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American Software Reports Fourth Quarter and Fiscal Year 2021 Results

Record Quarterly Bookings Accelerated Growth in Cloud Services Annual Contract Value

American Software, Inc. (NASDAQ: AMSWA) today reported preliminary financial results for the fourth quarter and fiscal year 2021.

Key Fourth Quarter Financial Highlights:

  • Subscription fees were $8.1 million for the quarter ended April 30, 2021, a 28% increase compared to $6.3 million for the same period last year, and Software license revenues were $1.2 million, a 15% increase compared to $1.1 million for the same period last year.
  • Cloud Services Annual Contract Value (ACV) increased approximately 45% to $38.3 million for the quarter ended April 30, 2021 compared to $26.4 million during the same period of the prior year.
  • Total revenues for the quarter ended April 30, 2021 decreased 2% to $28.6 million, compared to $29.3 million for the same period of the prior year.
  • Recurring revenue streams for Maintenance and Cloud Subscriptions were 60% of total revenues in the quarter ended April 30, 2021 compared to 57% in the same period of the prior year.
  • Maintenance revenues for the quarter ended April 30, 2021 decreased 12% to $9.2 million compared to $10.4 million for the same period last year.
  • Professional services and other revenues for the quarter ended April 30, 2021 decreased 13% to $10.1 million compared to $11.5 million for the same period last year.
  • Operating earnings for the quarter ended April 30, 2021 increased 20% to $1.9 million compared to $1.6 million for the same period last year.
  • GAAP net earnings for the quarter ended April 30, 2021 increased 460% to $3.1 million or $0.09 per fully diluted share compared to $0.5 million or $0.02 per fully diluted share for the same period last year.
  • Adjusted net earnings for the quarter ended April 30, 2021, which excludes non-cash stock-based compensation expense and amortization of acquisition-related intangibles, increased 185% to $3.6 million or $0.11 per fully diluted share compared to $1.3 million or $0.04 per fully diluted share for the same period last year.
  • EBITDA decreased by 9% to $3.1 million for the quarter ended April 30, 2021 compared to $3.4 million for the same period last year.
  • Adjusted EBITDA decreased by 4% to $3.7 million for the quarter ended April 30, 2021 compared to $3.9 million for the same period last year. Adjusted EBITDA represents GAAP net earnings adjusted for amortization of intangibles, depreciation, interest income (expense) & other, net, income tax expense (benefit) and non-cash stock-based compensation expense.

Key Fiscal Year 2021 Financial Highlights:

  • Subscription fees were $28.9 million for the twelve months ended April 30, 2021, a 31% increase compared to $22.0 million for the same period last year, while Software license revenues were $3.0 million, a 61% decrease compared to $7.6 million for the same period last year, reflecting our continued transition to the SaaS engagement model.
  • Total revenues for the twelve months ended April 30,2021 decreased 4% to $111.4 million compared to $115.5 million for the same period last year.
  • Recurring revenue streams for Maintenance and Cloud Services were 62% of total revenues for the twelve-month period ended April 30, 2021 compared to 56% in the same period of the prior year.
  • Maintenance revenues for the twelve months ended April 30, 2021 were $39.9 million, a 7% decrease compared to $43.1 million for the same period last year.
  • Professional services and other revenues for the twelve months ended April 30, 2021 decreased 7% to $39.6 million compared to $42.8 million for the same period last year.
  • For the twelve months ended April 30, 2021, the Company reported operating earnings of approximately $4.4 million compared to $6.0 million for the same period last year, a 28% decrease.
  • GAAP net earnings were approximately $8.1 million or $0.24 per fully diluted share for the twelve months ended April 30, 2021, a 20% increase compared to $6.7 million or $0.21 per fully diluted share for the same period last year.
  • Adjusted net earnings for the twelve months ended April 30, 2021, which excludes stock-based compensation expense and amortization of acquisition-related intangibles, increased 9% to $10.8 million or $0.33 per fully diluted share, compared to $9.9 million or $0.31 per fully diluted share for the same period last year.
  • EBITDA decreased by 30% to $10.0 million for the twelve months ended April 30, 2021 compared to $14.1 million for the same period last year.
  • Adjusted EBITDA decreased 23% to $12.5 million for the twelve months ended April 30, 2021 compared to $16.2 million for the twelve months ended April 30, 2020. Adjusted EBITDA represents GAAP net earnings adjusted for amortization of intangibles, depreciation, interest income (expense) & other, net, income tax expense (benefit) and non-cash stock-based compensation.

