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American Software Reports Second Quarter of Fiscal Year 2024 Results

Subscription Fee Growth of 8% and Adjusted EBITDA Margin was 16% of revenue from Continuing Operations in Q2

American Software, Inc. (NASDAQ: AMSWA) today reported preliminary financial results for the second quarter of fiscal year 2024. During the quarter we divested our information technology consulting firm, The Proven Method and its results are included in discontinuing operations.

Key Second Quarter Financial Highlights from Continuing Operations:

  • Subscription fees were $13.4 million for the quarter ended October 31, 2023, an 8% increase compared to $12.3 million for the same period last year.
  • Total revenues for the quarter ended October 31, 2023 decreased 6% to $25.7 million, compared to $27.3 million for the same period of the prior year, principally due to a decline in services and maintenance fee revenue.
  • Recurring revenue streams for Maintenance and Cloud Subscriptions were $21.5 million or 84% of total revenues in the quarter ended October 31, 2023 compared to $21.2 million or 78% of total revenues in the same period of the prior year.
  • Maintenance revenues for the quarter ended October 31, 2023 decreased 8% to $8.1 million compared to $8.8 million for the same period last year.
  • Professional services and other revenues for the quarter ended October 31, 2023 decreased 26% to $4.0 million for the quarter ended October 31, 2023 compared to $5.4 million for the same period last year. The decline was primarily driven by lower project work and outsourcing of some services to partners.
  • Software license revenues were $0.2 million for the quarter ended October 31, 2023 compared to $0.7 million in the same period last year.
  • Operating earnings for the quarter ended October 31, 2023 were $1.2 million compared to $2.6 million for the same period last year.
  • GAAP net earnings from continuing operations for the quarter ended October 31, 2023 were $0.6 million or $0.02 per fully diluted share compared to $1.9 million or $0.06 per fully diluted share for the same period last year.
  • Adjusted net earnings from continuing operations for the quarter ended October 31, 2023, which excludes non-cash stock-based compensation expense and amortization of acquisition-related intangibles, were $2.9 million or $0.08 per fully diluted share compared to $3.2 million or $0.09 per fully diluted share for the same period last year.
  • EBITDA from continuing operations was $2.5 million for the quarter ended October 31, 2023 compared to $3.4 million for the same period last year.
  • Adjusted EBITDA from continuing operations was $4.1 million for the quarter ended October 31, 2023 compared to $4.7 million for the same period last year. Adjusted EBITDA represents GAAP net earnings adjusted for amortization of intangibles, depreciation, interest (loss)/ income & other, net, income tax expense and non-cash stock-based compensation expense.

Key Fiscal 2024 Year to Date Financial Highlights from Continuing Operations:

  • Subscription fees were $27.1 million for the six months ended October 31, 2023, a 11% increase compared to $24.4 million for the same period last year, while Software license revenues were $0.5 million compared to $1.0 million for the same period last year.
  • Total revenues for the six months ended October 31, 2023 decreased 5% to $51.6 million compared to $54.1 million for the same period last year.
  • Recurring revenue streams for Maintenance and Cloud Services were $43.4 million and $42.1 million or 84% and 78% of total revenues for the six-month periods ended October 31, 2023 and 2022, respectively.
  • Maintenance revenues for the six months ended October 31, 2023 were $16.3 million, an 8% decrease compared to $17.7 million for the same period last year.
  • Professional services and other revenues for the six months ended October 31, 2023 decreased 30% to $7.7 million compared to $10.9 million for the same period last year. The decline was primarily driven by lower project work and outsourcing of some services to partners.
  • For the six months ended October 31, 2023, the Company reported continuing operating earnings of approximately $2.6 million compared to $4.9 million for the same period last year.
  • GAAP net earnings from continuing operations were approximately $3.2 million or $0.09 per fully diluted share for the six months ended October 31, 2023, a 17% decrease compared to $3.9 million or $0.11 per fully diluted share for the same period last year.
  • Adjusted net earnings from continuing operations for the six months ended October 31, 2023, which exclude stock-based compensation expense and amortization of acquisition-related intangibles, increased 6% to $6.7 million or $0.19 per fully diluted share, compared to $6.3 million or $0.18 per fully diluted share for the same period last year.
  • EBITDA from continuing operations decreased by 29% to $4.6 million for the six months ended October 31, 2023 compared to $6.5 million for the same period last year.
  • Adjusted EBITDA from continuing operations decreased 15% to $7.8 million for the six months ended October 31, 2023 compared to $9.1 million for the six months ended October 31, 2022. Adjusted EBITDA represents GAAP net earnings adjusted for amortization of intangibles, depreciation, interest (loss)/income & other, net, income tax expense and non-cash stock-based compensation.

