Investor Relations
Asure Software to Present at Philadelphia Securities Association Event
AUSTIN, Texas (April 19, 2012) -- Asure Software, Inc. (Nasdaq:ASUR), a leading provider of workplace management software solutions, announced today that its Chief Financial Officer David Scoglio will present at the Philadelphia Securities Association event on Monday, April 23, 2012 at the Union League of Philadelphia.
The schedule includes a luncheon followed by the presentation, which begins at 12:20 p.m. local time. For more information about the Philadelphia Securities Association luncheon meetings, please visit http://philasecurities.com/luncheon_meetings.html.
About Asure Software
Asure Software, Inc. (NASDAQ-CM: ASUR), headquartered in Austin, Texas, offers intuitive and innovative technologies that enable companies of all sizes and complexities to operate more efficiently. The company ensures a high-performing work environment by integrating its "keep it simple" solutions and expertise to more than 3,500 clients worldwide. Asure Software’s suite of solutions range from time and attendance workforce management solutions to asset optimization and meeting room management. For more information, please visit www.asuresoftware.com.
For more information contact:
David Scoglio, CFO
Asure Software, Inc.
512-437-2732
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Asure Software Announces New Time and Labor Management Platform
New SaaS platform delivers technology improvements for better client experience
AUSTIN, Texas (April 20, 2012) -- Asure Software, Inc. (NASDAQ-CM: ASUR), a leading provider of workplace management software, today announced that it is releasing its new AsureForceTM time and labor management SaaS solution, and updated corporate branding.
“We are very excited about the release of AsureForce,” said Pat Goepel, Asure's Chief Executive Officer. “This cloud-based solution is the latest demonstration of our focus on innovation and client needs. The new platform provides new functionalities requested by our partners and clients, and it will prove to be a successful growth tool in the market.”
The AsureForce product platform takes advantage of the latest Web technology to deliver a leading cloud-based solution to the market. Improved functionality around scheduling, rules and reports are combined with an intuitive user interface, which improves the solution’s capability to increase workplace efficiencies. The product is expected to go live during the second quarter of this year.
"Our top priority is delivering the best technology that enables our partners to improve workplace efficiencies for all clients," said Steven Rodriguez, Asure’s Chief Operating Officer. “In fact, we also refreshed our brand to better reflect our vision of an innovative technology company. Our recent article in American Payroll Magazine is a good example of how we have successfully changed our corporate culture to better support our business and clients.” Access the article here: http://legacy.americanpayroll.org/pdfs/pt12c/c1112.PDF
“The AsureForce release demonstrates our corporate mission to deliver innovative technology with the passion to empower every client's workplace and the commitment to make their workdays easier,” said Goepel. “Our entire team – from sales and client support to product and development – is committed to the new platform’s success and we look forward to seeing how it will benefit our clients.”
About Asure Software
Asure Software, Inc. (NASDAQ-CM: ASUR), headquartered in Austin, Texas, offers intuitive and innovative technologies that enable companies of all sizes and complexities to operate more efficiently. The company ensures a high-performing work environment by integrating its "keep it simple" solutions and expertise to more than 3,500 clients worldwide. Asure Software’s suite of solutions range from time and attendance workforce management solutions to asset optimization and meeting room management. For more information, please visit www.asuresoftware.com.
For more information contact:
David Scoglio, CFO
Asure Software, Inc.
512-437-2732
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.
Asure Software Certifies Safe Harbor Compliance
Company Meets European Union and Swiss Standards for Data and Privacy Protection
AUSTIN, Texas (Feb. 24, 2012) -- Asure Software, Inc. (NASDAQ-CM: ASUR), a leading provider of workplace management software, today announced that it has self-certified compliance with the U.S. Department of Commerce’s U.S.-European Union (EU) and U.S.-Swiss Safe Harbor frameworks.
The European Commission’s Directive on Data Protection, established in 1998, prohibits the transfer of personal data to nations that do not meet the EU’s “adequacy” standard for privacy protection. In consultation with the Commission, the U.S. Commerce department created the Safe Harbor framework to help U.S.-based companies verify and represent that they meet the EU standard. Self-certification and participation in the Safe Harbor framework is entirely voluntary.
