Press Release Source: Asure Software
Asure Software Announces Fourth Quarter and Fiscal Year 2008 Financial Results
Wednesday October 15, 7:00 am ET
Software and Services Revenue Advances 140% for Fiscal Year
AUSTIN, TX--(MARKET WIRE)--Oct 15, 2008 -- Asure Software (ASUR - News), a leading provider of workforce management software, today announced the financial results for its 2008 fourth quarter and full fiscal year, ended July 31, 2008.
Highlights included:
-- Decreased our EBITDA loss by 30% to approximately $900,000, compared
to Q3-2008.
-- Software and services revenue advanced 140% for the fiscal year ended
July 31, 2008, to $10.2 million, compared to $4.2 million in FY2007.
-- Q4-2008 revenue increased 5.9%, to $2.9 million, compared to $2.7
million in Q3-2008.
-- Gross margins increased from 76% to 78%, compared to Q3-2008.
-- In Q4-2008, ASUR incurred a $7.4 million goodwill impairment due to
the company's market capitalization relative to the amount of goodwill on
the company's books.
-- Total operating expenses declined 2.1% in Q4-2008, to $3.6 million,
compared to $3.7 million in Q3-2008.
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"Change and transitions can prove challenging," noted Richard Snyder, Chairman and Chief Executive Officer of Asure Software. "We are making progress with our new business model as an operating company selling workforce management software and services to a large target market. I continue to be excited about our business prospects. We are living at the intersection of technology, need, and opportunity. Especially in today's challenging macroeconomic environment, enterprises and organizations both large and small are embracing automation in workforce management as a way to create better efficiencies in their operating expenses, as well as allow them to better compete for top talent. With our NetSimplicity and iEmployee products, as well as the new products and enhancements being produced from our R&D investments, we are well-positioned to take advantage of the push toward automation in human resources management."
Additional Fourth Quarter Highlights
Sequentially, Asure saw total revenue advance 5.9% in Q4-2008, to $2.9 million, from $2.7 million in Q3-2008.
Gross margin in Q4-2008 was 77.7%, a sequential improvement compared to the 76.4% gross margin in Q3-2008.
Selling, general and administrative expenses saw a sequential decline of 2.3% in Q4-2008, to $2.9 million, compared to $3.0 million in Q3-2008.
Research and development expenses were relatively flat in Q4-2008, at $0.6 million, compared to $0.6 million in Q3-2008.
At July 31, 2008, the Company had working capital of $10.1 million and cash, cash equivalents and short-term investments of $14.7 million.
Asure Software has scheduled a conference call for Wednesday, October 15, 2008 at 11:00 a.m. ET (10:00 a.m. CT) to discuss its most recent financial results and outlook. Participating in the call will be Richard Snyder, Chairman and Chief Executive Officer; Jay Peterson, Vice President Finance; and Nancy Harris, Chief Operating Officer.
To take part, please dial 888-713-4214 ten minutes before the conference call begins, ask for the Asure Software event and use passcode 31760170. International callers should dial 617-213-4866 and reference the same passcode, 31760170.
Investors, analysts, media and the general public will also have the opportunity to listen to the conference call in listen-only mode via the Internet by visiting the investor relations page of Asure's web site at www.asuresoftware.com. To monitor the live call, please visit the web site at least 15 minutes early to register, download and install any necessary audio software. For those who cannot listen to the live broadcast, an archived replay will be available shortly after the call on the investor relations page of the Company's web site at www.asuresoftware.com.
About Asure Software
Headquartered in Austin, Texas, Asure Software (ASUR - News), (a d/b/a of Forgent Networks, Inc.), empowers small to mid-size organizations and divisions of large enterprises to operate more efficiently, increase worker productivity and reduce costs through a comprehensive suite of on-demand workforce management software and services. Asure's market-leading suite includes products that optimize workforce time and attendance tracking, benefits enrollment and tracking, pay stubs and W2 documentation, expense management, meeting and event management, and asset tracking and reservations. With additional offices in Seekonk, Mass., Vancouver, British Columbia, and Mumbai, India, Asure serves 3,500 customers around the world. For more information, please visit www.asuresoftware.com.
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