UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 12, 2014
ASURE SOFTWARE, INC.
(Exact name of registrant as specified in charter)
|
Delaware
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0-20008
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74-2415696
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(State or other jurisdiction of incorporation or organization)
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(Commission File No.)
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(IRS Employer Identification No.)
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110 Wild Basin Road, Suite 100, Austin, Texas 78746
(Address of principal executive offices)
512-437-2700
(Registrant’s telephone number, including area code)
N/A
(Former Name and Address)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02. Results of Operations and Financial Condition.
On November 12, 2014, Asure Software, Inc. (the “Company”) issued a press release announcing its financial results for its third quarter ended September 30, 2014. A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information contained in this Item 2.02 of this Current Report (including the press release furnished as an exhibit hereto) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
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EXHIBIT NUMBER
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DESCRIPTION
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99.1
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ASURE SOFTWARE, INC. | |||
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Dated: November 12, 2014
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By:
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/s/ Brad Wolfe | |
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Brad Wolfe
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|||
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Chief Financial Officer
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|||
Exhibit 99.1
Asure Software Continues Improvements in Revenue Growth and Profitability
with Solid Financial Results for 2014 Third Quarter
|
In thousands, except per share data
|
Q3 2014 | Q3 2013 |
% Change
|
YTD Q3 2014
|
YTD Q3 2013
|
% Change
|
||||||||||||
|
Revenue
|
$ | 7,030 | $ | 6,470 |
up 9%
|
$ | 20,105 | $ | 18,742 |
up 7%
|
||||||||
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Gross Margin
|
$ | 5,435 | $ | 4,928 |
up 10%
|
$ | 15,579 | $ | 13,941 |
up 12%
|
||||||||
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Net income (loss)
|
$ | 161 | $ | 109 |
up 48%
|
$ | (354 | ) | $ | (1,560 | ) |
up 77%
|
||||||
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EBIDTA, excluding one-times*
|
$ | 1,382 | $ | 1,462 |
down 6%
|
$ | 3,701 | $ | 3,340 |
up 11%
|
||||||||
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Diluted net income (loss) per share, excluding one-times*
|
$ | 0.04 | $ | 0.04 | $ | 0.05 | $ | (0.16 | ) | |||||||||
AUSTIN, Texas, November 12, 2014 (GLOBE NEWSWIRE) -- Asure Software, Inc. (Nasdaq:ASUR), a leading provider of workplace management software, announced results for the third quarter ended September 30, 2014.
Strategic Highlights
|
·
|
Cloud revenue growth was driven with the key sales and upgrades of AsureForce workforce management solutions to ECI Electronic Commerce, Inc., Startek, Inc. and Forum Credit Union in the US and key sales and upgrades of AsureSpace workspace management solutions to KPMG, Deutsche Bank, and Alexander Mann in the UK and Pfizer, Fitch, and the Educational Testing Service in the US.
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|
·
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Expanded the Company’s product portfolio with the introduction of some key first-to-market SaaS-based technologies, including the introduction of NowSpace™, a space scheduling mobile app, the AsureForce AirClock™, a tablet-based time collection device with facial recognition, and SmartTag™, a highly visual SaaS-based asset management solution; also launched new advanced scheduling and enterprise scheduling capabilities within the AsureForce product line.
|
|
·
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Expanded the Company’s global presence with new partnerships in South Africa and Dubai and transitioned two of the Company’s largest U.S. partners from on premise to SaaS solutions.
|
|
·
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There was a pullback in the third quarter of 22% from our very strong second quarter bookings of $3.9 million. Year to date the trend line for bookings remains strong with an overall increase of 36% and an increase of 28% in cloud bookings.
|
|
·
|
Net income was $0.03 per share as compared to net income of $.02 per share in the third quarter of 2013. This was the second full quarter with our new re-financing in place. We anticipate being profitable the remainder of the year.
|
Results
|
·
|
Cloud SaaS-based revenue for the quarter was $3.4 million, up $208,000 or 6% over the third quarter of 2013.
|
|
·
|
Revenue for the quarter of $7.0 million increased 9% over the $6.5 million in the third quarter 2013.