The overall financial condition of the Company remains strong, with cash and investments of approximately $104.7 million, an increase of approximately $10.0 million when compared to April 30, 2020, and no debt as of April 30, 2021. During the fourth quarter of fiscal year 2021, the Company paid shareholder dividends of approximately $3.6 million.

“We are pleased with our fourth quarter and overall fiscal year 2021 performance. In the midst of the economic uncertainty resulting from the pandemic, we exited the year on a strong note with both net new Cloud Services ACV and total bookings more than doubling our prior highs for a quarter,” said Allan Dow, CEO and president of American Software. “Our performance reflects increasing adoption of cloud-based supply chain transformation solutions and our backlog as measured by our Remaining Performance Obligations (RPO) increased 51% to $116 million in the fourth quarter when compared to last year, which demonstrates the longer-term commitment of our customers to our platform and services. Our pipeline remains robust as we enter our fiscal year 2022 as the current spotlight on supply chain disruption continues to fuel interest in supply chain transformation initiatives.”

“This past year also heightened the importance of a resilient, agile enterprise that champions corporate social responsibility and sustainability,” continued Dow. “Our commitment to enabling our customers to create sustainable supply chains that improve lives and the world we live in is at the core of our brand promise. During the last year, our customers entrusted us to provide innovation and services as they faced significant challenges because of the pandemic. We delivered solutions at a record pace, and innovation that has been recognized as industry leading.”

Key fourth quarter and fiscal year 2021 highlights:

Customers & Channels

  • Notable new and existing customers placing orders with the Company in the fourth quarter include: Ashley Furniture Industries, LLC, Black Rifle Coffee Company LLC, Emerson Professional Tools, LLC, Global Resources International, Inc., GOJO Industries, Inc., Hasbro, Inc., Hostess Brands, LLC, Hybrid Promotions LLC, Insmed Incorporated, Kyjen Company, LLC (DBA Outward Hound), La La Land Creative Company LLC, Lacoste Operations, Next Level Apparel, OFS Fitel, LLC, Peet's Coffee, Inc., Petrobras Distribuidor S.A, Premier Farnell UK Limited, Reynolds Consumer Products Company, Rhone Apparel, Inc., Rituals Cosmetics Enterprise B.V., SPARC Group LLC, Under Armour, Inc. and Vitalus Nutrition, Inc.
  • During the quarter, SaaS subscription and/or software license agreements were signed with customers located in the following 9 countries/territories: Brazil, Canada, France, Mexico, Netherlands, Puerto Rico, Sweden, United Kingdom, and United States.
  • Logility, Inc., and Demand Management, Inc., each a subsidiary of the Company, congratulated Clark Mitchell, vice president of demand planning at Kontoor Brands, Inc., Joanna George, director of demand planning, Siemens Healthineers, and the TenCate Geosynthetics Americas team on the selection to the 2021 Supply & Demand Chain Executive Pros to Know.

Company and Technology

  • Logility and Demand Management announced Allan Dow, Anna Palmer, Fred Isenberg, Mark Burstein, Roger Mayerson, and Bill Harrison were named as 2021 Pros to Know by industry publication Supply & Demand Chain Executive. Each is recognized for their commitment to helping shape the digital future of supply chain.
  • Logility announced its positioning as a Leader in the 2021 Gartner Magic Quadrant for Supply Chain Planning Solutions, demonstrating that leading companies around the world entrust the Logility® Digital Supply Chain Platform to deliver better business outcomes through a digital, sustainable supply chain that powers their resilient enterprises.
  • In the quarter, Logility invited attendees to part two of the webcast series, Deliver Better Business Outcomes – Managing Supply Variability, featuring Lora Cecere, founder, Supply Chain Insights. This event explored how to build a more resilient supply chain to quickly respond to shifts in today’s dynamic market.
  • Logility and New Generation Computing, Inc. (NGC), a wholly owned subsidiary of American Software, announced the availability of a digital traceability solution which allows brand owners and retailers to document the chain of custody from component origin to importer of record. During the quarter, United States Customs and Border Protection announced a region-wide withhold release order on cotton products and tomato products produced in China’s Xinjiang Uyghur Autonomous Region. This new solution ensures that companies can prove their imports are free from prohibited materials.
  • Logility announced the company won IDC’s SaaS CSAT Award for Supply Chain Management Customer Satisfaction. Logility scored significantly higher than its peers’ average in areas such as low total cost of ownership (TCO), user experience, high availability, industry specialization, out-of-the-box availability, and availability of training. The announcement highlights Logility’s relentless passion to deliver the highest level of customer service and to ensure its customers around the world can rely on the supply chain innovations the company brings to the market.

