BusinessWire

American Software Reports Preliminary Fourth Quarter and Fiscal Year 2020 Results

Subscription Fees Increased 64%, Cloud Services Annual Contract Value Increased 53% and Operating Earnings Increased 57% for the Quarter

ATLANTA--(BUSINESS WIRE)--American Software, Inc. (NASDAQ: AMSWA) today reported preliminary financial results for the fourth quarter and for fiscal year 2020.


Key Fourth quarter financial highlights:

  • Subscription fees were $6.3 million for the quarter ended April 30, 2020, a 64% increase compared to $3.8 million for the same period last year, while Software license fee revenues were $1.1 million, a 37% decrease compared to $1.7 million for the same period last year, reflecting our continued transition to the Software as a Service (SaaS) engagement model.
  • Cloud Services Annual Contract Value (ACV) increased approximately 53% to $26.4 million as of the quarter ended April 30, 2020 compared to $17.3 million as of the same period of the prior year.
  • Total revenues for the quarter ended April 30, 2020 increased 11% to $29.3 million, compared to $26.3 million for the same period of the prior year.
  • Recurring revenue streams for Maintenance and Cloud Services were 57% of total revenues in the quarter ended April 30, 2020 compared to 56% in the same period of the prior year.
  • Maintenance revenues for the quarter ended April 30, 2020 decreased 4% to $10.4 million compared to $10.8 million for the same period last year.
  • Professional services and other revenues for the quarter ended April 30, 2020 increased 16% to $11.5 million compared to $9.9 million for the same period last year.
  • Operating earnings for the quarter ended April 30, 2020 increased 57% to $1.6 million compared to $1.0 million for the same period last year.
  • GAAP net earnings for the quarter ended April 30, 2020 decreased 71% to $0.5 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 for the quarter ended April 30, 2020, which excludes non-cash stock-based compensation expense and amortization of acquisition-related intangibles, were $1.3 million or $0.04 per fully diluted share compared to $2.7 million or $0.09 per fully diluted share for the same period last year.
  • EBITDA increased by 10% to $3.4 million for the quarter ended April 30, 2020 compared to $3.1 million for the same period last year.
  • Adjusted EBITDA increased by 11% to $3.9 million for the quarter ended April 30, 2020 compared to $3.5 million for the same period last year. Adjusted EBITDA represents GAAP net earnings adjusted for amortization of intangibles, depreciation, interest (expense)/income & other, net, income tax (benefit)/expense and non-cash stock-based compensation expense.

Key fiscal year 2020 financial highlights:

  • Subscription fees were $22.0 million for the twelve months ended April 30, 2020, a 57% increase compared to $14.0 million for the same period last year.
  • Software license revenues were $7.6 million, a 6% increase compared to $7.1 million for the same period last year.
  • Total revenues for the twelve months ended April 30, 2020 increased 6% to $115.5 million compared to $108.7 million for the same period last year.
  • Recurring revenue streams of Maintenance and Cloud Services were 56% of total revenues for the twelve-month period ended April 30, 2020 compared to 55% in the same period of the prior year.
  • Maintenance revenues for the twelve months ended April 30, 2020 were $43.1 million, a 5% decrease compared to $45.4 million for the same period last year.
  • Professional services and other revenues for the twelve months ended April 30, 2020 increased 1% to $42.8 million compared to $42.2 million for the same period last year.
  • Operating earnings for the twelve months ended April 30, 2020 increased 15% to approximately $6.0 million compared to $5.3 million for the same period last year.
  • GAAP net earnings were approximately $6.7 million or $0.21 per fully diluted share for the twelve months ended April 30, 2020, a 1% decrease compared to $6.8 million or $0.22 per fully diluted share for the same period last year.
  • Adjusted net earnings for the twelve months ended April 30, 2020, which exclude stock-based compensation expense and amortization of acquisition-related intangibles, decreased 6% to $9.9 million or $0.31 per fully diluted share, compared to $10.5 million or $0.33 per fully diluted share for the same period last year.
  • EBITDA increased by 9% to $14.1 million for the twelve months ended April 30, 2020 compared to $13.0 million for the same period last year.
  • Adjusted EBITDA increased 10% to $16.2 million for the twelve months ended April 30, 2020 compared to $14.8 million for the same period last year. Adjusted EBITDA represents GAAP net earnings adjusted for amortization of intangibles, depreciation, interest (expense)/income & other, net, income tax (benefit)/expense and non-cash stock-based compensation.