Key Second Quarter of Fiscal Year 2024 highlights:

Clients & Channels

  • Notable new and existing customers placing orders with the Company in the second quarter include: Black Rifle Coffee Company, Ferguson Enterprises, LLC, Hostess Brands, LLC., Johnson Brothers Liquor Company, Peet’s Coffee, Inc., Premier Farnell UK Limited, Reynolds Consumer Products LLC, Sandvick Mining and Construction Tools AB.
  • During the quarter, SaaS subscription and software license agreements were signed with customers located in the following eight countries: Australia, Belgium, Brazil, France, Sweden, the Netherlands, the United Kingdom and the United States.

Company & Technology

  • On September 5th, Logility closed the acquisition of Garvis B.V., a visionary SaaS startup that combines large language models (ChatGPT) with AI-native demand forecasting. DemandAI+ is the only offering available that combines advanced AI-driven demand planning, demand sensing, and causal forecasting with generative AI in a single solution elevating the planning capabilities across the supply chain. Analysts cite a 20 – 24% improvement in forecast accuracy for clients who adopt DemandAI+.
  • In September, the Company announced the divestment of its information technology consulting firm, The Proven Method to Marathon TS, Inc., an IT professional services firm. The sale closed on September 18, 2023.
  • During the quarter the Company implemented a stock buyback program and purchased 430,576 shares at an average price of $11.20 per share.
  • InventoryAI+, a powerful new offering optimizing inventory with advanced AI and machine learning to enable clients to lower costs while improving service was released. Building on existing capabilities, Inventory AI+ empowers planners to resolve issues in real-time and achieve higher levels of supply chain performance.
  • In September, two Logility clients, Rebecca Springett of Croda and Rita Fisher of Reynolds, were recognized as winners in Supply & Demand Chain Executive’s 2023 Women in Supply Chain. This award honors female supply chain leaders whose accomplishments, mentorship, and examples set a foundation for women in all levels of a company’s supply chain network.
  • Logility’s planning solutions and clients were recognized in the following publications:
    • Sourcing Innovation “Logility “Starboard”: The Real-Time What-If Supply Chain Network modeler that Every Sourcing Professional Should Have”
    • Total Retail: “How Network Optimization Creates Dynamic CPG Supply Chains”
    • SupplyChainBrain: “Applying AI to Supply Chain Network Design”

The overall financial condition of the Company remains strong, with cash and investments of approximately $83.9 million. During the second quarter of fiscal year 2024, the Company paid shareholder dividends of approximately $3.8 million.

“Our company transformation continued in the second quarter with several key events such as the acquisition of AI-native demand forecasting pioneer Garvis, the divestitures of two non-core businesses, information technology consulting firm, The Proven Method and Transportation Rating Solutions and implemented a stock buyback program,” said Allan Dow, CEO and President of American Software. “Supply chain planning is entering a significant transformation with advancements in technology, generational shifts of the workforce, and the significant speed of market charges and disruptions. We have positioned the company to concentrate on delivering modern, breakthrough technology to the supply chain industry. Our guidance for fiscal 2024 has been updated to reflect these transactions.”

Fiscal Year 2024 Financial Outlook from Continuing Operations:

  • Total revenues of $100.0 million to $104.0 million, including total recurring revenues of $85.0 million to $88.0 million.
  • Adjusted EBITDA of $14.5 million to $16.0 million.

About American Software, Inc.

Atlanta-based American Software, Inc. (NASDAQ: AMSWA), through its operating entity Logility delivers an innovative AI-powered platform that enables enterprises to accelerate their digital supply chain transformation from product concept to client availability via the Logility® Digital Supply Chain Platform, a single platform spanning Product, Demand, Inventory, Supply, Sourcing, Deploy, Corporate Responsibility Environment, Social and Governance (ESG) and Network Optimization aligned with Integrated Business Planning.

Serving clients such as Big Lots, Bunzl Australasia, Carter’s, Destination XL, Glen Raven, Hostess, Husqvarna Group, Jockey International, Johnson Controls, Parker Hannifin, Red Wing Shoe Company, Spanx and Taylor Farms; our solutions are marketed and sold through a direct sales team as well as an indirect global value-added reseller (“VAR”) distribution network.