About American Software, Inc.

Atlanta-based American Software, Inc. (NASDAQ: AMSWA), through its operating entities, delivers an innovative technical platform with AI-powered capabilities for supply chain management and advanced retail planning that is accelerating digital supply chain optimization from product concept to customer availability. Logility, Inc. is helping large enterprise companies transform their supply chain operations to gain a competitive advantage. Recognized for its high-touch approach to customer service, rapid implementations and industry-leading return on investment (ROI), Logility customers include Big Lots, Husqvarna Group, Parker Hannifin, Sonoco Products and Red Wing Shoe Company. Demand Management, Inc. delivers affordable, easy-to-use supply chain planning solutions designed to increase forecast accuracy, improve customer service and reduce inventory to maximize profits and lower costs. Demand Management serves customers such as Siemens Healthcare, AutomationDirect.com and Newfoundland Labrador Liquor Corporation. New Generation Computing, Inc. powers the digital supply chain to enable apparel brand owners and retailers to maximize revenue and profit by accelerating lead times, streamlining product development, and optimizing sourcing and distribution. NGC customers include Brooks Brothers, Carter’s, Destination XL, Fanatics, Foot Locker, Jockey International, Lacoste and Spanx. The comprehensive American Software supply chain and retail planning portfolio delivered in the cloud includes advanced analytics, supply chain visibility, demand, inventory and replenishment planning, Sales and Operations Planning (S&OP), Integrated Business Planning (IBP), supply and inventory optimization, manufacturing planning and scheduling, retail merchandise and assortment planning and allocation, product lifecycle management (PLM), sourcing management, vendor quality and compliance, and product traceability. For more information about American Software, please visit www.amsoftware.com, call (404) 364-7615 or email kliu@amsoftware.com.

Operating and Non-GAAP Financial Measures

The Company includes operating measures (ACV) and other non-GAAP financial measures (EBITDA, adjusted EBITDA, adjusted net earnings and adjusted net earnings per share) in the summary financial information provided with this press release as supplemental information relating to its operating results. This financial information is not in accordance with, or an alternative for, GAAP-compliant financial information and may be different from the operating or non-GAAP financial information used by other companies. The Company believes that this presentation of ACV, EBITDA, adjusted EBITDA, adjusted net earnings and adjusted net earnings per share provides useful information to investors regarding certain additional financial and business trends relating to its financial condition and results of operations. ACV is a forward-looking operating measure used by management to better understand cloud services (SaaS and other related cloud services) revenue trends within the Company’s business, as it reflects the Company’s current estimate of revenue to be generated under existing customer contracts in the forward 12-month period. EBITDA represents GAAP net earnings adjusted for amortization of intangibles, depreciation, interest income (expense) & other, net, and income tax expense (benefit). Adjusted EBITDA represents GAAP net earnings adjusted for amortization of intangibles, depreciation, interest income (expense) & other, net, income tax expense (benefit) and non-cash stock-based compensation expense.

Forward Looking Statements

This press release contains forward-looking statements that are subject to substantial risks and uncertainties. There are a number of factors that could cause actual results or performance to differ materially from what is anticipated by statements made herein. These factors include, but are not limited to, continuing U.S. and global economic uncertainty and the timing and degree of business recovery; the irregular pattern of the Company’s revenues; dependence on particular market segments or customers; competitive pressures; market acceptance of the Company’s products and services; technological complexity; undetected software errors; potential product liability or warranty claims; risks associated with new product development; the challenges and risks associated with integration of acquired product lines, companies and services; uncertainty about the viability and effectiveness of strategic alliances; the Company’s ability to satisfy in a timely manner all Securities and Exchange Commission (SEC) required filings and the requirements of Section 404 of the Sarbanes-Oxley Act of 2002 and the rules and regulations adopted under that Section; as well as a number of other risk factors that could affect the Company’s future performance. For further information about risks the Company could experience as well as other information, please refer to the Company’s current Form 10-K and other reports and documents subsequently filed with the SEC. For more information, contact: Kevin Liu, American Software, Inc., (626) 657-0013 or email kliu@amsoftware.com.

