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American Software Reports Fourth Quarter and Fiscal Year 2024 Results

Transformative Actions Taken in Fiscal 2024

Subscription Fee Growth of 8% and 10% in Q4 and Fiscal 2024

American Software, Inc. (NASDAQ: AMSWA) today reported preliminary financial results for the fourth quarter and fiscal year 2024. During the second quarter of fiscal year 2024, we divested our non-core information technology staffing firm, The Proven Method and its results are included in discontinuing operations.

“Fiscal 2024 was a pivotal year for our company, as we divested several non-core assets, introduced next-generation AI-first supply chain planning solutions, and reached a definitive agreement to eliminate our dual class structure,” said Allan Dow, CEO and President of American Software. “As we enter fiscal 2025, our pipeline has expanded meaningfully, thanks in part to increasing client interest in cloud conversions to realize the benefits of our new AI capabilities. Although we expect the rising demand for our solutions to accelerate subscription fee growth, our fiscal 2025 guidance assumes that ongoing macroeconomic headwinds will continue to weigh on customer spending decisions in the near-term.”

Fiscal Year 2025 Financial Outlook from Continuing Operations:

  • Total revenues of $104.0 million to $108.0 million, including total recurring revenues of $87.0 million to $89.0 million.
  • Adjusted EBITDA of $15.0 million to $16.4 million.

Key Fourth Quarter Financial Highlights from Continuing Operations:

  • Subscription fees were $14.1 million for the quarter ended April 30, 2024, an 8% increase compared to $13.0 million for the same period last year.
  • Total revenues for the quarter ended April 30, 2024 decreased 5% to $25.4 million, compared to $26.8 million for the same period of the prior year, principally due to a decline in license fee, services and maintenance fee revenue.
  • Recurring revenue streams for Maintenance and Subscriptions were $21.5 million or 85% of total revenues in the quarter ended April 30, 2024 compared to $21.2 million or 79% of total revenues in the same period of the prior year.
  • Maintenance revenues for the quarter ended April 30, 2024 decreased 9% to $7.4 million compared to $8.2 million for the same period last year partially due to the divestiture of the Transportation group in November, 2023 and client conversions to the cloud.
  • Professional services and other revenues for the quarter ended April 30, 2024 decreased 23% to $3.7 million for the quarter ended April 30, 2024 compared to $4.8 million for the same period last year. The decline was primarily driven by lower than expected seasonal project work and outsourcing of some services to systems integrators and other service providers.
  • Software license revenues were $0.2 million for the quarter ended April 30, 2024 compared to $0.7 million in the same period last year, continuing the focus on cloud services sales.
  • Operating earnings for the quarter ended April 30, 2024 were $0.7 million compared to $2.2 million for the same period last year.
  • GAAP net earnings from continuing operations for the quarter ended April 30, 2024 were $2.3 million or $0.07 per fully diluted share compared to $2.9 million or $0.09 per fully diluted share for the same period last year.
  • Adjusted net earnings from continuing operations for the quarter ended April 30, 2024, which excludes non-cash stock-based compensation expense and amortization of acquisition-related intangibles, were $4.0 million or $0.12 per fully diluted share compared to $4.2 million or $0.12 per fully diluted share for the same period last year.
  • EBITDA from continuing operations was $1.5 million for the quarter ended April 30, 2024 compared to $3.0 million for the same period last year.
  • Adjusted EBITDA from continuing operations was $3.1 million for the quarter ended April 30, 2024 compared to $4.3 million for the same period last year. Adjusted EBITDA represents GAAP net earnings adjusted for amortization of intangibles, depreciation, interest income & other, net, income tax expense and non-cash stock-based compensation expense.