Fueled by supply chain master data, allowing for the automation of critical business processes through the application of artificial intelligence and machine learning algorithms to a variety of internal and external data streams, the comprehensive Logility portfolio delivered in the cloud includes advanced analytics , supply chain visibility, demand, inventory and replenishment planning, Sales and Operations Planning (S&OP), Integrated Business Planning (IBP), supply and inventory optimization, manufacturing planning and scheduling, network design and optimization (NDO), retail merchandise and assortment planning and allocation, product lifecycle management (PLM), sourcing management, vendor quality and compliance, and product traceability. For more information about Logility, please visit www.logility.com. Logility is a wholly-owned subsidiary and operating entity for American Software, Inc.. You can learn more about American Software at www.amsoftware.com, or by calling (404) 364-7615 or emailing kliu@amsoftware.com.

Operating and Non-GAAP Financial Measures

American Software, Inc. (“the Company”) includes non-GAAP financial measures (EBITDA, adjusted EBITDA, adjusted net earnings and adjusted net earnings per share) in the summary financial information provided with this press release as supplemental information relating to its operating results. This financial information is not in accordance with, or an alternative for, GAAP-compliant financial information and may be different from the operating or non-GAAP financial information used by other companies. The Company believes that this presentation of EBITDA, adjusted EBITDA, adjusted net earnings and adjusted net earnings per share provides useful information to investors regarding certain additional financial and business trends relating to its financial condition and results of operations. EBITDA represents GAAP net earnings adjusted for amortization of intangibles, depreciation, interest (loss)/income & other, net, and income tax expense. Adjusted EBITDA represents GAAP net earnings adjusted for amortization of intangibles, depreciation, interest (loss)/income & other, net, income tax expense and non-cash stock-based compensation expense.

Forward Looking Statements

This press release contains forward-looking statements that are subject to substantial risks and uncertainties. There are a number of factors that could cause actual results or performance to differ materially from what is anticipated by statements made herein. These factors include, but are not limited to, continuing U.S. and global economic uncertainty and the timing and degree of business recovery; the irregular pattern of the Company’s revenues; dependence on particular market segments or customers; competitive pressures; market acceptance of the Company’s products and services; technological complexity; undetected software errors; potential product liability or warranty claims; risks associated with new product development; the challenges and risks associated with integration of acquired product lines, companies and services; uncertainty about the viability and effectiveness of strategic alliances; the Company’s ability to satisfy in a timely manner all Securities and Exchange Commission (SEC) required filings and the requirements of Section 404 of the Sarbanes-Oxley Act of 2002 and the rules and regulations adopted under that Section; as well as a number of other risk factors that could affect the Company’s future performance. For further information about risks the Company could experience as well as other information, please refer to the Company’s current Form 10-K and other reports and documents subsequently filed with the SEC. For more information, contact: Kevin Liu, American Software, Inc., (626) 657-0013 or email kliu@amsoftware.com.

Logility® is a registered trademark of Logility, Inc. Other products mentioned in this document are registered, trademarked or service marked by their respective owners.

 
 

AMERICAN SOFTWARE, INC.

Consolidated Statements of Operations Information

(In thousands, except per share data, unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Second Quarter Ended

 

Six Months Ended

 

October 31,

 

October 31,

 

 

2023

 

 

 

2022

 

 

Pct Chg.

 

2023

 

 

2022

 

 

Pct Chg.

Revenues from continuing operations:
Subscription fees

$

13,358

 

$

12,326

 

8

%

$

27,122

$

24,388

 

11

%

License fees

 

229

 

 

688

 

(67

%)

 

518

 

1,008

 

(49

%)

Professional services & other

 

4,003

 

 

5,435

 

(26

%)

 

7,689

 

10,929

 

(30

%)

Maintenance

 

8,100

 

 

8,830

 

(8

%)

 

16,263

 

17,735

 

(8

%)

Total Revenues

 

25,690

 

 

27,279

 

(6

%)

 

51,592

 

54,060

 

(5

%)

 
Cost of Revenues from continuing operations:
Subscription services

 

4,607

 

 

4,059

 

14

%

 

8,824

 

7,677

 

15

%

License fees

 

93

 

 

94

 

(1

%)

 

165

 

183

 

(10

%)

Professional services & other

 

2,856

 

 

3,490

 

(18

%)

 

5,915

 

7,184

 

(18

%)

Maintenance

 

1,733

 

 

1,577

 

10

%

 

3,428

 