AMERICAN SOFTWARE, INC.

Consolidated Statements of Operations Information

(In thousands, except per share data, unaudited)

 

Fourth Quarter Ended

Twelve Months Ended

April 30,

April 30,

2021

2020

Pct Chg.

2021

2020

Pct Chg.

Revenues:

Subscription fees

$

8,062

 

$

6,281

 

28

%

$

28,877

 

$

22,033

 

31

%

License fees

 

1,226

 

 

1,063

 

15

%

 

2,993

 

 

7,582

 

(61

%)

Professional services & other

 

10,065

 

 

11,503

 

(13

%)

 

39,616

 

 

42,774

 

(7

%)

Maintenance

 

9,213

 

 

10,426

 

(12

%)

 

39,922

 

 

43,077

 

(7

%)

Total Revenues

 

28,566

 

 

29,273

 

(2

%)

 

111,408

 

 

115,466

 

(4

%)

 

Cost of Revenues:

Subscription services

 

3,117

 

 

2,780

 

12

%

 

11,884

 

 

9,491

 

25

%

License fees

 

405

 

 

829

 

(51

%)

 

1,921

 

 

4,798

 

(60

%)

Professional services & other

 

6,461

 

 

7,983

 

(19

%)

 

29,093

 

 

30,695

 

(5

%)

Maintenance

 

1,922

 

 

1,773

 

8

%

 

7,530

 

 

7,324

 

3

%

Total Cost of Revenues

 

11,905

 

 

13,365

 

(11

%)

 

50,428

 

 

52,308

 

(4

%)

Gross Margin

 

16,661

 

 

15,908

 

5

%

 

60,980

 

 

63,158

 

(3

%)

Operating expenses:

Research and development

 

4,306

 

 

4,431

 

(3

%)

 

17,584

 

 

18,518

 

(5

%)

Less: capitalized development

 

(16

)

 

(473

)

(97

%)

 

(620

)

 

(3,170

)

(80

%)

Sales and marketing

 

5,102

 

 

5,712

 

(11

%)

 

20,304

 

 

21,958

 

(8

%)

General and administrative

 

5,306

 

 

4,532

 

17

%

 

19,139

 

 

19,422

 

(1

%)

Provision for doubtful accounts

 

-

 

 

64

 

-

 

 

-

 

 

97

 

-

 

Amortization of acquisition-related intangibles

 

53

 

 

53

 

0

%

 

212

 

 

285

 

(26

%)

 

Total Operating Expenses

 

14,751

 

 

14,319

 

3

%

 

56,619

 

 

57,110

 

(1

%)

Operating Earnings

 

1,910

 

 

1,589

 

20

%

 

4,361

 

 

6,048

 

(28

%)

Interest Income(Expense) & Other, Net

 

1,765

 

 

(1,465

)

nm

 

4,487

 

 

750

 

498

%

Earnings Before Income Taxes

 

3,675

 

 

124

 

2864

%

 

8,848

 

 

6,798

 

30

%

Income Tax Expense/ (Benefit)

 

623

 

 

(421

)

nm

 

759

 

 

56

 

1255

%

Net Earnings

$

3,052

 

$

545

 

460

%

$

8,089

 

$

6,742

 

20

%

Earnings per common share: (1)

Basic

$

0.09

 

$

0.02

 

350

%

$

0.25

 

$

0.21

 

19

%

Diluted

$

0.09

 

$

0.02

 

350

%

$

0.24

 

$

0.21

 

14

%

 

Weighted average number of common shares outstanding:

Basic

 

32,788

 

 

32,165

 

 

32,559

 

 

31,747

 

Diluted

 

33,685

 

 

32,688

 

 

33,169

 

 

32,367

 

 

nm- not meaningful

AMERICAN SOFTWARE, INC.

NON-GAAP MEASURES OF PERFORMANCE

(In thousands, except per share data, unaudited)

 

Fourth Quarter Ended

Twelve Months Ended

April 30,

April 30,

2021

2020

Pct Chg.

2021

2020

Pct Chg.