The overall financial condition of the Company remains strong, with cash and investments of approximately $94.7 million, an increase of over $6.2 million when compared to April 30, 2019, and no debt as of April 30, 2020. During the fourth quarter of fiscal 2020, the Company paid shareholder dividends of approximately $3.5 million.

“We are pleased with our fourth quarter and overall fiscal 2020 performance. In the midst of the economic slowdown resulting from the pandemic and a rapid shift to a virtual work environment, we continued to perform with a strong contract close rate driving 64% growth in Subscription Fees and 16% growth in our professional services revenue. These key performance indicators continue to underscore our successful transition to a cloud-first company,” said Allan Dow, CEO and president of American Software. “Recurring revenue represented 57% and 56% of fourth quarter and fiscal year total revenues, which is a reflection of the longer-term commitment of our customers to our platform and services. With our cloud-first strategy firmly in place, we expect the percentage of recurring revenue to continue to trend higher in the future.”

“Our cloud-based digital platform provides customers with decision support capabilities to achieve an agile, resilient and higher velocity supply chain,” stated Dow. “We believe customers that take advantage of our advancements in artificial intelligence (AI), machine learning (ML) and advanced analytics to improve their supply chain performance will be better positioned to sense and respond to unforeseen challenges and opportunities that may impact their profitable growth.”

Additional highlights for the fourth quarter and fiscal 2020 include:

Customers & Channels

  • Notable new and existing customers placing orders with the Company in the fourth quarter include: Bio-Medical Devices International, Inc., Cooper Lighting LLC, Croda Europe Limited, Delta Apparel, Inc., HollyFrontier Corporation, Hunter Boot Ltd., Ismed Inc., Lacoste Operations, Taylor Farms, Thermo Fisher Scientific, Inc. and Tillamook County Creamery Association
  • During the quarter, SaaS subscription and/or software license agreements were signed with customers located in the following 5 countries: Canada, France, Mexico, United Kingdom, and United States.
  • Logility, Inc., a wholly owned subsidiary of the Company, announced a live webcast featuring its customer Husqvarna Group. The event, Husqvarna Group: Digital Supply Chain Transformation, described how a supply chain transformation powered by Logility Digital Supply Chain Planning Platform accelerates decision making through the ability to harnesses new insights, automate routine processes and augment human talent.

Company and Technology

  • To help customers during the COVID-19 pandemic, Logility announced all online education courses through Logility University were available free of charge. The Logility University curriculum provides customers the opportunity to accelerate their digital supply chain planning teams’ expertise through two levels of education and certification.
  • Logility announced during the quarter the Company was positioned as a Leader in the IDC MarketScape: Worldwide Supply Chain Inventory Optimization 2019 Vendor Assessment. The IDC MarketScape is a quantitative and qualitative assessment of the characteristics that explain a vendor’s success in the supply chain inventory optimization (IO) space and helps assess current and anticipated performance in the marketplace.
  • Also, in the quarter, Logility announced IDC positioned the Company as a Leader in the IDC MarketScape: Worldwide Supply Chain Sales and Operations Planning 2019 Vendor Assessment. According to the report, “Logility is known for having a proven implementation methodology, deep domain expertise, outstanding solution usability, and a continuous innovation process that enables customers to solve new challenges as it grows.”
  • Allan Dow, CEO and president, Mark Balte, executive vice president of research and development and Henry Canitz, director of product marketing were each named as 2020 Provider Pros to Know by industry publication Supply & Demand Chain Executive. In addition, Bill Harrison, president, Demand Management, Inc., a subsidiary of Logility, Inc., along with New Generation Computing’s Mark Burstein, president and chief strategy officer, Fred Isenberg, president of consulting services and Roger Mayerson, vice president of vendor and product compliance solutions, were named 2020 Provider Pros to Know. Each is recognized for their commitment to helping shape the digital future of supply chain. The Pros to Know Awards recognize supply chain executives that are leading initiatives to help prepare supply chains for the significant challenges of today’s business climate.
  • During the quarter, Logility announced Allan Dow was named a 2020 Food Logistics Champion: Rock Stars of the Supply Chain. This award recognizes influential individuals in the industry whose achievements, hard work and vision have shaped new levels of efficiency, productivity and innovation throughout the global food supply chain.