3,150

 

9

%

Total Cost of Revenues

 

9,289

 

 

9,220

 

1

%

 

18,332

 

18,194

 

1

%

Gross Margin

 

16,401

 

 

18,059

 

(9

%)

 

33,260

 

35,866

 

(7

%)

Operating expenses from continuing operations:
Research and development

 

4,269

 

 

4,364

 

(2

%)

 

8,518

 

8,818

 

(3

%)

Sales and marketing

 

5,313

 

 

5,229

 

2

%

 

11,046

 

10,630

 

4

%

General and administrative

 

5,461

 

 

5,884

 

(7

%)

 

10,921

 

11,469

 

(5

%)

Amortization of acquisition-related intangibles

 

129

 

 

32

 

303

%

 

154

 

56

 

175

%

 
Total Operating Expenses

 

15,172

 

 

15,509

 

(2

%)

 

30,639

 

30,973

 

(1

%)

Operating Earnings from continuing operations

 

1,229

 

 

2,550

 

(52

%)

 

2,621

 

4,893

 

(46

%)

Interest (Loss) Income & Other, Net

 

(577

)

 

(145

)

298

%

 

1,310

 

(26

)

nm
Earnings from continuing operations Before Income Taxes

 

652

 

 

2,405

 

(73

%)

 

3,931

 

4,867

 

(19

%)

Income Tax Expense

 

31

 

 

489

 

(94

%)

 

696

 

975

 

(29

%)

Net Earnings from continuing operations

$

621

 

$

1,916

 

(68

%)

$

3,235

$

3,892

 

(17

%)

Earnings from discontinuing operations, Net of Income Taxes (1)

$

1,742

 

$

189

 

822

%

$

1,876

$

278

 

575

%

Net Earnings

$

2,363

 

$

2,105

 

12

%

$

5,111

#

$

4,170

 

23

%

 
Earnings per common share from continuing operations: (2)
Basic

$

0.02

 

$

0.06

 

(67

%)

$

0.09

$

0.12

 

(25

%)

Diluted

$

0.02

 

$

0.06

 

(67

%)

$

0.09

$

0.11

 

(18

%)

 
Earnings per common share from discontinuing operations: (2)
Basic

$

0.05

 

$

-

 

0

%

$

0.05

$

0.01

 

400

%

Diluted

$

0.05

 

$

-

 

0

%

$

0.05

$

0.01

 

400

%

 
Earnings per common share: (2)
Basic

$

0.07

 

$

0.06

 

17

%

$

0.14

$

0.13

 

8

%

Diluted

$

0.07

 

$

0.06

 

17

%

$

0.14

$

0.12

 

17

%

 
Weighted average number of common shares outstanding:
Basic

 

34,071

 

 

33,720

 

 

34,113

 

33,688

 

Diluted

 

34,094

 

 

34,072

 

 

34,127

 

34,040

 

 
nm- not meaningful
 
 

AMERICAN SOFTWARE, INC.

NON-GAAP MEASURES OF PERFORMANCE

(In thousands, except per share data, unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Second Quarter Ended

 

Six Months Ended

 

October 31, 

 

October 31, 

 

 

2023

 

 

 

2022

 

 

Pct Chg.

 

 

2023

 

 

 

2022

 

 

Pct Chg.

NON-GAAP Operating Earnings:
Operating Earnings from continuing operations (GAAP Basis)

 $

             1,229

 

 $

           2,550

 

(52

%)

 $

            2,621

 

 $

             4,893

 

(46

%)

Amortization of acquisition-related intangibles

 

                   795

 

 

                 270

 

194

%

 

               1,027

 

 

                   369

 

178

%

Stock-based compensation

 

                1,580

 

 

              1,335

 

18

%

 

               3,125

 

 

                2,633

 

19

%

NON-GAAP Operating Earnings from continuing operations:

 

                3,604

 

 

              4,155

 

(13

%)

 

               6,773

 

 

                7,895

 

(14

%)

 
Non-GAAP Operating Earnings from continuing operations, as a % of revenue

 

14

%

 

15

%

 

13

%

 

15

%

 
 
Second Quarter Ended Six Months Ended
October 31,  October 31, 

 

2023

 

 

2022

 

Pct Chg.

