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 first quarter of fiscal year 2012 ended September 30, 2011.
For its first fiscal quarter ended September 30, 2011, Rand Worldwide, Inc. reported revenues of $21.9 million as compared with $16.8 million in the same quarter for the prior fiscal year. The Company’s overall gross margin percentage was 43.3%, an increase over the 41.9% from the same quarter in the prior year. Total selling, general and administrative expenses were $8.5 million and the Company reported net income of $402,000, or $0.01 per fully diluted share, compared to a loss of $2.2 million, or $(0.06) per fully diluted share for the same quarter in the prior year.
Lawrence Rychlak, president and chief financial officer, commented, “While our revenues were somewhat less than our expectations, we are still pleased to report continued profitable operations and almost $1 million of EBITDA for the quarter. We remain optimistic about the future and we don’t believe that these results reflect an ongoing trend in our markets as we experienced very robust sales shortly after the close of the quarter.”
“Our first quarter results were satisfying and clearly highlighted the success of our international operations through the demonstration of significant revenue increases within these regions,” said Marc Dulude, chief executive officer. “We have invested in increasing our sales presence across our Australian, Malaysian and Singaporean locations and have seen a direct, positive impact on our revenue from that action. In addition, our Autodesk business relationships have strengthened and we have received authorization to sell additional products from these international locations which also contributes to revenue growth. We look forward to leveraging this global momentum in the coming quarters.”
Conference call details
Rand Worldwide will hold a conference call to discuss its first quarter results at 11:00 am ET on Monday November 14, 2011. The dial-in numbers for the conference call are 1 (866) 383-8003 (domestic) or 1 (617) 597-5330 (International), and enter the passcode (32926197). 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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