• Cloud SaaS-based bookings for the quarter increased by 40% from the fourth quarter of 2012. Cloud SaaS-based bookings for the year ending December 31, 2013 increased by 19% from the previous year.
   
• Fourth quarter revenue of $6.7 million and $25.5 million year to date vs. guidance range of $25 to $27 million year to date.
   
• Fourth quarter net income per share, excluding one-times*, was $0.02 and $(0.14) year to date and fourth quarter earnings per share was a net loss of $(.02) and $(.29) year to date.
   
• Fourth quarter EBITDA*, excluding one-time items*, was $1.48 million and $4.82 million year to date vs. guidance range of $4.8 to $5.5 million year to date.

AUSTIN, Texas, March 26, 2014 (GLOBE NEWSWIRE) -- Asure Software, Inc. (Nasdaq:ASUR), a leading provider of workplace management software, announced results for the fourth quarter ended December 31, 2013.

Strategic Highlights & Recent Events

• Produced record sales and record SaaS bookings for fourth quarter 2013 with success in both new business and client upgrades from On Premise to On Demand solutions. Key wins included: AsureForce new clients Visions Family Services and Ratliff Ready Mix; AsureSpace new clients Iron Mountain, Kaiser Permanente, and Coverys. Key upgrades included: KPMG, State Street, Monsanto, Weill Cornell Medical College, Alexandria Real Estate, Cushman & Wakefield, and Pearson.
   
• Deployed several product enhancements for AsureSpace™ and AsureForce® solutions, including the launch of a new occupancy utilization and measurement solution, AsureSpace™ SmartView, in partnership with Abintra. These enhancements allow the company to more easily scale to meet growth goals and support client retention with stable products and innovative features.
   
• Refinanced our existing senior debt under a new facility with Wells Fargo Bank, N.A. in the first quarter of 2014. The new term loan with Wells Fargo Bank of $15.0 million has a revolver of $3.0 million with an additional uncommitted incremental loan facility of $10.0 million for future permitted acquisitions. The company expects to incur a one-time charge of approximately $1.4 million, of which approximately $0.7 million is non-cash deferred financing costs, related to the restructuring in first quarter of 2014. We expect the new loan to reduce our interest expense by approximately $0.6 million in 2014 and $0.7 million in the following year and reduce cash principal payments by $0.8 million in 2014 and $1.1 million in the following year.
   
• Reached an agreement to settle our outstanding notes payable and dismiss all pending litigation with the sellers of PeopleCube in the first quarter of 2014. With the insurance proceeds and after offsetting any related litigation costs incurred in 2014, we expect to record a net gain of approximately $1.0 million on the settlement in the first quarter of 2014.

Results

• Cloud SaaS-based bookings increased by 40% from the fourth quarter of 2012. Cloud SaaS-based bookings for the year ending December 31, 2013 increased by 19% from the previous year.
   
• Cloud SaaS-based revenue for the quarter increased to $3.4 million up $197,000 and 6.1% over the previous quarter and up $408,000, or 13.5% over the fourth quarter of 2012. Cloud SaaS-based revenue for the year ending December 31, 2013 increased to $12.9 million up $2.9 million and 29.4% over the previous year.
   
• Revenue for the quarter was $6.7 million as compared to $6.5 million in the previous quarter and $5.9 million in the fourth quarter 2012, an increase of 4.0% and 13.2%, respectively. Revenue for the year ending December 31, 2013 was $25.5 million as compared to $20.0 million in the previous year, an increase of 27.6%.
   
• Recurring revenue as a percent of total revenue was 75% for the quarter as compared to 76% for the previous quarter and 79% in the fourth quarter of 2012. Recurring revenue for the year ending December 31, 2013 was 77% compared to 79% in 2012.
   
• Gross margin for the quarter was $5.1 million compared to $4.9 million in the previous quarter and $4.3 million in the fourth quarter 2012, an increase of 3.7% and 17.5%, respectively. Gross margin for the year ending December 31, 2013 was $19.0 million as compared to $15.4 million in the previous year, an increase of 23.8%.
   
• EBITDA* excluding one-time items* for the quarter was approximately $1.48 million compared to $1.46 million in the previous quarter and $948,000 in the fourth quarter of 2012. One-time items* in the quarter were approximately $215,000 up from $104,000 in the previous quarter and up from $175,000 in the fourth quarter of 2012, and were related to legal and professional fees, site consolidation related to the acquisition of Meeting Maker and other one-time expenses*. EBITDA* excluding one-time items* for the year ending December 31, 2013 was $4.82 million vs. $3.30 million in 2012.
   