|
|
·
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Recurring revenue as a percent of total revenue was 73% for the quarter as compared to 76% in the third quarter of 2013.
|
|
·
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Gross margin for the quarter was $5.4 million compared to $4.9 million in the third quarter 2013, an increase of 10%.
|
|
·
|
EBITDA* excluding one-time items* for the quarter was approximately $1.4 million compared to $1.5 million in the third quarter of 2013.
|
|
·
|
Third quarter net income per share, excluding one-times*, was $0.04 compared to $0.04 in the third quarter of 2013.
|
|
·
|
Cash flow provided by operating activities for the quarter was $924,000 compared to $383,000 in the third quarter 2013, representing an increase of 141%.
|
1
Management Commentary
Pat Goepel, Chief Executive Officer of Asure Software commented, “Consistent with our overall strategy, the company continues to drive toward repetitive revenue growth and operational efficiency. In Q3, Asure brought several best-in-breed technologies to market that directly support our continued focus on bringing SaaS-based best-in-class solutions to a global market place. These expanded capabilities, along with the expansion of our partner channels, allow us to drive sales, growth and long-term profitability; as a result, Q4 sales activity is encouraging.”
Brad Wolfe, Asure’s Chief Financial Officer added, “Third quarter brought continued improvement in net income and growth in bookings. The combination of SaaS-based repetitive revenue with one-time revenue gained from professional services and integrated hardware sales has had a positive impact on the quarter and year over year Cloud revenue growth remains positive. We anticipate a strong end to the year with continued year over year growth in both revenue and EBITDA. As we approach year end, we are adjusting our guidance for the full year as reflected below.”
Please see below for details around Asure’s financial results.
Company Outlook
| $000s |
FY 14
|
|||
|
Revenue
|
$27,000 - $28,000 | |||
|
EBITDA, excluding one-time items
|
$5,000 - $6,000 | |||
|
Net income per share, excluding one-time items
|
$0.12 - $0.16 |
Conference Call Details
Asure will follow this announcement with a conference call for the investment community on Wednesday, November 12, 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 Brad Wolfe, 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 23379638.
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, a replay will be available shortly after the call on the investor relations page of our Web site 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 6,000 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.
For more information contact:
Pat Goepel, CEO
Asure Software, Inc.
888-323-8835
2
ASURE SOFTWARE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
(Unaudited)
|
|
September 30,
2014
|
December 31,
2013
|
||||||
|
Assets
|
||||||||
|
Current assets:
|
||||||||
|
Cash and cash equivalents
|
$
|
1,637
|
$
|
3,938
|
||||
|
Restricted cash
|
-
|
400
|
||||||
|
Accounts receivable, net of allowance for doubtful accounts of $120 and $168 at September 30, 2014 and December 31, 2013, respectively
|
3,722
|
3,902
|
||||||
|
Inventory
|
318
|
77
|
||||||
|
Notes receivable
|
-
|
9
|
||||||
|
Prepaid expenses and other current assets
|
1,339
|
1,334
|
||||||
|
Total current assets
|
7,016
|
9,660
|
||||||
|
Property and equipment, net
|
1,243
|
1,233