About American Software, Inc.

Atlanta-based American Software, Inc. (NASDAQ: AMSWA), delivers innovative AI-powered supply chain management and advanced retail planning platforms. Logility, Inc., a wholly-owned subsidiary of American Software, is accelerating digital supply chain optimization and advanced retail planning from product concept to customer availability and companies transform their supply chain operations to gain a competitive advantage. Recognized for its high-touch approach to customer service, rapid implementations and industry-leading return on investment (ROI), Logility customers include Big Lots, Husqvarna Group, Parker Hannifin, Sonoco Products, Red Wing Shoe Company and VF Corporation. Demand Management, Inc., a wholly-owned subsidiary of Logility, delivers affordable, easy-to-use Software-as-a-Service (SaaS) supply chain planning solutions designed to increase forecast accuracy, improve customer service and reduce inventory to maximize profits and lower costs. Demand Management serves customers such as Siemens Healthcare, AutomationDirect.com and Newfoundland Labrador Liquor Corporation. New Generation Computing, Inc., a wholly-owned subsidiary of American Software, powers the digital supply chain to enable brand owners and retailers to maximize revenue and profit by accelerating lead times, streamlining product development, and optimizing sourcing and distribution. NGC customers include Brooks Brothers, Carter’s, Destination XL, Fanatics, Foot Locker, Jockey International, Lacoste and Spanx. The comprehensive American Software supply chain and retail planning portfolio 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, retail merchandise and assortment planning and allocation, product lifecycle management (PLM), sourcing management, and vendor quality and compliance. For more information about American Software, please visit www.amsoftware.com, call (800) 726-2946 or email: ask@amsoftware.com.

Operating and Non-GAAP Financial Measures

The Company includes operating measures (ACV) and other 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 ACV, 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. ACV is a forward-looking operating measure used by management to better understand cloud services (SaaS and other related cloud services) revenue trends within the Company’s business, as it reflects the Company’s current estimate of revenue to be generated under existing customer contracts in the forward 12-month period. EBITDA represents GAAP net earnings adjusted for amortization of intangibles, depreciation, interest (expense)/income & other, net, and income tax (benefit)/expense. Adjusted EBITDA represents GAAP net earnings adjusted for amortization of intangibles, depreciation, interest 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 to differ materially from those anticipated by statements made herein. These factors include, but are not limited to, changes in general economic conditions, technology and the market for the Company's products and services, including economic conditions within the e-commerce markets; the timely availability and market acceptance of these products and services; 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; the challenges and risks associated with integration of acquired product lines and companies; the effect of competitive products and pricing; the uncertainty of the viability and effectiveness of strategic alliances; and the irregular pattern of the Company's revenues. 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: Vincent C. Klinges, Chief Financial Officer, American Software, Inc., (404) 264-5477 or fax: (404) 264-5298.

American Software® is a registered trademark of American Software, Inc.; Logility® is a registered trademark of Logility, Inc.; and New Generation Computing®, is a registered trademark of New Generation Computing, Inc. Other products mentioned in this document are registered marks, trademarks or service marks of their respective owners.

AMERICAN SOFTWARE, INC.

Consolidated Statements of Operations Information

(In thousands, except per share data, unaudited)

 

Fourth Quarter Ended

 

Twelve Months Ended

April 30,

 

April 30,

 

2020

 

 

 

2019

 

 

Pct Chg.

 

 

2020

 

 

 

2019

 

 

Pct Chg.