Key Fiscal 2024 Financial Highlights from Continuing Operations:

  • Subscription fees were $55.3 million for the twelve months ended April 30, 2024, a 10% increase compared to $50.4 million for the same period last year, while Software license revenues were $1.0 million compared to $2.8 million for the same period last year.
  • Total revenues for the twelve months ended April 30, 2024 decreased 5% to $102.5 million compared to $108.3 million for the same period last year.
  • Recurring revenue streams for Maintenance and Cloud Services were $86.7 million and $85.0 million or 85% and 78% of total revenues for the twelve-month periods ended April 30, 2024 and 2023, respectively.
  • Maintenance revenues for the twelve months ended April 30, 2024 were $31.4 million, a 9% decrease compared to $34.6 million for the same period last year.
  • Professional services and other revenues for the twelve months ended April 30, 2024 decreased 28% to $14.8 million compared to $20.5 million for the same period last year. The decline was primarily driven by lower project work and outsourcing of some services to systems integrators and other service providers.
  • For the twelve months ended April 30, 2024, the Company reported continuing operating earnings of approximately $4.1 million compared to $9.9 million for the same period last year.
  • GAAP net earnings from continuing operations were approximately $9.7 million or $0.29 per fully diluted share for the twelve months ended April 30, 2024 compared to $10.0 million or $0.29 per fully diluted share for the same period last year.
  • Adjusted net earnings from continuing operations for the twelve months ended April 30, 2024, which exclude stock-based compensation expense and amortization of acquisition-related intangibles, increased 15% to $17.0 million or $0.51 per fully diluted share, compared to $14.8 million or $0.44 per fully diluted share for the same period last year.
  • EBITDA from continuing operations decreased by 34% to $8.5 million for the twelve months ended April 30, 2024 compared to $13.0 million for the same period last year.
  • Adjusted EBITDA from continuing operations decreased 18% to $14.9 million for the twelve months ended April 30, 2024 compared to $18.2 million for the twelve months ended April 30, 2023. Adjusted EBITDA represents GAAP net earnings adjusted for amortization of intangibles, depreciation, interest income & other, net, income tax expense and non-cash stock-based compensation.

The overall financial condition of the Company remains strong, with cash and investments of approximately $83.8 million. During the fourth quarter of fiscal year 2024, the Company paid shareholder dividends of approximately $3.7 million.

Key Fourth Quarter and Fiscal Year 2024 highlights:

Clients & Channels

  • Notable new and existing customers placing orders with the Company in the fourth quarter include:

    Bob’s Discount Furniture, Inc., CertainTeed LLC., Hamilton Beach Brands, Inc., Johnson Controls Inc., Landau Uniforms, Manna Pro Products and Yokohama TWS S.P.a.
  • During the quarter, SaaS subscription and software license agreements were signed with customers located in the following countries: Australia, Italy, Mexico, New Zealand, and the United States.

Company & Technology

  • During the quarter, Logility earned the title of Leader in the 2024 Gartner Magic Quadrant for Supply Chain Planning Solutions. This recognition was based on the Company’s vision and execution capabilities highlighting the AI-driven approach to boosting agility and precision in supply chain management.
  • In February, Logility announced the delivery of generative AI capabilities, extending its AI-first approach for supply chain management. Leveraging the AI-native platform, Logility’s GenAI aids in mastering the complexity of supply chain data, helping enterprises to make faster decisions that deliver competitive advantage.
  • Logility also introduced enhanced capabilities to its Digital Supply Chain Platform. These enhancements included:
    • AI-powered dynamic inventory modeling - enhanced network optimization delivers a more holistic view by solving for the best supply chain configuration while simultaneously calculating inventory levels.
    • Decision Command Center – helps supply chain leaders mitigate supply chain risk by offering a holistic approach to supply chain processes, leveraging data and intelligence to enhance decision-making and drive value across the entire supply chain ecosystem.
  • Logility was featured in Supply Chain Brain in an article authored by Lisa Henriott, SVP of product marketing, outlining three critical steps to mastering total inventory optimization in 2024. The article discussed Logility’s methods for improving inventory management to boost supply chain efficiency and performance.
  • In March, Logility was featured on the ISM Supply Chain Unfiltered podcast represented by Andrew Driscoll, vice president strategic accounts, and Scott Tillman, vice president of innovation. They talked about the challenges of inventory management and how Logility’s optimization tools can help.
  • In April, Logility was highlighted in the list of Top 100 Supply Chain Technology providers in the April issue of Inbound Logistics.

