3% for the current quarter, down significantly from 42.8% in the same quarter for the prior fiscal year. As a result, the Company reported net income from continuing operations of $1,559,000, or $0.03 per share per fully diluted share, compared to $716,000, or $0.01 per share, for the same period in the prior year.
For the six months ended December 31, 2013, the Company reported total revenues of $43.0 million as compared with $39.5 million in the prior year. Year to date net income from continuing operations was $1,283,000, or $0.02 per fully diluted share, as compared with net income of $1,090,000, or $0.02 per share, reported for the same period in the prior year.
“This was an outstanding quarter for us aided by a number of larger deals, including one particularly noteworthy sale to a customer in the Education market,” said Lawrence Rychlak, president and chief financial officer at Rand Worldwide. “We were able to show good growth in all of our revenue categories which combined with continued controls over our operating expenses, resulted in a very profitable second fiscal quarter.”
“We have consistently shown our customers the great value of our experience and expertise and are very pleased in the confidence that they have placed with us,” added Marc Dulude, chief executive officer at Rand Worldwide. “Our recent designation as a Platinum Partner with Autodesk adds further support to our standing as an elite company in the Autodesk marketplace. In addition, we continue to show significant bookings growth in our Rand Secure Data division and the other important groups within Rand Worldwide and continue to be very excited about the future for the Company.”
To view an unabridged version of this press release, visit: http://rand.com/news-events/press-releases/2014/rand-worldwide-reports-q2-fy14-results
