Rand Worldwide, Inc, a global provider of technology solutions to organizations with engineering design and information technology requirements, announces its financial results for the fourth quarter and full year ended June 30, 2011.
For its fiscal year ended June 30, 2011, Rand Worldwide, Inc. reported revenues of $89.2 million and net income of $1.8 million, or $0.03 per fully diluted share. In addition, full year earnings before interest, taxes, depreciation and amortization (EBITDA) were $4.7 million. The Company noted that the results of its operations included approximately $1.9 million in one-time costs associated with the August 2010 merger of Avatech Solutions, Inc. and Rand Worldwide, Inc., and that due to the required accounting and reporting of the merged company, comparisons with prior periods are not very meaningful.
For its fourth fiscal quarter, the Company earned revenues of $23.3 million and net income of $661,000, or $0.01 per fully diluted share. For the three months ended June 30, 2011, the Company reported gross margin of $10.9 million, or 46.9% of revenues, and EBITDA of $1.4 million.
Lawrence Rychlak, president and chief financial officer, commented, “We are very pleased that during the past fiscal year, despite the challenges of integrating the operations of Avatech and Rand Worldwide, we were able to deliver solid financial results that exceeded our own lofty expectations which have laid a strong foundation for our future. Now that those merger efforts are complete, we are focusing on our ongoing strategic initiatives to increase shareholder value.”
“2011 was a great year for Rand Worldwide, capped by excellent year end results,” said Marc Dulude, chief executive officer. “In addition to the great results of the IMAGINiT Technologies operations, our core Autodesk business, our investments in the data archiving space through our Rand Secure Archive division continue to pay off as we add new customers in both our traditional markets as well as beyond.”
Conference call details
Rand Worldwide will hold a conference call to discuss its fourth quarter and full year 2011 results at 11:00 am ET on Wednesday September 28, 2011. The dial-in numbers for the conference call are 1 (866) 831-6267 (domestic) or 1 (617) 213-8857 (International), and enter the passcode (45208246). A live, listen-only Webcast of the conference call will be available to all investors in the Investor Relations section of the Company's Web site.
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