Asure Software Announces Results for the 2007 Fiscal Fourth Quarter
AUSTIN, TX, Sep 26, 2007 (MARKET WIRE via COMTEX News Network) -- Asure Software (NASDAQ: ASUR) today announced results for the 2007 fiscal fourth quarter ended July 31, 2007. For the quarter, the company reported net income of approximately $2.2 million. Highlights for the quarter include:
- Grew NetSimplicity revenues by 32% over the prior quarter and 52% over
the prior fiscal year
- Achieved profitability for the fourth consecutive quarter
- Generated cash from the NetSimplicity Software business
- Decreased operating expenses to $3.2M due to the conclusion of the
litigation related to the '746 patent trial
- Realized $8M in IP revenue from the '746 patent, finalizing the
Intellectual Property program
- Grew working capital by $1.9M and cash from $26.1M to $35.1M
"We continue to be very pleased with the performance of the NetSimplicity Software business," said Richard N. Snyder, Chairman and Chief Executive Officer of Asure Software. "The fourth quarter was particularly strong, driven by the release of V7.5 of Meeting Room Manager, which contained significant enhancements to the Outlook plug-in capability. These features appeal to the enterprise segment leading to more wins, a higher average selling price, and more marquee accounts. In addition, our recently announced acquisition of iEmployee creates an opportunity for us to become a leader in the SaaS workforce management marketplace."
NetSimplicity Software revenue grew by 32% to $1.3M for the fourth quarter of fiscal 2007, as compared to the prior quarter. In addition to revenue growth, software bookings increased to $1.6M, marking the third consecutive quarter of bookings growth for NetSimplicity. Margins for NetSimplicity continued to be a strong 80%. In addition, the NetSimplicity Software business generated cash this past fiscal quarter.
Fourth Quarter Results
Revenue was approximately $9.3M for the 2007 fiscal fourth quarter compared to $21.0M for the 2007 fiscal third quarter. Total operating expenses were $3.2M, a decrease of approximately $1M from the prior quarter. The company reported net income of $2.2M or $0.08 per share for the fourth fiscal quarter of 2007, as compared to net income of $6.0 million or $0.23 per share for the third quarter of 2007. Cash and investments were $35.1M for the quarter.
Conference Call and Webcast
Asure Software has scheduled a conference call with the investment community for Wednesday, September 26, 2007, at 10:00 a.m. CT (11:00 a.m. ET) to discuss the quarter and outlook. To take part, dial 866-203-2528 ten minutes before the conference call begins, ask for the Asure event, and use a pass code of 88989179. International callers should dial 617-213-8847, and use a pass code of 88989179. Investors, analysts, media and the general public will also have the opportunity to listen to the conference call over the Internet by visiting the investor relations page of Asure's web site at www.asuresoftware.com. To listen to 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, a replay will be available shortly after the call on the investor relation's page of our web site at www.asuresoftware.com.
About Asure Software
Headquartered in Austin, Texas, Asure Software (ASUR), (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.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:
Statements in this press release regarding Forgent's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.
SOURCE: Asure Software