 

2023

 

 

2022

 

Pct Chg.
NON-GAAP EBITDA:
Net Earnings from continuing operations (GAAP Basis)

 $

                621

 

 $

           1,916

 

(68

%)

 $

            3,235

 

 $

             3,892

 

(17

%)

Income Tax Expense

 

                     31

 

 

                 489

 

(94

%)

 

                  696

 

 

                   975

 

(29

%)

Interest (Loss) Income & Other, Net

 

                   577

 

 

                 145

 

298

%

 

             (1,310

)

 

                     26

 

nm
Amortization of intangibles

 

                   899

 

 

                 532

 

69

%

 

               1,270

 

 

                1,088

 

17

%

Depreciation

 

                   378

 

 

                 301

 

26

%

 

                  738

 

 

                   513

 

44

%

EBITDA from continuing operations (earnings before interest, taxes, depreciation and amortization)

 

                2,506

 

 

              3,383

 

(26

%)

 

               4,629

 

 

                6,494

 

(29

%)

 
Stock-based compensation

 

                1,580

 

 

              1,335

 

18

%

 

               3,125

 

 

                2,633

 

19

%

Adjusted EBITDA from continuing operations

 $

             4,086

 

 $

           4,718

 

(13

%)

 $

            7,754

 

 $

             9,127

 

(15

%)

 
EBITDA from continuing operations, as a percentage of revenues

 

10

%

 

12

%

 

9

%

 

12

%

 
Adjusted EBITDA, from continuing operations, as a percentage of revenues

 

16

%

 

17

%

 

15

%

 

17

%

 
 

Second Quarter Ended

 

Six Months Ended

October 31, 

 

October 31, 

 

2023

 

 

 

2022

 

 

Pct Chg.

 

 

2023

 

 

 

2022

 

 

Pct Chg.

NON-GAAP EARNINGS PER SHARE:
Net Earnings from continuing operations (GAAP Basis)

 $

                621

 

 $

           1,916

 

(68

%)

 $

            3,235

 

 $

             3,892

 

(17

%)

Amortization of acquisition-related intangibles (3)

 

                   757

 

 

                 213

 

255

%

 

                  846

 

 

                   293

 

189

%

Stock-based compensation (3)

 

                1,505

 

 

              1,053

 

43

%

 

               2,572

 

 

                2,079

 

24

%

Adjusted Net Earnings from continuing operations

 $

             2,883

 

 $

           3,182

 

(9

%)

 $

            6,653

 

 $

             6,264

 

6

%

 
Adjusted non-GAAP diluted earnings per  share from continuing operations

$

             0.08

 

$

           0.09

 

(11

%)

$

            0.19

 

$

             0.18

 

6

 

 

 

Second Quarter Ended

 

Six Months Ended

October 31,

 

October 31,

 

2023

 

 

 

2022

 

 

Pct Chg.

 

 

2023

 

 

 

2022

 

 

Pct Chg.

NON-GAAP Earnings Per Share
Net Earnings (GAAP Basis) from continuing operations

$

0.02

 

$

0.06

 

(67

%)

$

0.09

 

$

0.11

 

(18

%)

Amortization of acquisition-related intangibles (3)

 

0.02

 

 

-

 

-

 

$

0.02

 

 

0.01

 

100

%

Stock-based compensation (3)

$

0.04

 

 

0.03

 

33

%

$

0.08

 

 

0.06

 

33

%

Adjusted Net Earnings from continuing operations

$

0.08

 

$

0.09

 

(11

%)

$

0.19

 

$

0.18

 

6

%

 
 

Second Quarter Ended

 

Six Months Ended

October 31,

 

October 31,

 

2023

 

 

 

2022

 

 

Pct Chg.

 

 

2023

 

 

 

2022

 

 

Pct Chg.

Amortization of acquisition-related intangibles
Cost of Subscription Services

$

666

 

$

238

 

180

%

$

874

 

$

313

 

179

%

Operating expenses

 

129

 

 

32

 

303

%

 

154

 

 

56

 

175

%

Total amortization of acquisition-related intangibles

$

795

 

$

270

 

194

%

$

1,028

 

$

369

 

179

%

 
Stock-based compensation
Cost of revenues

$

83

 

$

67

 

24

%

$

161

 

$

108

 

49

%

Research and development

 

166

 

 

143

 

16

%

 

339

 

 

292

 

16

%

Sales and marketing

 

381

 

 

198

 

92

%

 

728

 

 

416

 

75

%

General and administrative

 

950

 

 

927

 

2

%

 

1,897

 

 

1,817

 

4

%

Total stock-based compensation

$

1,580

 

$

1,335

 

18

%

$

3,125

 

$

2,633

 

