Rand Worldwide Announces Second Quarter Fiscal Year 2015 Results

Rand Worldwide Announces Second Quarter Fiscal Year 2015 Results

February 17, 2015 | Baltimore, Md

Rand Worldwide, Inc. (OTCBB: RWWI), a global provider of technology solutions to organizations with engineering design and information technology requirements, 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.”

Forward-looking Statements

This press release contains forward-looking statements about the expectations, beliefs, plans, intentions, and strategies of Rand Worldwide, Inc. There are a number of important factors that could cause actual results to differ materially from those anticipated by any forward-looking information. Statements that are not historical in nature, including those that include the words “goal,” “expect,” “anticipate,” “estimate,” “should,” “believe,” “intend,” and similar expressions, are based on current expectations, estimates and projections about, among other things, the industry and the markets in which Rand Worldwide operates, and they are not guarantees of future performance. Whether actual results will conform to expectations and predictions is subject to known and unknown risks and uncertainties, including risks and uncertainties discussed in this report; general economic, market, or business conditions; changes in interest rates, and demand for our products and services; changes in our competitive position or competitive actions by other companies; the ability to manage growth; changes in laws or regulations or policies of federal and state regulators and agencies; and other circumstances beyond our control. Consequently, all of the forward-looking statements made in this document are qualified by these cautionary statements, and there can be no assurance that the actual results anticipated will be realized, or, if substantially realized, will have the expected consequences on our business or operations.

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About Rand Worldwide
Rand Worldwide is one of the world’s leading professional services and technology companies for the engineering community, targeting organizations in the building, infrastructure, and manufacturing industries. The company advances the way organizations design, develop, and manage building, infrastructure, and manufacturing projects. Fortune 500 and Engineering News Record’s Top 100 companies work with Rand Worldwide to gain a competitive advantage through technology consulting, implementation, training, and support services. One of the world’s largest integrators of Autodesk software, the company also provides facilities management software from ARCHIBUS, CAD and PLM courseware through their ASCENT division and provides training and support solutions on Dassault Systèmes and PTC products. For more information, visit rand.com
Any and all trademarks making reference to or related to Rand Worldwide, IMAGINiT Technologies, ASCENT, IMAGINiT, Clarity or ProductivityNOW are registered and/or owned by Rand Worldwide, Inc., and/or its subsidiaries, affiliates, and/or other legal holders under the Rand Worldwide, Inc. name.