The U.S.-Swiss Safe Harbor Framework, which was approved by Switzerland in 2009, is an important way for U.S. organizations to avoid experiencing interruptions in their business dealings with Switzerland or facing prosecution by Swiss authorities under Swiss privacy law. Self-certifying to the U.S.-Swiss Safe Harbor Framework ensures Swiss organizations that the certified organization provides "adequate" privacy protection, as defined by Swiss law.
“Asure Software is very excited to be part of the U.S.-EU and U.S.-Swiss Safe Harbor programs,” said Pat Goepel, Asure's Chief Executive Officer. “These certifications enable us to more effectively do business globally and fit into our organic growth plans for 2012. It also provides our international clients another level of assurance as our market continues to expand.”
Benefits of Safe Harbor include:
- Companies participating in the Safe Harbor will be deemed adequate and data flows to those companies will continue;
- Requirements for prior approval of data transfers either will be waived or approval will be automatically granted; and
- Claims brought by European and Swiss citizens against U.S. companies will be heard in the United States subject to limited exceptions.
More information about the Safe Harbor program is available at http://export.gov/safeharbor/index.asp.
About Asure Software
Asure Software, Inc. (NASDAQ-CM: ASUR), headquartered in Austin, Texas, offers intuitive and innovative technologies that enable companies of all sizes and complexities to operate more efficiently. The company ensures a high-performing work environment by integrating its "keep it simple" solutions and expertise to more than 3,500 clients worldwide. Asure Software’s suite of solutions range from time and attendance workforce management solutions to asset optimization and meeting room management. For more information, please visit www.asuresoftware.com.
For more information contact:
David Scoglio, CFO
Asure Software, Inc.
512-437-2732
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.
Asure Software Reports First Quarter Results
AUSTIN, Texas (May 15, 2012) -- Asure Software, Inc. (NASDAQ:ASUR), a leading provider of workplace management software, announced results for the first quarter ended March 31, 2012.
First quarter results, excluding one-time items and mark to market, included earnings of $0.03 per share and EBITDA of $776,000.
One-time items contributed ($0.21) per share. Acquisition-related legal and professional services, site consolidation and other one-time expenses related to Asure’s acquisitions of ADI Time and Legiant amounted to $310,000, or ($0.07) per share. Mark to market charges related to the conversion of $1.15 million of convertible debt during the first quarter contributed $664,000, or ($0.14) per share.
Asure recently split the company's common stock on a 3-for-2 basis, in the form of a 50% stock dividend. This split went into effect on May 1, 2012.
KEY FACTS FOR Q1:
First quarter revenue was $4.15M, a 14% increase over the prior quarter, and a 76% increase over the first quarter of 2011. The $0.5 million sequential increase was largely driven by the full quarter effect of the acquisition of Legiant, which occurred late in the fourth quarter of 2011. Asure’s recurring revenue as a percentage of overall revenue increased one point to 76%, including acquisitions. Gross margins held steady at 75% sequentially.
“We are pleased with our financial results for the first quarter of 2012 as we continued to execute our strategy of growth through cloud based solutions.” commented Pat Goepel, Asure Software’s Chief Executive Officer. “Our strong cloud bookings growth of 80% sequentially confirms the continued adoption of the Asure Software workplace management solutions. These solutions put us in a unique position as corporations take advantage of cloud-based applications for their business infrastructure.”
