February 14, 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 three and six months ended December 31, 2011.
For its second fiscal quarter ended December 31, 2011, Rand Worldwide, Inc. reported total revenues of $22.5 million as compared with $21.7 million in the same quarter for the prior fiscal year. The Company’s overall gross margin percentage was 47.0% and total selling, general and administrative expenses were $8.8 million, a slight decrease from the $9.0 million reported for the three months ended December 31, 2010. As a result, the Company reported net income of $1,039,000, or $0.02 per fully diluted share, compared to net income of $1,272,000, ($0.02 per share) for the same period in the prior year.
For the six months ended December 31, 2011, total revenues were $44.4 million as compared with $38.5 million in the prior year, an increase of 15%. Year to date net income was $1,441,000, or $0.03 per fully diluted share, a significant improvement over the $899,000 loss, or $(0.03) per share, reported for the same period in the prior year.
Lawrence Rychlak, president and chief financial officer at Rand Worldwide commented, “This proved to be another very good quarter of operating results as evidenced by the high levels of gross margin as well as a healthy bottom line that exceeded our plan. It is important to remember that in December of last year, we recorded a portion of a very large sale that resulted in extraordinarily high revenue and net income levels, and despite not having such a large contributing factor in this quarter’s results, we still reported an almost 4% increase in revenues and over $1 million of net income. These results translated to a healthier balance sheet making us a stronger company and better positioned us to realize the benefits of stronger sales in the markets in which we operate.”
“We are particularly pleased to see the almost 18% increase in product sales for the quarter when compared to the same period in the prior fiscal year,” said Marc Dulude, chief executive officer at Rand Worldwide. “The majority of the product revenue increase resulted from the growing popularity of the Autodesk Suite products which provide customers a great value proposition. Additionally, the company’s ASCENT courseware sales increased significantly during the quarter when compared with the same period in the prior fiscal year as a result of the continued development of global distribution channels for our courseware.”
Conference call details
Rand Worldwide will hold a conference call to discuss its first quarter results at 11:00 am ET on Tuesday, February 14, 2012. The dial-in numbers for the conference call are 1 (866) 700-6067 (domestic) or 1 (617) 213-8834 (International), and enter the passcode (79728010). 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
Any and all trademarks making reference to or related to Rand Worldwide, IMAGINiT, ASCENT, ProductivityNOW, or Rand Secure Archive 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.