|
||||||
|
Goodwill
|
18,401
|
15,005
|
||||||
|
Intangible assets, net
|
8,160
|
9,679
|
||||||
|
Other assets
|
24
|
38
|
||||||
|
Total assets
|
$
|
34,844
|
$
|
35,615
|
||||
|
Liabilities and stockholders’ equity
|
||||||||
|
Current liabilities:
|
||||||||
|
Current portion of notes payable
|
$
|
750
|
$
|
4,308
|
||||
|
Accounts payable
|
1,697
|
1,669
|
||||||
|
Accrued compensation and benefits
|
366
|
473
|
||||||
|
Other accrued liabilities
|
1,079
|
988
|
||||||
|
Deferred revenue
|
9,455
|
10,059
|
||||||
|
Total current liabilities
|
13,347
|
17,497
|
||||||
|
Long-term liabilities:
|
||||||||
|
Deferred revenue
|
535
|
759
|
||||||
|
Notes payable
|
15,960
|
12,698
|
||||||
|
Other liabilities
|
739
|
444
|
||||||
|
Total long-term liabilities
|
17,234
|
13,901
|
||||||
|
Stockholders’ equity:
|
||||||||
|
Preferred stock, $.01 par value; 1,500 shares authorized; none issued or outstanding
|
-
|
-
|
||||||
|
Common stock, $.01 par value; 11,000 shares authorized; 6,434 and 6,353 shares issued,
6,050 and 5,969 shares outstanding at September 30, 2014 and December 31, 2013, respectively
|
64
|
63
|
||||||
|
Treasury stock at cost, 384 shares at September 30, 2014 and December 31, 2013
|
(5,017
|
)
|
(5,017
|
)
|
||||
|
Additional paid-in capital
|
278,562
|
278,159
|
||||||
|
Accumulated deficit
|
(269,238
|
)
|
(268,884
|
)
|
||||
|
Accumulated other comprehensive loss
|
(108
|
)
|
(104
|
)
|
||||
|
Total stockholders’ equity
|
4,263
|
4,217
|
||||||
|
$
|
34,844
|
$
|
35,615
|
|||||
3
ASURE SOFTWARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Amounts in thousands, except share and per share data)
(Unaudited)
|
FOR THE
THREE MONTHS ENDED
September 30,
|
FOR THE
NINE MONTHS ENDED
September 30,
|
|||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
|||||||||||||
|
Revenues
|
$
|
7,030
|
$
|
6,470
|
$
|
20,105
|
$
|
18,742
|
||||||||
|
Cost of Sales
|
1,595
|
1,542
|
4,526
|
4,801
|
||||||||||||
|
Gross margin
|
5,435
|
4,928
|
15,579
|
13,941
|
||||||||||||
|
Operating expenses
|
||||||||||||||||
|
Selling, general and administrative
|
3,553
|
3,216
|
10,410
|
9,939
|
||||||||||||
|
Research and development
|
868
|
736
|
2,444
|
2,100
|
||||||||||||
|
Amortization of intangible assets
|
494
|
497
|
1,488
|
1,662
|
||||||||||||
|
Total operating expenses
|
4,915
|
4,449
|
14,342
|
13,701
|
||||||||||||
|
Income from operations
|
520
|
479
|
1,237
|
240
|
||||||||||||
|
Other income (loss)
|
||||||||||||||||
|
Gain on settlement of note payable and litigation
|
-
|
-
|
1,034
|
-
|
||||||||||||
|
Interest income
|
-
|
48
|
-
|
48
|
||||||||||||
|
Gain (loss) on sale/disposal of assets
|
-
|
72
|
-
|
72
|
||||||||||||
|
Loss on debt refinancing
|
-
|
-
|
(1,402
|
)
|
-
|
|||||||||||
|
Foreign currency translation gain (loss)
|
2
|
5
|
(10
|
)
|
(19
|
)
|
||||||||||
|
Interest expense and other
|
(288
|
)
|
(328
|
)
|
(1,009
|
)
|
(1,378
|
)
|
||||||||
|
Interest expense- amortization of original issue discount (OID)
|
(10
|
)
|
(128
|
)
|
(64
|
)
|
(403
|
)
|
||||||||
|
Total other income (loss), net
|
(296
|
)
|
(331
|
)
|
(1,451
|
)
|
(1,680
|
)
|
||||||||
|
Income (loss) from operations before income taxes
|
224
|
148
|
(214
|
)
|
(1,440
|
)
|
||||||||||
|
Income tax provision
|
(63
|
)
|
(39
|
)
|
(140
|
)
|
(120
|
)
|
||||||||
|
Net income (loss)
|
$
|
161
|
$
|
109
|
$
|
(354
|
)
|
$
|
(1,560
|
)
|
||||||
|
Other comprehensive income (loss):
|
||||||||||||||||
|
Foreign currency gain (loss)
|
14
|
(34)