David Scoglio, Asure’s Chief Financial Officer added, “Asure posted a strong first quarter financially as EBITDA, cash growth and revenue fell within published guidance. Deferred revenue grew marginally over last quarter as well. Additionally, we are happy to report that $1.15 million in convertible debt was converted to equity in the first quarter. Not only does this relieve us of future cash interest and principal, but we were able to modify the remaining $.35 million of convertible debt to avoid the necessity of a separate accounting requirement in the future. In the first quarter, we took a one time P&L charge of $664,000 related to this conversion and modification. The conversion also substantially boosted our owner’s equity which ended the quarter at $3.5M.” Quarterly guidance for the year is listed below.
| 2012 Guidance $000s, except for EPS |
|||||
|
Acutal
|
Guidance
|
||||
|
Q1' 12
|
Q2 '12
|
Q3 '12
|
Q4 '12
|
FY '12
|
|
|
Revenue
|
4,153
|
4,100 - 4,200
|
4,490 - 4,590
|
5,060 - 5,260
|
17,800 - 18,200
|
|
EBITDA Gain,
excl. 1 time items |
776
|
740 - 840
|
880 - 980
|
1,410 - 1,610
|
3,800 - 4,200
|
|
EPS, excl. 1 time items
|
$0.03
|
$0.01 - $0.03
|
$0.04 - $0.06
|
$0.16 - $0.20
|
$0.24 - $0.32
|
|
Free Cash Flow
|
564
|
500 - 600
|
650 - 750
|
1,100 - 1,300
|
2,800 - 3,200
|
Conference Call Details
Asure will follow this announcement with a conference call for the investment community on Tuesday May 15, at 11:00 a.m. EDT, (10:00 a.m. CDT) to further discuss the quarter and outlook. Participating in the call will be Pat Goepel, Chief Executive Officer and David Scoglio, Chief Financial Officer. To participate, dial (877) 853-5636 ten minutes before the call begins. International callers should dial (631) 291-4544. The conference ID for all callers is 78407380.
Investors, analysts, media and the general public will also have the opportunity to listen to the conference call in listen-only mode via the Internet by visiting the investor relations page of Asure's web site at www.asuresoftware.com. To monitor the live call, please visit the web site at least ten minutes early to register, download and install any necessary audio software. For those who cannot listen to the live broadcast, an archived replay will be available shortly after the call at http://investor.asuresoftware.com/
About Asure Software
Asure Software, Inc. (Nasdaq:ASUR), is headquartered in Austin, Texas. Asure Software's intuitive and innovative technologies enable companies of all sizes and complexities to operate more efficiently. Simply put, we turbocharge your workplace by stimulating your workforce and maximizing your company’s resources while eliminating waste out of employee's workflow.
Asure Software’s number one priority is to delight our clients and support their change initiatives. We ensure a high-performing work environment by integrating our "keep it simple" solutions and expertise to over 3,500 plus clients worldwide. Asure Software’s suite of solutions range from time and attendance workforce management solutions to asset optimization and meeting room management. For more information, please visit www.asuresoftware.com
The Asure Software, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=11986
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:
Statements in this press release regarding Asure's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. Such risks and uncertainties could cause actual results to differ from those contained in the forward-looking statements.
*Non-GAAP Financial Measures
This press release includes the following financial measures defined as a non-GAAP financial measure by the Securities and Exchange Commission: EBITDA and GAAP Net Income/(Loss) excluding one-time items. These supplemental financial measures are not required by GAAP, nor are the presentation of this financial information intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management recognizes that non-GAAP financial measures have limitations in that they do not reflect all of the items associated with Asure's earnings results as determined in accordance with GAAP. However, for the reasons described below, management uses these non-GAAP measures to evaluate the performance of Asure's business. Asure's management believes that it is important to provide investors with these same tools, together with reconciliation to GAAP, for evaluating the performance of Asure's business, as it may provide additional insight into Asure's financial results. See the “Reconciliation of GAAP Net Income/(Loss) to Earnings Before Interest, Taxes, Depreciation, Amortization and Stock Compensation Expense (EBITDA)” and the “Reconciliation of GAAP Net Income/(Loss) to Net Earnings Excluding One-Time Items” tables included in this press release for further information regarding these non-GAAP financial measures. In addition, these measures are presented because management believes they are frequently used by securities analysts, investors and others in the evaluation of companies.