Earlier in FY2024, Logility released significant solution advancements including:

  • The introduction of DemandAI+ which offers features that combines advanced AI-driven demand planning, with optional generative AI in a single solution designed to elevate planning capabilities across the supply chain. Analysts cite a 20 – 24% improvement in forecast accuracy for clients who adopt DemandAI+. This offering leverages the assets gained in the acquisition of Garvis B.V., a visionary SaaS startup that combines optional large language models (ChatGPT) with AI-native demand forecasting.
  • InventoryAI+, a powerful new offering designed to optimize inventory with advanced AI and machine learning to enable clients to lower costs while improving service. Building on existing capabilities, Inventory AI+ empowers planners to resolve issues in real-time and achieve higher levels of supply chain performance.

About American Software, Inc.

Atlanta-based American Software, Inc. (NASDAQ: AMSWA), through its operating entity Logility, delivers optimized demand, inventory, manufacturing, and supply planning tools – helping give executives the confidence and control to increase margins and service levels, while delivering sustainable supply chains.

Logility is a market-leading provider of AI-first supply chain management solutions engineered to help organizations build sustainable digital supply chains that improve people’s lives and the world we live in. The company’s approach is designed to reimagine supply chain planning by shifting away from traditional “what happened” processes to an AI-driven strategy that combines the power of humans and machines to predict and be ready for what’s coming. Logility’s fully integrated, end-to-end platform helps clients know faster, turn uncertainty into opportunity, and transform the supply chain from a cost center to an engine for growth.

With over 650 clients in 80 countries, Logility is proud to partner with some of the world’s leading brands, such as Reynolds Consumer Products, Denso, Sandvik, and Ansell. The company is headquartered in Atlanta, GA. Logility is a wholly-owned subsidiary of American Software, Inc. (NASDAQ: AMSWA). Learn more at www.logility.com. You can learn more about American Software at www.amsoftware.com.

Operating and Non-GAAP Financial Measures

American Software, Inc. (the “Company”) includes 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 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. EBITDA represents GAAP net earnings adjusted for amortization of intangibles, depreciation, interest income & other, net, and income tax expense. Adjusted EBITDA represents GAAP net earnings adjusted for amortization of intangibles, depreciation, interest income & other, net, income tax expense 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.

Logility® is a registered trademark of Logility, Inc. Other products mentioned in this document are registered, trademarked or service marked by their respective owners.

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,

 

2024

 

 

 

2023

 

Pct

Chg.

 

 

2024

 

 

2023

 

Pct

Chg.

Revenues from continuing operations:
Subscription fees

$

14,059

 

$

13,021

8

%

$

55,294

$

50,412

10

%

License fees

 

160

 

 

727

(78

%)

 

955

 

2,752

(65

%)

Professional services & other

 

3,741

 

 

4,844

(23

%)

 

14,848

 

20,531

(28

%)

Maintenance

 

7,428

 

 

8,173

(9

%)

 

31,418

 

34,557

(9

%)

Total Revenues

 

25,388

 

 

26,765

(5

%)

 

102,515

 

108,252

(5

%)

 
Cost of Revenues from continuing operations:
Subscription services

 

4,440

 

 

4,149

7

%

 

18,208

 

15,831

15

%

License fees

 

51

 

 

164

(69

%)

 

219

 

705

(69

%)

Professional services & other

 

2,783

 

 

3,392

(18

%)

 

11,393

 

14,074

(19

%)

Maintenance

 

1,396

 

 

1,652

(15

%)

 

6,273

 

6,409

(2

%)

Total Cost of Revenues

 

8,670

 

 

9,357

(7

%)

 

36,093

 

37,019

(3

%)

Gross Margin

 

16,718

 

 

17,408

(4

%)

 

66,422

 

71,233

(7

%)

Operating expenses from continuing operations:
Research and development

 

4,592

 

 

4,547

1

%

 

17,656

 

17,767

(1

%)

Sales and marketing

 

5,360

 

 