Revenues:

Subscription fees

$

6,281

 

$

3,830

 

64

%

$

22,033

 

$

14,026

 

57

%

License fees

 

1,063

 

 

1,694

 

(37

%)

 

7,582

 

 

7,126

 

6

%

Professional services & other

 

11,503

 

 

9,914

 

16

%

 

42,774

 

 

42,154

 

1

%

Maintenance

 

10,426

 

 

10,833

 

(4

%)

 

43,077

 

 

45,400

 

(5

%)

Total Revenues

 

29,273

 

 

26,271

 

11

%

 

115,466

 

 

108,706

 

6

%

 

Cost of Revenues:

Subscription services

 

2,780

 

 

2,013

 

38

%

 

9,491

 

 

5,759

 

65

%

License fees

 

829

 

 

1,125

 

(26

%)

 

4,798

 

 

6,430

 

(25

%)

Professional services & other

 

7,983

 

 

6,937

 

15

%

 

30,695

 

 

31,421

 

(2

%)

Maintenance

 

1,773

 

 

1,914

 

(7

%)

 

7,324

 

 

8,356

 

(12

%)

Total Cost of Revenues

 

13,365

 

 

11,989

 

11

%

 

52,308

 

 

51,966

 

1

%

Gross Margin

 

15,908

 

 

14,282

 

11

%

 

63,158

 

 

56,740

 

11

%

Operating expenses:

Research and development

 

4,431

 

 

5,060

 

(12

%)

 

18,518

 

 

19,039

 

(3

%)

Less: capitalized development

 

(473

)

 

(1,800

)

(74

%)

 

(3,170

)

 

(5,961

)

(47

%)

Sales and marketing

 

5,712

 

 

5,809

 

(2

%)

 

21,958

 

 

20,992

 

5

%

General and administrative

 

4,532

 

 

4,103

 

10

%

 

19,422

 

 

17,006

 

14

%

Provision for doubtful accounts

 

64

 

 

-

 

-

 

 

97

 

 

-

 

-

 

Amortization of acquisition-related intangibles

 

53

 

 

97

 

(45

%)

 

285

 

 

388

 

(27

%)

 

Total Operating Expenses

 

14,319

 

 

13,269

 

8

%

 

57,110

 

 

51,464

 

11

%

Operating Earnings

 

1,589

 

 

1,013

 

57

%

 

6,048

 

 

5,276

 

15

%

Interest (Expense)/Income & Other, Net

 

(1,465

)

 

1,275

 

nm

 

750

 

 

2,365

 

(68

%)

Earnings Before Income Taxes

 

124

 

 

2,288

 

(95

%)

 

6,798

 

 

7,641

 

(11

%)

Income Tax (Benefit)/Expense

 

(421

)

 

414

 

nm

 

56

 

 

838

 

(93

%)

Net Earnings

$

545

 

$

1,874

 

(71

%)

$

6,742

 

$

6,803

 

(1

%)

Earnings per common share: (1)

Basic

$

0.02

 

$

0.06

 

(67

%)

$

0.21

 

$

0.22

 

(5

%)

Diluted

$

0.02

 

$

0.06

 

(67

%)

$

0.21

 

$

0.22

 

(5

%)

 

Weighted average number of common shares outstanding:

Basic

 

32,165

 

 

31,144

 

 

31,747

 

 

30,950

 

Diluted

 

32,688

 

 

31,452

 

 

32,367

 

 

31,378

 

 

nm- not meaningful

AMERICAN SOFTWARE, INC.

NON-GAAP MEASURES OF PERFORMANCE

(In thousands, except per share data, unaudited)

 

Fourth Quarter Ended

 

Twelve Months Ended

April 30,

 

April 30,

 

2020

 

 

 

2019

 

 

Pct Chg.

 

 

2020

 

 

 

2019

 

 

Pct Chg.

NON-GAAP Operating Earnings:

Operating Income (GAAP Basis)

$

1,589

 

$

1,013

 

57

%

$

6,048

 

$

5,276

 

15

%

Amortization of acquisition-related intangibles

 

311

 

 

597

 

(48

%)

 

1,600

 

 

2,387

 

(33

%)

Stock-based compensation

 

517

 

 

445

 

16

%

 

2,027

 

 

1,751

 

16

%

NON-GAAP Operating Earnings:

 

2,417

 

 

2,055

 

18

%

 

9,675

 

 

9,414

 

3

%

 

Non-GAAP Operating Earnings, as a % of revenue

 

8

%

 

8

%

 

8

%

 

9

%

 
 

Fourth Quarter Ended

 

Twelve Months Ended

April 30,

 

April 30,

 

2020

 

 

 

2019

 

 

Pct Chg.