|
(4
|
)
|
8
|
|||||||||||
|
Other comprehensive income (loss)
|
$
|
175
|
$
|
75
|
$
|
(358
|
)
|
$
|
(1,552
|
)
|
||||||
|
Basic and diluted net income (loss) per share
|
||||||||||||||||
|
Basic
|
$
|
0.03
|
$
|
0.02
|
$
|
(0.06
|
)
|
$
|
(0.28
|
)
|
||||||
|
Diluted
|
$
|
0.03
|
$
|
0.02
|
$
|
(0.06
|
)
|
$
|
(0.28
|
)
|
||||||
|
Weighted average basic and diluted shares
|
||||||||||||||||
|
Basic
|
6,008,000
|
5,929,000
|
5,986,000
|
5,565,000
|
||||||||||||
|
Diluted
|
6,284,000
|
6,217,000
|
5,986,000
|
5,565,000
|
||||||||||||
4
ASURE SOFTWARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
|
FOR THE
NINE MONTHS ENDED
SEPTEMBER 30,
|
||||||||
|
2014
|
2013
|
|||||||
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
|
Net loss
|
$
|
(354
|
)
|
$
|
(1,560
|
)
|
||
|
Adjustments to reconcile net loss to net cash provided by operations:
|
||||||||
|
Depreciation and amortization
|
2,060
|
2,234
|
||||||
|
Provision for doubtful accounts
|
20
|
27
|
||||||
|
Share-based compensation
|
131
|
113
|
||||||
|
Amortization of original issue discount (OID)
|
64
|
403
|
||||||
|
Gain on settlement of note payable and litigation
|
(1,034
|
)
|
-
|
|||||
|
(Gain) loss on sale/disposal of assets
|
-
|
(72
|
)
|
|||||
|
Interest income on settlement
|
-
|
(48
|
)
|
|||||
|
Discount on early payoff of Legiant Notes
|
-
|
(135
|
)
|
|||||
|
Loss on debt refinancing
|
1,402
|
-
|
||||||
|
Changes in operating assets and liabilities:
|
||||||||
|
Restricted cash
|
400
|
(150
|
)
|
|||||
|
Accounts receivable
|
182
|
(672
|
)
|
|||||
|
Inventory
|
(241
|
)
|
84
|
|||||
|
Prepaid expenses and other assets
|
(122
|
)
|
196
|
|||||
|
Accounts payable
|
28
|
(967
|
)
|
|||||
|
Accrued expenses and other long-term obligations
|
150
|
658
|
||||||
|
Deferred revenue
|
(1,015
|
)
|
1,058
|
|||||
|
Net cash provided by operating activities
|
1,671
|
1,169
|
||||||
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
|
Acquisitions net of cash acquired
|
(3,111
|
)
|
-
|
|||||
|
Net purchases of property and equipment
|
(347
|
)
|
(143
|
)
|
||||
|
Collection of note receivable
|
9
|
10
|
||||||
|
Net cash used in investing activities
|
(3,449
|
)
|
(133
|
)
|
||||
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
|
Payments on notes payable
|
(17,723
|
)
|
(5,707
|
)
|
||||
|
Proceeds from notes payable
|
18,179
|
2,500
|
||||||
|
Payments on amendment of senior notes payable
|
(704
|
)
|
-
|
|||||
|
Net proceeds from issuance of common stock
|
-
|
3,435
|
||||||
|
Debt financing fees
|
(565
|
)
|
(298
|
)
|
||||
|
Insurance proceeds for settlement of notes payable dispute, net of expenses
|
373
|
-
|
||||||
|
Payments on capital leases
|
(104
|
)
|
(64
|
)
|
||||
|
Net proceeds from exercise of options
|
24
|
13
|
||||||
|
Net cash used in financing activities
|
(520
|
)
|
(121
|
)
|
||||
|
Effect of translation exchange rates
|
(3
|
)
|
14
|
|||||
|
Net increase (decrease) in cash and cash equivalents
|
(2,301
|
)
|
929
|
|||||
|
Cash and equivalents at beginning of period
|
3,938
|
2,177
|
||||||
|
Cash and equivalents at end of period
|
$
|
1,637
|
$
|
3,106
|
||||
|
SUPPLEMENTAL INFORMATION:
|
||||||||
|
Cash paid for:
|
||||||||
|
Interest
|
$
|
937
|
$
|
361
|
||||
|
Non-cash Investing and Financing Activities:
|
||||||||
|
Conversion of subordinated convertible notes payable to equity
|
249
|
-
|
||||||
|
Accrued contingent consideration upon acquisition
|
327
|
-
|
||||||
5
*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.
