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 the three and nine months ended March 31, 2013.
For the three months ended March 31, 2013, Rand Worldwide, Inc. reported total revenues of $26.1 million as compared with $22.4 million in the same quarter for the prior fiscal year. The Company’s overall gross margin percentage for the current quarter was 52.1%, an increase over the 50.6% that was reported for the quarter ended March 31, 2012 as a result of higher revenues and a more favorable revenue mix. Total selling, general and administrative expenses were $10.2 million, a 12% increase from the $9.1 million reported for the same quarter for the prior fiscal year, due primarily to additions to the Company’s sales force and higher sales commissions as a result of the higher revenues and gross margin for the period. As a result, the Company reported net income of $1,775,000, or $0.03 per fully diluted share, compared to net income of $1,639,000, or $0.03 per share, for the same period in the prior year.
For the nine months ended March 31, 2013, the Company reported total revenues of $69.3 million as compared to $66.8 million in the prior year. Year to date net income was $2,847,000, or $0.05 per fully diluted share, as compared with net income of $3,080,000, or $0.05 per share, reported for the same period in the prior year.
“Our third fiscal quarter is typically our strongest quarter in terms of our financial results and this year was no exception,” commented Larry Rychlak, president and chief financial officer at Rand Worldwide. “We experienced good revenue levels that combined with a positive revenue mix of higher commission revenues, primarily from subscription renewals, to produce a very healthy bottom line and strong cash flows for quarter.”
“We are very pleased with our results this quarter,” added Rand Worldwide chief executive officer, Marc Dulude. “We saw strong growth results across both product and services sales, with product sales growing 18% year over year, services sales growing 20% in the same period and total revenues growing 17%. We believe that this increase is attributable to three reasons: we continued to grow our sales staff across all groups, improved productivity from our sales and services professionals, and continued adoption of the Autodesk product suites by our clients.”
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.