Rand Worldwide Reports Third Quarter Fiscal Year 2012 Results

Strongest Bottom Line in Fiscal Year

May 15, 2012 | Framingham, Ma

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 and nine months ended March 31, 2012. 
For its third fiscal quarter ended March 31, 2012, Rand Worldwide, Inc. reported total revenues of $22.4 million as compared with $27.4 million in the same quarter for the prior fiscal year. The Company’s overall gross margin percentage was 50.6%, up from 46.0% and total selling, general and administrative expenses were $9.1 million, an 8.2% decrease from same period in the prior fiscal year. As a result, the Company reported net income of $1,639,000, or $0.03 per fully diluted share, compared to net income of $2,070,000, or $0.04 per share, for the same period in the prior year. 
For the nine months ended March 31, 2012, revenues totaled $66.8 million as compared with $65.9 million in the prior year. Year to date net income was $3,080,000, or $0.05 per fully diluted share, a significant improvement over net income of $1,172,000, or $0.01 per share, reported for the same period in the prior year.
Lawrence Rychlak, president and chief financial officer at Rand Worldwide commented, “This quarter’s results were very positive in terms of our overall gross margin percentages and our net income levels as they both exceeded our expectations and were the best of the fiscal year.” Mr. Rychlak continued, “In the third quarter of last year we realized the largest single sale of software products to one customer which drove our revenues and net income to unusually high levels. This sale, coupled with a shortfall in our desired sales headcount and productivity, made for a difficult revenue comparison from the third fiscal quarter of last year to the current quarter.”
Marc Dulude, chief executive officer at Rand Worldwide, added, “We are fully committed to expanding our sales force to increase sales capacity and to provide the training and support to all our sales employees to make them fully productive.” Mr. Dulude continued, “I am pleased that we continue to deliver very positive operating results and note that the strength of our business model provides a platform for continued growth and profitability.”
Conference call details
Rand Worldwide will hold a conference call to discuss its third quarter results at 11:00 am ET on Tuesday, May 15, 2012. The dial-in numbers for the conference call are 1 (800) 510-0146 (domestic) or 1 (617) 614-3449 (International), and enter the passcode (29981828)). A live, listen-only Webcast of the conference call will be available to all investors in the Investor Relations section of the Company's Web site.
Forward-looking Statement
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 data archiving based upon solutions from Autonomy, 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, visitrand.com
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