19

%

 
(1) For more information, please see note related to discontinuing operations in the Company’s unaudited condensed consolidated financial statements to be filed on or about December 1, 2023.
(2) - Basic per share amounts are the same for Class A and Class B shares. Diluted per share amounts for Class A shares are shown above. Continuing operations diluted per share for Class B shares under the two-class method are $0.02 and $0.09 for the three and six months ended October 31, 2023, respectively. Continuing diluted per share for Class B shares under the two-class method are $0.06 and $0.11 for the three and six months ended October 31, 2022, respectively.
(3) - Continuing and discontinuing operations are tax affected using the effective tax rate excluding a discrete item related to excess tax benefit for stock options in the following table.
 

Three Months Ended

October 31, 2023

 

Six Months Ended

October 31, 2023

 

 

 

Three Months Ended

October 31, 2022

 

Six Months Ended

October 31, 2022

Continuing Operations

 

4.7

%

 

17.7

%

 

20.3

%

 

20.0

%

Discontinuing Operations

 

21.0

%

 

21.1

%

 

21.6

%

 

28.2

%

Total

 

17.2

%

 

19.0

%

 

20.4

%

 

20.6

%

 
nm- not meaningful

AMERICAN SOFTWARE, INC.

Consolidated Balance Sheet Information

(In thousands)

(Unaudited)

October 31,

 

April 30,

2023

 

2023

Cash and Cash Equivalents

$

62,971

$

90,059

Short-term Investments

 

20,917

 

23,451

Accounts Receivable:
Billed

 

20,630

 

23,476

Unbilled

 

929

 

1,569

Total Accounts Receivable, net

 

21,559

 

25,045

Prepaids & Other

 

7,785

 

7,831

Current Assets from discontinuing operations

 

-

 

3,603

Total Current Assets

 

113,232

 

149,989

Investments - Non-current

 

-

 

486

PP&E, net

 

6,228

 

6,444

Capitalized Software, net

 

149

 

391

Goodwill

 

46,417

 

29,558

Other Intangibles, net

 

11,915

 

2,143

Other Non-current Assets

 

5,740

 

6,609

Total Assets

$

183,681

$

195,620

Accounts Payable

$

1,080

$

2,131

Accrued Compensation and Related costs

 

2,845

 

4,077

Dividend Payable

 

3,757

 

3,756

Other Current Liabilities

 

2,984

 

3,638

Deferred Revenues - Current

 

38,310

 

43,124

Current liabilities of discontinued operations

 

-

 

318

Current Liabilities

 

48,976

 

57,044

Other Long-term Liabilities

 

255

 

288

Total Liabilities

 

49,231

 

57,332

Shareholders' Equity

 

134,450

 

138,288

Total Liabilities & Shareholders' Equity

$

183,681

$

195,620

AMERICAN SOFTWARE, INC.

Condensed Consolidated Cashflow Information

(In thousands)

(Unaudited)

Six Months Ended

October 31,

 

2023

 

 

 

2022

 

Net cash provided by (used in) operating activities of continuing operations

$

6,406

 

$

(11,822

)

Cash provided by operating activities of discontinued operations

 

1,618

 

 

561

 

Net cash used in operating activities

 

8,024

 

 

(11,261

)

Purchases of property and equipment, net of disposals

 

(386

)

 

(2,706

)

Purchase of business, net of cash acquired

 

(25,108

)

 

(6,500

)

Net cash used in investing activities of continuing operations

 

(25,494

)

 

(9,206

)

Net cash provided by investing activities of discontinued operations

 

1,826

 

 

-

 

Net cash used in investing activities

 

(23,668

)

 

(9,206

)

Dividends paid

 

(7,514

)

 

(7,406

)

Purchases of common stock

 

(4,813

)

 

-

 

Proceeds from exercise of stock options

 

246

 

 

1,145

 

Net cash used in financing activities of continuing operations

 

(12,081

)

 

(6,261

)

Net Cash used in financing activities of discontinued operations

 

-

 

 

-

 

Net cash used in financing activities

 

(12,081

)

 

(6,261

)

Net change in cash and cash equivalents

 

(27,725

)

 

(26,728

)

Cash and cash equivalents at beginning of period

 

90,696

 

 

110,690

 

Cash and cash equivalents at end of period

$

62,971

 

$

83,962

 

 

 

Contacts

Financial Information Press Contact:

Vincent C. Klinges

Chief Financial Officer

American Software, Inc.

(404) 264-5477

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