NON-GAAP Operating Earnings:

Operating Earnings (GAAP Basis)

$

1,910

 

$

1,589

 

20

%

$

4,361

 

$

6,048

 

(28

%)

Amortization of acquisition-related intangibles

 

53

 

 

311

 

(83

%)

 

772

 

 

1,600

 

(52

%)

Stock-based compensation

 

645

 

 

517

 

25

%

 

2,546

 

 

2,027

 

26

%

NON-GAAP Operating Earnings:

 

2,608

 

 

2,417

 

8

%

 

7,679

 

 

9,675

 

(21

%)

 

Non-GAAP Operating Earnings, as a % of revenue

 

9

%

 

8

%

 

7

%

 

8

%

 
 

Fourth Quarter Ended

Twelve Months Ended

April 30,

April 30,

2021

2020

Pct Chg.

2021

2020

Pct Chg.

NON-GAAP EBITDA:

Net Earnings (GAAP Basis)

$

3,052

 

$

545

 

460

%

$

8,089

 

$

6,742

 

20

%

Income Tax Expense/ (Benefit)

 

623

 

 

(421

)

nm

 

759

 

 

56

 

1255

%

Interest Income(Expense) & Other, Net

 

(1,765

)

 

1,465

 

nm

 

(4,487

)

 

(750

)

498

%

Amortization of intangibles

 

1,011

 

 

1,637

 

(38

%)

 

4,987

 

 

7,471

 

(33

%)

Depreciation

 

158

 

 

156

 

1

%

 

623

 

 

632

 

(1

%)

EBITDA (earnings before interest, taxes, depreciation and amortization)

 

3,079

 

 

3,382

 

(9

%)

 

9,971

 

 

14,151

 

(30

%)

 

Stock-based compensation

 

645

 

 

517

 

25

%

 

2,546

 

 

2,027

 

26

%

Adjusted EBITDA

$

3,724

 

$

3,899

 

(4

%)

$

12,517

 

$

16,178

 

(23

%)

 

EBITDA, as a percentage of revenues

 

11

%

 

12

%

 

9

%

 

12

%

 

Adjusted EBITDA, as a percentage of revenues

 

13

%

 

13

%

 

11

%

 

14

%

 
 

Fourth Quarter Ended

Twelve Months Ended

April 30,

April 30,

2021

2020

Pct Chg.

2021

2020

Pct Chg.

NON-GAAP EARNINGS PER SHARE:

Net Earnings (GAAP Basis)

$

3,052

 

$

545

 

460

%

$

8,089

 

$

6,742

 

20

%

Amortization of acquisition-related intangibles (2)

 

40

 

 

267

 

(85

%)

 

631

 

 

1,385

 

(54

%)

Stock-based compensation (2)

 

490

 

 

443

 

11

%

 

2,079

 

 

1,752

 

19

%

Adjusted Net Earnings

$

3,582

 

$

1,255

 

185

%

$

10,799

 

$

9,879

 

9

%

 

Adjusted non-GAAP diluted earnings per share

$

0.11

 

$

0.04

 

175

%

$

0.33

 

$

0.31

 

6

%

 

Fourth Quarter Ended

Twelve Months Ended

April 30,

April 30,

2021

2020

Pct Chg.

2021

2020

Pct Chg.

NON-GAAP Earnings Per Share

Net Earnings (GAAP Basis)

$

0.09

 

$

0.02

 

350

%

$

0.24

 

$

0.21

 

14

%

Amortization of acquisition-related intangibles (2)

 

-

 

 

0.01

 

nm

 

0.02

 

 

0.05

 

(60

%)

Stock-based compensation (2)

 

0.02

 

 

0.01

 

100

%

 

0.07

 

 

0.05

 

40

%

Adjusted Net Earnings

 

0.11

 

$

0.04

 

175

%

 

0.33

 

$

0.31

 

6

%

 
 

Fourth Quarter Ended

Twelve Months Ended

April 30,

April 30,

2021

2020

Pct Chg.

2021

2020

Pct Chg.

Amortization of acquisition-related intangibles

Cost of license

$

-

 

$

258

 

(100

%)

$

560

 

$

1,315

 

(57

%)

Operating expenses

 

53

 

 

53

 

0

%

 

212

 

 

285

 

(26

%)

Total amortization of acquisition-related intangibles

$

53

 

$

311

 

(83

%)

$

772

 

$

1,600

 

(52

%)

 

Stock-based compensation

Cost of revenues

$

37

 

$

43

 

(14

%)

$

140

 

$

137

 

2

%

Research and development

 

52

 

 

41

 

27

%

 

182

 

 

158

 

15

%

Sales and marketing

 

46

 

 

51

 

(10

%)

 

303

 

 

311

 

(3

%)

General and administrative

 

510

 

 

382

 

34

%

 

1,921

 

 

1,421

 

35

%

Total stock-based compensation

$

645

 

$

517

 

25

%

$

2,546

 

$

2,027

 

26

%

 
 

(1) - Basic per share amounts are the same for Class A and Class B shares. Diluted per share amounts for Class A shares are shown above. Diluted per share for Class B shares under the two-class method are $0.09 and $0.25 for the three and twelve months ended April 30, 2021, respectively. Diluted per share for Class B shares under the two-class method are $0.02 and $0.22 for the three and twelve months ended April 30, 2020, respectively.