EBITDA is calculated by adding income taxes, interest expense, depreciation and amortization and stock compensation expense to net earnings, EBITDA is not defined under GAAP and should not be considered in isolation or as a substitute for net earnings and other consolidated earnings data prepared in accordance with GAAP or as a measure of Asure's profitability.
Net Earnings Excluding One-Time Items is calculated by combining the company’s GAAP Net Earnings, or earnings per share, with items that are one time in nature and are not expected to recur on a dollar or per share basis.
Free Cash Flow is computed by subtracting capital expenditures from cash flow from operations, each as determined in accordance with GAAP and as reflected in the statement of cash flows.
| Reconciliation of GAAP Net Earnings to Net Earnings Excluding 1-Time Items and GAAP Net Earnings excluding Mark to Market |
||
| $000s | 2012 | 2011 |
| Net Gain/(Loss) | (847) | (60) |
| Legal & Professional Services | 245 | 0 |
| Severance & Recruitment | 37 | 0 |
| Interest - Mark to Market | 465 | 0 |
| Loss on Coversion of Debt | 199 | 0 |
| Other 1-Time Items (net) | 28 | 56 |
| sub-total excl. Mark to Market | 509 | 56 |
| Total 1 Time Costs | 974 | 56 |
| Net Gain Excl. 1 Time Items | 127 | (4) |
| Reconciliation of GAAP Net Earnings to Earnings Before Interest, Taxes, Depreciation, Amortization and Stock Compensation Expense (EBITDA) and EBITDA Gain Excluding 1 Time Costs | |||
| FOR THE THREE MONTHS ENDING |
March 31, 2012
|
March 31, 2011
|
Inc/Dec
|
| $000s | |||
| Net Gain/(Loss) |
(847)
|
(60)
|
(787)
|
| Interest |
190
|
10
|
180
|
| Interest - Mark to Market |
465
|
0
|
465
|
| Tax |
45
|
9
|
36
|
| Depreciation |
47
|
43
|
4
|
| Amortization |
357
|
194
|
163
|
| Stock Compensation |
10
|
15
|
(5)
|
| EBITDA Gain |
267
|
211
|
56
|
| 1 Time Costs excl. MTM & 1 Time Taxes |
509
|
56
|
453
|
| EBITDA Gain excl. 1 Time Items |
776
|
267
|
509
|
|
ASURE SOFTWARE, INC.
|
||
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
||
|
(Amounts in thousands, except per share data)
|
||
|
(Unaudited)
|
||
|
March 31,
|
December 31,
|
|
|
2012
|
2011
|
|
| ASSETS | ||
| Current Assets: | ||
| Cash and equivalents |
$ 1,189
|
$ 1,067
|
|
Accounts receivable, net of allowance for doubtful accounts of $56 and $19 at |
1,491
|
1,483
|
| Notes receivable |
73
|
96
|
| Inventory |
113
|
116
|
| Prepaid expenses and other current assets |
285
|
338
|
| Total Current Assets |
3,151
|
3,100
|
| Property and equipment, net |
397
|
414
|
| Intangible assets, net |
5,950
|
6,307
|
| Goodwill |
6,259
|
6,264
|
| Other |
6
|
|
| Total Assets |
$ 5,704
|
$ 5,836
|
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current Liabilities: | ||
| Line of credit |
$ 500
|
$ 500
|
| Current portion of notes payable |
100
|
349
|
| Accounts payable |
1,234
|
1,097
|
| Accrued compensation and benefits |
160
|
141
|
| Other accrued liabilities |
551
|
536
|
| Deferred revenue |
4,860
|
4,792
|
| Total Current Liabilities |
7,405
|
7,415
|
| Long-term liabilities: | ||
| Deferred revenue |
166
|
169
|
| Subordinated notes payable |
4,350
|
4,323
|
| Subordinated convertible notes payable |
296
|
1,247
|
| Derivative liability |
-
|
835
|
| Other long-term obligations |
30
|
32
|
| Total Long-term Liabilities |
4,842
|
6,606
|
| Stockholders' Equity: | ||
| Preferred stock, $.01 par value; 1,500 shares authorized; none issued or outstanding |
—
|
—
|
|
Common stock, $.01 par value; 6,500 shares authorized; 5,365 and 5,014 shares issued; 4,981 and 4,630 shares outstanding at March 31, 2012 and December 31, 2011, respectively |
336
|
334
|
| Treasury stock at cost, 384 shares at March 31, 2012 and December 31, 2011 |
(5,017)
|
(5,017)
|
| Additional paid-in capital |
273,334
|
271,065
|
| Accumulated deficit |
(265,037)
|
(264,190)
|
| Accumulated other comprehensive loss |
(100)
|
(128)
|
| Total Stockholders' Equity |
3,516
|
2,064
|
| Total Liabilities and Stockholders' Equity |
$ 15,763
|
$ 16,085
|
|
The notes in the Company’s forthcoming 10-Q are an integral part of these condensed consolidated financial statements. |
||
|
ASURE SOFTWARE, INC.