4,805

12

%

 

21,443

 

20,339

5

%

General and administrative

 

5,897

 

 

5,782

2

%

 

22,672

 

23,134

(2

%)

Amortization of acquisition-related intangibles

 

197

 

 

25

688

%

 

543

 

106

412

%

 
Total Operating Expenses

 

16,046

 

 

15,159

6

%

 

62,314

 

61,346

2

%

Operating Earnings from continuing operations

 

672

 

 

2,249

(70

%)

 

4,108

 

9,887

(58

%)

Interest Income & Other, Net

 

1,749

 

 

1,028

70

%

 

7,475

 

2,336

220

%

Earnings from continuing operations Before Income Taxes

 

2,421

 

 

3,277

(26

%)

 

11,583

 

12,223

(5

%)

Income Tax Expense

 

114

 

 

356

(68

%)

 

1,889

 

2,238

(16

%)

Net Earnings from continuing operations

$

2,307

 

$

2,921

(21

%)

$

9,694

$

9,985

(3

%)

(Loss)/Earnings from discontinuing operations, Net of Income Taxes (1)

$

(133

)

$

4

nm

$

1,679

$

327

413

%

Net Earnings

$

2,174

 

$

2,925

(26

%)

$

11,373

#

$

10,312

10

%

 
Earnings per common share from continuing operations: (2)
Basic

$

0.07

 

$

0.09

(22

%)

$

0.29

$

0.29

0

%

Diluted

$

0.07

 

$

0.09

(22

%)

$

0.29

$

0.29

0

%

 
Earnings per common share from discontinuing operations: (2)
Basic

$

-

 

$

-

-

 

$

0.05

$

0.01

400

%

Diluted

$

-

 

$

-

-

 

$

0.05

$

0.01

400

%

 
Earnings per common share: (2)
Basic

$

0.07

 

$

0.09

(22

%)

$

0.34

$

0.30

13

%

Diluted

$

0.07

 

$

0.09

(22

%)

$

0.34

$

0.30

13

%

 
Weighted average number of common shares outstanding:
Basic

 

33,220

 

 

33,916

 

33,689

 

33,761

Diluted

 

33,292

 

 

33,993

 

33,725

 

33,992

 
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,

 

2024

 

 

 

2023

 

 

Pct

Chg.

 

 

2024

 

 

 

2023

 

 

Pct

Chg.

NON-GAAP Operating Earnings:
Operating Earnings from continuing operations (GAAP Basis)

$

672

 

$

2,249

 

(70

%)

$

4,108

 

$

9,887

 

(58

%)

Amortization of acquisition-related intangibles

 

381

 

 

233

 

64

%

 

2,577

 

 

835

 

209

%

Stock-based compensation

 

1,600

 

 

1,232

 

30

%

 

6,320

 

 

5,151

 

23

%

NON-GAAP Operating Earnings from continuing operations:

 

2,653

 

 

3,714

 

(29

%)

 

13,005

 

 

15,873

 

(18

%)

 
Non-GAAP Operating Earnings from continuing operations, as a % of revenue

 

10

%

 

14

%

 

13

%

 

15

%

 
 

Fourth Quarter Ended

 

Twelve Months Ended

April 30,

 

April 30,

 

2024

 

 

 

2023

 

 

Pct

Chg.

 

 

2024

 

 

 

2023

 

 

Pct

Chg.

NON-GAAP EBITDA:
Net Earnings from continuing operations (GAAP Basis)

$

2,307

 

$

2,921

 

(21

%)

$

9,694

 

$

9,985

 

(3

%)

Income Tax Expense

 

114

 

 

356

 

(68

%)

 

1,889

 

 

2,238

 

(16

%)

Interest Income & Other, Net

 

(1,749

)

 

(1,028

)

70

%

 

(7,475

)

 

(2,336

)

220

%

Amortization of intangibles

 

428

 

 

447

 

(4

%)

 

2,954

 

 

2,032

 

45

%

Depreciation

 

370

 

 

324

 

14

%

 

1,485

 

 

1,129

 