 

 

2020

 

 

 

2019

 

 

Pct Chg.

NON-GAAP EBITDA:

Net Earnings (GAAP Basis)

$

545

 

$

1,874

 

(71

%)

$

6,742

 

$

6,803

 

(1

%)

Income Tax (Benefit)/Expense

 

(421

)

 

414

 

nm

 

56

 

 

838

 

(93

%)

Interest (Expense)/Income & Other, Net

 

1,465

 

 

(1,275

)

nm

 

(750

)

 

(2,365

)

(68

%)

Amortization of intangibles

 

1,637

 

 

1,831

 

(11

%)

 

7,471

 

 

7,015

 

7

%

Depreciation

 

156

 

 

217

 

(28

%)

 

632

 

 

704

 

(10

%)

EBITDA (earnings before interest, taxes, depreciation and amortization)

 

3,382

 

 

3,061

 

10

%

 

14,151

 

 

12,995

 

9

%

 

Stock-based compensation

 

517

 

 

445

 

16

%

 

2,027

 

 

1,751

 

16

%

Adjusted EBITDA

$

3,899

 

$

3,506

 

11

%

$

16,178

 

$

14,746

 

10

%

 

EBITDA, as a percentage of revenues

 

12

%

 

12

%

 

12

%

 

12

%

 

Adjusted EBITDA, as a percentage of revenues

 

13

%

 

13

%

 

14

%

 

14

%

 
 

Fourth Quarter Ended

 

Twelve Months Ended

April 30,

 

April 30,

 

2020

 

 

 

2019

 

 

Pct Chg.

 

 

2020

 

 

 

2019

 

 

Pct Chg.

NON-GAAP EARNINGS PER SHARE:

Net Earnings (GAAP Basis)

$

545

 

$

1,874

 

(71

%)

$

6,742

 

$

6,803

 

(1

%)

Amortization of acquisition-related intangibles (2)

 

267

 

 

490

 

(46

%)

 

1,385

 

 

2,125

 

(35

%)

Stock-based compensation (2)

 

443

 

 

365

 

21

%

 

1,752

 

 

1,561

 

12

%

Adjusted Net Earnings

$

1,255

 

$

2,729

 

(54

%)

$

9,879

 

$

10,489

 

(6

%)

 

Adjusted non-GAAP diluted earnings per share

$

0.04

 

$

0.09

 

(56

%)

$

0.31

 

$

0.33

 

(6

%)

 

Fourth Quarter Ended

 

Twelve Months Ended

April 30,

 

April 30,

 

2020

 

 

 

2019

 

 

Pct Chg.

 

 

2020

 

 

 

2019

 

 

Pct Chg.

NON-GAAP Earnings Per Share

Net Earnings (GAAP Basis)

$

0.02

 

$

0.06

 

(67

%)

$

0.21

 

$

0.22

 

(5

%)

Amortization of acquisition-related intangibles (2)

 

0.01

 

 

0.02

 

(50

%)

 

0.05

 

 

0.06

 

(17

%)

Stock-based compensation (2)

 

0.01

 

 

0.01

 

0

%

 

0.05

 

 

0.05

 

0

%

Adjusted Net Earnings

 

0.04

 

$

0.09

 

(56

%)

 

0.31

 

$

0.33

 

(6

%)

 
 

Fourth Quarter Ended

 

Twelve Months Ended

April 30,

 

April 30,

 

2020

 

 

 

2019

 

 

Pct Chg.

 

 

2020

 

 

 

2019

 

 

Pct Chg.

Amortization of acquisition-related intangibles

Cost of license

$

258

 

$

500

 

(48

%)

$

1,316

 

$

2,000

 

(34

%)

Operating expenses

 

53

 

 

97

 

(45

%)

 

284

 

 

387

 

(27

%)

Total amortization of acquisition-related intangibles

$

311

 

$

597

 

(48

%)

$

1,600

 

$

2,387

 

(33

%)

 

Stock-based compensation

Cost of revenues

$

43

 

$

28

 

54

%

$

137

 

$

124

 

10

%

Research and development

 

41

 

 

33

 

24

%

 

158

 

 

131

 

21

%

Sales and marketing

 

51

 

 

75

 

(32

%)

 

311

 

 

264

 

18

%

General and administrative

 

382

 

 

309

 

24

%

 

1,421

 

 

1,232

 

15

%

Total stock-based compensation

$

517

 

$

445

 

16

%

$

2,027

 

$

1,751

 

16

%

 
 

(1) - 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. Diluted per share for Class B shares under the two-class method are $0.02 and $0.22 for the three and twelve months ended April 30, 2020, respectively. Diluted per share for Class B shares under the two-class method are $0.06 and $0.22 for the three and twelve months ended April 30, 2019, respectively.