(2) - Tax affected using the effective tax rate excluding a discrete item related to excess tax benefit for stock options for the three and twelve month periods ended April 30, 2021 of 24.0% and 18.3% and 14.3% and 13.5% for the three and twelve month periods ended April 30, 2020, respectively.

nm- not meaningful

AMERICAN SOFTWARE, INC.

Consolidated Balance Sheet Information

(In thousands)

(Unaudited)

April 30,

April 30,

 

2021

2020

 

 

 

Cash and Cash Equivalents

$

88,658

 

$

79,814

 

 

Short-term Investments

 

16,006

 

 

14,161

 

 

Accounts Receivable:

 

Billed

 

24,438

 

 

22,582

 

 

Unbilled

 

2,201

 

 

2,425

 

 

Total Accounts Receivable, net

 

26,639

 

 

25,007

 

 

Prepaids & Other

 

5,320

 

 

6,684

 

 

Current Assets

 

136,623

 

 

125,666

 

 

 

Investments - Non-current

 

-

 

 

701

 

 

 

PP&E, net

 

3,428

 

 

3,373

 

 

Capitalized Software, net

 

4,767

 

 

8,362

 

 

Goodwill

 

25,888

 

 

25,888

 

 

Other Intangibles, net

 

360

 

 

1,132

 

 

Deferred Sales Commissions - Non-current

 

2,474

 

 

2,177

 

 

Lease Right of Use Assets

 

1,454

 

 

2,053

 

 

Other Non-current Assets

 

2,163

 

 

1,941

 

 

Total Assets

$

177,157

 

$

171,293

 

 

 

Accounts Payable

$

1,732

 

$

1,643

 

 

Accrued Compensation and Related costs

 

6,129

 

 

6,635

 

 

Dividend Payable

 

3,615

 

 

3,547

 

 

Operating Lease Obligation - Current

 

739

 

 

763

 

 

Other Current Liabilities

 

1,307

 

 

643

 

 

Deferred Revenues - Current

 

37,142

 

 

34,227

 

 

Current Liabilities

 

50,664

 

 

47,458

 

 

 

Operating Lease Obligation - Non-current

 

821

 

 

1,424

 

 

Deferred Tax Liability - Non-current

 

2,627

 

 

2,897

 

 

Other Long-term Liabilities

 

654

 

 

92

 

 

Long-term Liabilities

 

4,102

 

 

4,413

 

 

 

Total Liabilities

 

54,766

 

 

51,871

 

 

 

Shareholders' Equity

 

122,391

 

 

119,422

 

 

 

 

 

Total Liabilities & Shareholders' Equity

$

177,157

 

$

171,293

 

 

 

 

 

 

 

 

 

AMERICAN SOFTWARE, INC.

Condensed Consolidated Cashflow Information

(In thousands)

(Unaudited)

 

Twelve Months Ended

 

April 30,

 

2021

2020

 

 

Net cash provided by operating activities

$

17,756

 

$

25,982

 

 

 

Capitalized computer software development costs

 

(620

)

 

(3,170

)

 

Purchases of property and equipment, net of disposals

 

(678

)

 

(420

)

 

 

Net cash used in investing activities

 

(1,298

)

 

(3,590

)

 

 

Dividends paid

 

(14,311

)

 

(13,938

)

 

Proceeds from exercise of stock options

 

6,697

 

 

10,072

 

 

 

Net cash used in financing activities

 

(7,614

)

 

(3,866

)

 

 

Net change in cash and cash equivalents

 

8,844

 

 

18,526

 

 

Cash and cash equivalents at beginning of period

 

79,814

 

 

61,288

 

 

 

Cash and cash equivalents at end of period

$

88,658

 

$

79,814

 

 

 

Contacts

Financial Information Press Contact:

Vincent C. Klinges

Chief Financial Officer

American Software, Inc.

(404) 264-5477

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