32

%

EBITDA from continuing operations (earnings before interest, taxes, depreciation and amortization)

 

1,470

 

 

3,020

 

(51

%)

 

8,547

 

 

13,048

 

(34

%)

 
Stock-based compensation

 

1,600

 

 

1,232

 

30

%

 

6,320

 

 

5,151

 

23

%

Adjusted EBITDA from continuing operations

$

3,070

 

$

4,252

 

(28

%)

$

14,867

 

$

18,199

 

(18

%)

 
EBITDA from continuing operations, as a percentage of revenues

 

6

%

 

11

%

 

8

%

 

12

%

 
Adjusted EBITDA, from continuing operations, as a percentage of revenues

 

12

%

 

16

%

 

15

%

 

17

%

 
 

Fourth Quarter Ended

 

Twelve Months Ended

April 30,

 

April 30,

 

2024

 

 

 

2023

 

 

Pct

Chg.

 

 

2024

 

 

 

2023

 

 

Pct

Chg.

NON-GAAP Earnings Per Share
Net Earnings from continuing operations (GAAP Basis)

$

2,307

 

$

2,921

 

(21

%)

$

9,694

 

$

9,985

 

(3

%)

Amortization of acquisition-related intangibles (3)

 

333

 

 

204

 

63

%

 

2,130

 

 

675

 

216

%

Stock-based compensation (3)

 

1,400

 

 

1,081

 

30

%

 

5,224

 

 

4,162

 

26

%

Adjusted Net Earnings from continuing operations

$

4,040

 

$

4,206

 

(4

%)

$

17,048

 

$

14,822

 

15

%

 
Adjusted non-GAAP diluted earnings per share from continuing operations

$

0.12

 

$

0.12

 

0

%

$

0.51

 

$

0.44

 

16

%

 

Fourth Quarter Ended

 

Twelve Months Ended

April 30,

 

April 30,

 

2024

 

 

 

2023

 

 

Pct

Chg.

 

 

2024

 

 

 

2023

 

 

Pct

Chg.

NON-GAAP Earnings Per Share
Net Earnings from continuing operations (GAAP Basis)

$

0.07

 

$

0.09

 

(22

%)

$

0.29

 

$

0.29

 

0

%

Amortization of acquisition-related intangibles (3)

 

0.01

 

 

-

 

nm

$

0.06

 

 

0.02

 

200

%

Stock-based compensation (3)

 

0.04

 

 

0.03

 

33

%

$

0.16

 

 

0.13

 

23

%

Adjusted Net Earnings from continuing operations

$

0.12

 

$

0.12

 

0

%

$

0.51

 

$

0.44

 

16

%

 
 

Fourth Quarter Ended

 

Twelve Months Ended

April 30,

 

April 30,

 

2024

 

 

 

2023

 

 

Pct

Chg.

 

 

2024

 

 

 

2023

 

 

Pct

Chg.

Amortization of acquisition-related intangibles
Cost of Subscription Services

$

184

 

$

208

 

(12

%)

$

2,033

 

$

729

 

179

%

Operating expenses

 

197

 

 

25

 

688

%

 

544

 

 

106

 

413

%

Total amortization of acquisition-related intangibles

$

381

 

$

233

 

64

%

$

2,577

 

$

835

 

209

%

 
Stock-based compensation
Cost of revenues

$

85

 

$

66

 

29

%

$

336

 

$

244

 

38

%

Research and development

 

172

 

 

139

 

24

%

 

685

 

 

576

 

19

%

Sales and marketing

 

362

 

 

143

 

153

%

 

1,402

 

 

711

 

97

%

General and administrative

 

981

 

 

884

 

11

%

 

3,897

 

 

3,620

 

8

%

Total stock-based compensation

$

1,600

 

$

1,232

 

30

%

$

6,320

 

$

5,151

 

23

%

 
(1) For more information, please see note F related to discontinuing operations in the Company’s unaudited condensed consolidated financial statements filed on December 11, 2023.
(2) - 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. Continuing operations diluted per share for Class B shares under the two-class method are $0.07 and $0.29 for the three and twelve months ended April 30, 2024, respectively. Continuing diluted per share for Class B shares under the two-class method are $0.09 and $0.29 for the three and twelve months ended April 30, 2023, respectively.
(3) -Continuing and discontinuing operations are tax affected using the effective tax rate excluding discrete items in the following table.