(2) - Tax affected using the effective tax rate excluding a discrete item related to excess tax benefit for stock options for the three and twelve month periods ended April 30, 2020 of 14.3% and 13.5%, respectively and 17.9% and 14.0% three and twelve month periods ended April 30, 2019, respectively.

nm- not meaningful

 

 

 

 

 

 

 

 

 

AMERICAN SOFTWARE, INC.

Consolidated Balance Sheet Information

(In thousands)

(Unaudited)

April 30,

 

April 30,

 

 

2020

 

 

2019

 

 

 

Cash and Cash Equivalents

$

79,814

$

61,288

 

Short-term Investments

 

14,161

 

24,710

 

Accounts Receivable:

 

Billed

 

22,582

 

18,819

 

Unbilled

 

2,425

 

1,475

 

Total Accounts Receivable, net

 

25,007

 

20,294

 

Prepaids & Other

 

6,684

 

6,210

 

Current Assets

 

125,666

 

112,502

 

 

Investments - Non-current

 

701

 

2,484

 

 

PP&E, net

 

3,373

 

3,585

 

Capitalized Software, net

 

8,362

 

11,063

 

Goodwill

 

25,888

 

25,888

 

Other Intangibles, net

 

1,132

 

2,732

 

Deferred Sales Commissions - Non-current

 

2,177

 

1,546

 

Lease Right of Use Assets

 

2,053

 

-

 

Other Non-current Assets

 

1,941

 

1,510

 

Total Assets

$

171,293

$

161,310

 

 

Accounts Payable

$

1,643

$

2,448

 

Accrued Compensation and Related costs

 

6,160

 

2,561

 

Dividend Payable

 

3,547

 

3,434

 

Operating Lease Obligation - Current

 

763

 

-

 

Other Current Liabilities

 

643

 

1,375

 

Deferred Revenues - Current

 

34,227

 

33,283

 

Current Liabilities

 

46,983

 

43,101

 

 

Operating Lease Obligation - Non-current

 

1,424

 

-

 

Deferred Tax Liability - Non-current

 

2,897

 

3,514

 

Other Long-term Liabilities

 

92

 

88

 

Long-term Liabilities

 

4,413

 

3,602

 

 

Total Liabilities

 

51,396

 

46,703

 

 

Shareholders' Equity

 

119,897

 

114,607

 

 

 

 

Total Liabilities & Shareholders' Equity

$

171,293

$

161,310

 

 

 

 

 

 

 

 

 

AMERICAN SOFTWARE, INC.

Condensed Consolidated Cashflow Information

(In thousands)

(Unaudited)

Twelve Months Ended

April 30,

 

2020

 

 

2019

 

 

Net cash provided by operating activities

$

25,506

 

$

23,930

 

 

Capitalized computer software development costs

 

(3,170

)

 

(5,961

)

Purchases of property and equipment, net of disposals

 

(420

)

 

(1,252

)

 

Net cash used in investing activities

 

(3,590

)

 

(7,213

)

 

Dividends paid

 

(13,938

)

 

(13,590

)

Proceeds from exercise of stock options

 

10,548

 

 

5,367

 

 

Net cash used in financing activities

 

(3,390

)

 

(8,223

)

 

Net change in cash and cash equivalents

 

18,526

 

 

8,494

 

Cash and cash equivalents at beginning of period

 

61,288

 

 

52,794

 

 

Cash and cash equivalents at end of period

$

79,814

 

$

61,288

 


Contacts

Financial Information Press Contact:
Vincent C. Klinges
Chief Financial Officer
American Software, Inc.
(404) 264-5477


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