AUSTIN, TX, Feb 10, 2010 (MARKETWIRE via COMTEX) -- Asure Software, Inc. (NASDAQ: ASUR), a leading provider of workforce management software, today announced financial results for the fiscal second quarter 2010, ended December 31, 2009. The Fiscal second quarter is a short period consisting of the two months of November and December, 2009. As of January 1, 2010, Asure switched to calendar year reporting and its next fiscal quarter will close on March 31, 2010.
Pat Goepel, Asure's Chief Executive Officer, remarked: "After two recent difficult quarters, and almost 2 and a half years of unprofitable results, we are beginning to make progress on turning this business around. I am pleased with the results of the short period of fiscal Q2'10 and confirm that our upcoming calendar Q1, 2010 outlook is expected to be on target with our previous estimates. We are targeting positive EBITDA and potentially breakeven operating income, excluding the negative impact of the Austin headquarters lease arrangement."
Asure's newly appointed Chief Financial Officer, David Scoglio, added: "We have substantially reduced overhead and are carefully investing in areas that will support our revenue plan in the coming first quarter of the calendar year 2010. These investments will include strategic augmentation of our sales force and enhancements to our products' features and functionality. This strategy, a keen focus on maintaining current levels of fixed expenses and our momentum of 72% repetitive revenue from the current period should propel us forward to achieving our profitability goals of this calendar year 2010, in spite of a projected $1M in full year excess lease expense ($1.5M cash). Also notable, as we attain profitability, we have significant Net Operating Losses carry forwards at our disposal for up to 20 years, which we hope to utilize to create shareholder value."
Pat Goepel continued, "In the short period of November & December 2009, Asure incurred $0.1M of expenses associated with its Austin lease. As discussed previously, Asure is actively pursuing options to improve this arrangement, which would only help provide transparency into the increasingly successful core businesses of Asure Software, Inc. Asure's Board of Directors and management team are committed to growing this business by 20% year over year and achieving levels of 20% EBITDA by calendar year end 2010."
Conference Call Details
Asure Software, Inc. has scheduled a conference call for Wednesday, February 10, 2010 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 Pat Goepel, Chief Executive Officer. To take part, please dial 800-299-7089 ten minutes before the conference call begins, ask for the Asure Software event and use passcode 16877542. International callers should dial 617-801-9714 and reference the same passcode, 16877542.
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, Inc.
Headquartered in Austin, Texas, Asure Software 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, and room scheduling and resource management. With additional offices in Warwick, Rhode Island, 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 Asure's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. Such risks and uncertainties, which include those associated with continued listing of the Company's securities on the NASDAQ Capital Market, could cause actual results to differ from those contained in the forward-looking statements.