Rand Worldwide, Inc. (OTCBB: RWWI), a global provider of technology solutions to organizations with engineering design and information technology requirements, announces its financial results for its year ended June 30, 2013.
For its fiscal year ended June 30, 2013, Rand Worldwide, Inc. reported total revenues of $82.5 million, as compared with $81.1 million for its prior fiscal year. The Company’s overall gross margin was 50.5%, an increase over the 48.0% reported for fiscal 2012 due primarily to higher margins realized through its product sales.
During fiscal year 2013, the Company disposed of its operations in Singapore, Malaysia and Australia. As a result of these dispositions, the Company reported a loss from discontinued operations of $241,000 and a loss on the sale of those operations of $370,000, both of which were separately reflected in the consolidated statement of operations. As a result, Rand Worldwide, Inc. reported net income from continuing operations before income taxes of $4.2 million for the years ended June 30, 2013 and 2012. In the prior fiscal year, the Company reported a $4.3 million non-recurring reduction of income tax expense resulting from the recognition of a portion of the value of the Company’s net operating loss carryforwards that are available to offset future income taxes and there was no such adjustment this year. Thus, for the current fiscal year, the Company reported net income from continuing operations available to common stockholders of $2.4 million, or $0.03 per fully diluted share, as compared with $8.1 million, or $0.15 per fully diluted share in the prior year.
Marc Dulude, chief executive officer, commented, “The closures of our foreign operations will allow us to focus our resources on strengthening our presence in North America where we have seen better profitability and where we have the largest market presence. We are particularly pleased that we were able to grow our Service revenue 14% over the prior fiscal year and we will continue to exploit the depth and breadth of our technical experience to continue this growth. In addition, our non- Autodesk businesses all saw good revenue growth with our ASCENT division leading the way with 17% year over year growth and our Enterprise Applications division growing 15.5%.”
Forward-looking Statement
This press release contains forward-looking statements about the expectations, beliefs, plans, intentions, and strategies of Rand Worldwide, Inc. There are a number of important factors that could cause actual results to differ materially from those anticipated by any forward-looking information. Statements that are not historical in nature, including those that include the words “goal,” “expect,” “anticipate,” “estimate,” “should,” “believe,” “intend,” and similar expressions, are based on current expectations, estimates and projections about, among other things, the industry and the markets in which Rand Worldwide operates, and they are not guarantees of future performance. Whether actual results will conform to expectations and predictions is subject to known and unknown risks and uncertainties, including risks and uncertainties discussed in this report; general economic, market, or business conditions; changes in interest rates, and demand for our products and services; changes in our competitive position or competitive actions by other companies; the ability to manage growth; changes in laws or regulations or policies of federal and state regulators and agencies; and other circumstances beyond our control. Consequently, all of the forward-looking statements made in this document are qualified by these cautionary statements, and there can be no assurance that the actual results anticipated will be realized, or, if substantially realized, will have the expected consequences on our business or operations.
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About Rand Worldwide
Rand Worldwide is one of the world’s leading professional services and technology companies for the engineering community, targeting organizations in the building, infrastructure, and manufacturing industries. The company advances the way organizations design, develop, and manage building, infrastructure, and manufacturing projects.
Fortune 500 and
Engineering News Record's Top 100 companies work with Rand Worldwide to gain a competitive advantage through technology consulting, implementation, training, and support services. One of the world's largest integrators of Autodesk software, the company also provides data archiving based upon solutions from Autonomy, facilities management software from ARCHIBUS, CAD and PLM courseware through their ASCENT division and provides training and support solutions on Dassault Systèmes and PTC products. For more information, visit
rand.com