• Cash flow provided by operating activities for the quarter was $846,000 compared to $383,000 in the previous quarter and $938,000 in the fourth quarter 2012, an increase of 121% and a decrease of 9%, respectively. Cash flow provided by operating activities for the year ending December 31, 2013 was $2.0 million as compared to $2.8 million in the previous year, a decrease of 29%.

Management Commentary

Pat Goepel, Chief Executive Officer of Asure Software commented, "We're extremely pleased with our record-sales fourth quarter performance, which was driven by our ability to bring differentiated product offerings to the market to meet growing customer demand for SaaS-based solutions. In addition to strong sales, we've seen tremendous advancements in the product development and customer support areas of our businesses; these improvements have resulted in stronger sales and higher customer satisfaction. In fact, 87% of AsureSpace customers are willing to recommend Asure to a friend or colleague. We exited the year in a strong position, posting solid financial results and meeting expectations. With the recent announcement of the Wells Fargo refinancing, the settlement of the PeopleCube litigation, and our increasing global expansion, we are excited to enter the new year and are very optimistic about 2014 business goals."

Jennifer Crow, Asure's Chief Financial Officer added, "We are pleased with our new debt structure with Wells Fargo Bank. This new facility provides a lower cost of debt and provides greater financial flexibility. We are excited about growing our relationship with Wells Fargo and look forward to working with them to execute our continued growth strategy."

Please see below for details around Asure's financial results.

Conference Call Details

Asure will follow this announcement with a conference call for the investment community on Wednesday, March 26, 2014 at 11:00 a.m. EDT (10:00 a.m. CDT) to further discuss the quarter and outlook. Participating in the call will be Pat Goepel, Chief Executive Officer and Jennifer Crow, Chief Financial Officer. To participate, dial (877) 853-5636 ten minutes before the call begins. International callers should dial (631) 291-4544. The conference ID for all callers is 15536683.

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 ten 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 at http://investor.asuresoftware.com/

About Asure Software

Asure Software, Inc., (Nasdaq:ASUR) headquartered in Austin, Texas, offers cloud-based time and labor management and workspace management solutions that enable businesses to control their biggest costs -- labor, real estate and technology  -- and prepare for the workforce of the future in a highly mobile, geographically disparate and technically wired work environment. Asure serves approximately 5,000 clients worldwide and currently offers two main product lines: AsureSpace™ workplace management solutions enable organizations to maximize the ROI of their real estate, and AsureForce^® time and labor management solutions deliver efficient management of human resource and payroll processes. For more information, please visit www.asuresoftware.com.

The Asure Software, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=11986

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:

Statements in this press release regarding Asure's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. Such risks and uncertainties could cause actual results to differ from those contained in the forward-looking statements.

*Non-GAAP Financial Measures

This press release includes the following financial measures defined as non-GAAP financial measures by the Securities and Exchange Commission: EBITDA and GAAP Net Income/(Loss) excluding one-time items. These supplemental financial measures are not required by GAAP, nor is the presentation of this financial information intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management recognizes that non-GAAP financial measures have limitations in that they do not reflect all of the items associated with Asure's earnings results as determined in accordance with GAAP. However, for the reasons described below, management uses these non-GAAP measures to evaluate the performance of Asure's business. Asure's management believes that it is important to provide investors with these same tools, together with reconciliation to GAAP, for evaluating the performance of Asure's business, as it may provide additional insight into Asure's financial results. See the "Reconciliation of GAAP Net Income/(Loss) to Earnings Before Interest, Taxes, Depreciation, Amortization and Stock Compensation Expense (EBITDA)" and the "Reconciliation of GAAP Net Income/(Loss) to Net Earnings Excluding One-Time Items" tables included in this press release for further information regarding these non-GAAP financial measures. In addition, these measures are presented because management believes they are frequently used by securities analysts, investors and others in the evaluation of companies.

EBITDA is calculated by adding income taxes, interest expense, depreciation and amortization and stock compensation expense to net earnings. EBITDA is not defined under GAAP and should not be considered in isolation or as a substitute for net earnings and other consolidated earnings data prepared in accordance with GAAP or as a measure of Asure's profitability.

Net Earnings Excluding One-Time Items is calculated by combining the company's GAAP Net Earnings, or earnings per share, with items that are one time in nature and are not expected to recur on a dollar or per share basis.

Free Cash Flow is computed by subtracting capital expenditures from cash flow from operations, each as determined in accordance with GAAP and as reflected in the statement of cash flows.

Non-GAAP Revenue is computed by adding back the deferred revenue fair market valuation to GAAP revenue.

Note - Adjustment relates to the fair market valuation for assumed deferred revenue contracts that were not recognized in the period due to business combination accounting rules. 

CONTACT: Jennifer Crow, CFO

         Asure Software, Inc.

         512-437-2732

         jcrow@asuresoftware.com