|
||
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
||
|
(Amounts in thousands, except per share data)
|
||
|
FOR THE
THREE MONTHS ENDED MARCH 31, |
||
|
2012
|
2011
|
|
| Revenues |
$ 4,153
|
$ 2,357
|
| Cost of sales |
(1,046)
|
(440)
|
| Gross Margin |
3,107
|
1,917
|
| Operating Expenses | ||
| Selling, general and administrative |
2,135
|
1,401
|
| Research and development |
591
|
391
|
| Amortization of intangible assets |
292
|
149
|
| Total operating expenses |
3,018
|
1,941
|
| Income (Loss) From Operations |
89
|
(24)
|
| Other Income (Expenses) | ||
| Interest income |
1
|
2
|
| (Loss) on disposal of assets |
(10)
|
--
|
| (Loss) on Debt Conversion |
(199)
|
--
|
| Foreign currency translation loss |
(28)
|
(21)
|
| Interest expense — amortization of OID and derivative mark-to-market |
(535)
|
--
|
| Interest expense and other |
(120)
|
(8)
|
| Total Other Expense |
(891)
|
(27)
|
| Loss From Operations before Income Taxes |
(802)
|
(51)
|
| Income Tax Expense |
(45)
|
(9)
|
| Net Loss |
$ (847)
|
$ (60)
|
| Basic and Diluted Loss Per Share |
$ (0.18)
|
$ (0.01)
|
| Shares Used in Computing Basic and Diluted Loss Per Share |
4,699
|
4,627
|
| The notes in the Company’s forthcoming 10-Q are an integral part of these condensed consolidated financial statements. | ||
For more information contact:
David Scoglio, CFO
Asure Software, Inc.
512-437-2732
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.
Jon Cunningham
RedChip Companies, Inc.
Tel: +1-800-733-2447, Ext. 107
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http://www.redchip.com
Asure Software to Present at the RedChip Small-Cap Equities Virtual Conference
AUSTIN, Texas (Feb. 14, 2012) – Asure Software, Inc. (Nasdaq:ASUR), a leading provider of workforce management software solutions, announced today that CEO Pat Goepel will present at the RedChip Small-Cap Equities Virtual Conference. The Company’s presentation will be webcast live at http://www.redchip.com on February 16, 2012, beginning at 2:30 p.m. Eastern time.
Asure Software will deliver a 30-minute corporate presentation. Investors will have the opportunity to speak with Company executives during a 15-minute question-and-answer session following the presentation.
To register for the conference, please visit http://www.redchip.com/virtualconference.
About Asure Software
Asure Software, Inc. (NASDAQ-CM: ASUR), headquartered in Austin, Texas, offers intuitive and innovative technologies that enable companies of all sizes and complexities to operate more efficiently. The company ensures a high-performing work environment by integrating its "keep it simple" solutions and expertise to more than 3,500 clients worldwide. Asure Software’s suite of solutions range from time and attendance workforce management solutions to asset optimization and meeting room management. For more information, please visit www.asuresoftware.com.
Contact:
David Scoglio, CFO
Asure Software, Inc.
512-437-2732
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.