Three Months

Ended

April 30, 2024

 

Three Months

Ended

April 30, 2023

 

 

 

Twelve Months

Ended

April 30, 2024

 

Twelve Months

Ended

April 30, 2023

Continuing Operations

12.5

%

12.3

%

17.3

%

19.2

%

Discontinuing Operations

nm

94.9

%

29.4

%

41.0

%

Consolidated Operations

18.0

%

12.8

%

19.4

%

20.2

%

 
nm- not meaningful
AMERICAN SOFTWARE, INC.
Consolidated Balance Sheet Information
(In thousands)
(Unaudited)

April 30,

 

April 30,

2024

 

2023

 
Cash and Cash Equivalents

$

59,512

$

90,696

Short-term Investments

 

24,261

 

23,451

Accounts Receivable:
Billed

 

28,043

 

24,653

Unbilled

 

296

 

2,604

Total Accounts Receivable, net

 

28,339

 

27,257

Prepaid expenses and other current assets

 

6,584

 

7,833

Total Current Assets

 

118,696

 

149,237

 
Investments - Non-current

 

-

 

486

PP&E, net

 

5,554

 

6,444

Capitalized Software, net

 

11

 

391

Goodwill

 

45,782

 

29,558

Other Intangibles, net

 

10,567

 

2,143

Other Non-current Assets

 

11,834

 

6,609

Total Assets

$

192,444

$

194,868

 
Accounts Payable

$

1,248

$

2,142

Accrued Compensation and Related costs

 

2,805

 

4,268

Dividend Payable

 

3,657

 

3,756

Other Current Liabilities

 

5,012

 

3,733

Deferred Revenues

 

47,621

 

43,124

Current Liabilities

 

60,343

 

57,023

 
Other Long-term Liabilities

 

1,620

 

288

Total Liabilities

 

61,963

 

57,311

 
Shareholders' Equity

 

130,481

 

137,557

 
Total Liabilities & Shareholders' Equity

$

192,444

$

194,868

 
AMERICAN SOFTWARE, INC.
Condensed Consolidated Cashflow Information
(In thousands)
(Unaudited)
 

Twelve Months Ended

April 30,

 

2024

 

 

 

2023

 

 
Net cash provided by (used in) operating activities of continuing operations

$

15,132

 

$

(739

)

Cash provided by operating activities of discontinued operations

 

1,679

 

 

359

 

Net cash provided by operating activities

 

16,811

 

 

(380

)

 
Purchases of property and equipment, net of disposals

 

(567

)

 

(3,922

)

Purchase of business, net of cash acquired

 

(25,041

)

 

(6,500

)

Proceeds from sale of business

 

660

 

 

-

 

Net cash used in investing activities of continuing operations

 

(24,948

)

 

(10,422

)

Net cash provided by investing activities of discontinued operations

 

1,825

 

 

-

 

Net cash used in investing activities

 

(23,123

)

 

(10,422

)

 
 
Dividends paid

 

(14,927

)

 

(14,833

)

Purchases of common stock

 

(10,235

)

 

-

 

Proceeds from exercise of stock options

 

290

 

 

5,641

 

Net cash used in financing activities of continuing operations

 

(24,872

)

 

(9,192

)

Net Cash used in financing activities of discontinued operations

 

-

 

 

-

 

Net cash used in financing activities

��

(24,872

)

 

(9,192

)

 
Net change in cash and cash equivalents

 

(31,184

)

 

(19,994

)

Cash and cash equivalents at beginning of period

 

90,696

 

 

110,690

 

 
Cash and cash equivalents at end of period

$

59,512

 

$

90,696

 

 

 

Contacts

Vincent C. Klinges

Chief Financial Officer

American Software, Inc.

(404) 264-5477

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