Reconciliation of GAAP Net Earnings to Earnings Before Interest, Taxes, Depreciation, Amortization and Stock Compensation Expense (EBITDA) and EBITDA Excluding
One-time items.
FOR THE THREE MONTHS ENDED
|
$000s
|
September 30,
2014
|
September 30,
2013
|
||||||
|
Net Income (Loss)
|
161 | 109 | ||||||
|
Interest and amortization of OID
|
298 | 456 | ||||||
|
Tax
|
63 | 39 | ||||||
|
Depreciation
|
115 | 111 | ||||||
|
Amortization
|
578 | 599 | ||||||
|
Stock Compensation
|
50 | 44 | ||||||
|
EBITDA
|
1,265 | 1,358 | ||||||
|
One-time items
|
117 | 104 | ||||||
|
EBITDA excluding one-time items
|
1,382 | 1,462 | ||||||
FOR THE NINE MONTHS ENDED
|
$000s
|
September 30,
2014
|
September 30,
2013
|
||||||
|
Net Income (Loss)
|
(354 | ) | (1,560 | ) | ||||
|
Interest and amortization of OID
|
1,073 | 1,781 | ||||||
|
Tax
|
140 | 120 | ||||||
|
Depreciation
|
337 | 331 | ||||||
|
Amortization
|
1,723 | 1,903 | ||||||
|
Stock Compensation
|
131 | 113 | ||||||
|
EBITDA
|
3,050 | 2,688 | ||||||
|
One-time items
|
651 | 652 | ||||||
|
EBITDA excluding one-time items
|
3,701 | 3,340 | ||||||
6
Reconciliation of GAAP Net Earnings to Net Earnings Excluding One-time items
|
$000s
|
FOR THE THREE MONTHS ENDED September 30
|
|||||||
|
2014
|
2013
|
|||||||
|
Net Income (Loss)
|
161 | 109 | ||||||
|
Legal & Professional Services
|
107 | 224 | ||||||
|
Severance, Recruitment & Relocation
|
- | - | ||||||
|
Gain on sale of assets
|
- | (72 | ) | |||||
|
Interest income from settlement
|
- | (48 | ) | |||||
|
Other one-time items (net)
|
10 | - | ||||||
|
Sub-total excluding Taxes
|
117 | 104 | ||||||
|
Sub-total one-time items
|
117 | 104 | ||||||
|
Net Gain/(Loss) excluding one-time items
|
278 | 213 | ||||||
|
$000s
|
FOR THE NINE MONTHS ENDED September 30
|
|||||||
|
2014
|
2013
|
|||||||
|
Net Loss
|
(354 | ) | (1,560 | ) | ||||
|
Loss on Debt Refinancing
|
1,402 | - | ||||||
|
Gain on Settlement of Note Payable and litigation
|
(1,034 | ) | - | |||||
|
Legal & Professional Services
|
187 | 534 | ||||||
|
Severance, Recruitment & Relocation
|
73 | 160 | ||||||
|
Gain on sale of assets
|
- | (72 | ) | |||||
|
Interest income from settlement
|
- | (48 | ) | |||||
|
Other one-time items (net)
|
23 | 78 | ||||||
|
Sub-total excluding Taxes and MTM
|
651 | 652 | ||||||
|
Sub-total one-time items
|
651 | 652 | ||||||
|
Net Gain/(Loss) excluding one-time items
|
297 | (908 | ) | |||||
7
Reconciliation of GAAP Revenue to Non-GAAP revenue
|
$000s
|
FOR THE THREE MONTHS ENDED
September 30
|
|||||||
|
2014
|
2013
|
|||||||
|
Revenue
|
7,030 | 6,470 | ||||||
|
Adjustment
|
- | 40 | ||||||
|
Non- GAAP revenue
|
7,030 | 6,510 | ||||||
|
$000s
|
FOR THE NINE MONTHS ENDED
September 30
|
|||||||
|
2014
|
2013
|
|||||||
|
Revenue
|
20,105 | 18,742 | ||||||
|
Adjustment
|
- | 403 | ||||||
|
Non- GAAP revenue
|
20,105 | 19,145 | ||||||
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.
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