-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
IWXr+AG9egrhDo1AL8pJLKc2hGfh3s1/wmP+hv9XAhnwObslO8/2mMnJLfNyf4z6
5Cjn9173xZRvnuo9njMV4w==
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Item 9.01. Financial Statements and Exhibits
(a) Financial statements:
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
By: /s/ David Scoglio AUSTIN, TX -- (Marketwire - February 10, 2010) - Asure Software, Inc. (NASDAQ: ASUR), a leading
provider of workforce management software, today announced financial
results for the fiscal second quarter 2010, ended December 31, 2009. The
Fiscal second quarter is a short period consisting of the two months of
November and December, 2009. As of January 1, 2010, Asure switched to
calendar year reporting and its next fiscal quarter will close on March 31,
2010.
Q2 Highlights:
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Securities Exchange Act of 1934
Date of Report: February 10, 2010
(Date of earliest event reported)
Asure Software, Inc.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction
of incorporation)
0-20008
(Commission File Number)
74-2415696
(IRS Employer
Identification Number)
108 Wild Basin Rd
(Address of principal executive offices)
78746
(Zip Code)
512-437-2700
(Registrant's telephone number, including area code)
Forgent Networks, Inc.
(Former Name or Former Address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Item 2.02. Results of Operations and Financial Condition
Asure Software Announces 2Q 2010 Financial Results.
Press Release: Asure Software Announces 2Q 2010 Financial Results.
None
(b) Pro forma financial information:
None
(c) Shell company transactions:
None
(d) Exhibits
99.1 Press Release of Asure Software, Inc. dated February 10, 2010
Dated: February 10, 2010
ASURE SOFTWARE, INC.
David Scoglio
Chief Financial Officer
Exhibit No.
Description
99.1
Press Release of Asure Software, Inc. dated February 10, 2010
- -- Revenue growth of $0.2M, 14%, over November/December 2008; or $0.3M,
20%, excluding the divested Visual Asset Manager (VAM) product revenue
in November/December 2008. Revenue Growth was driven by hardware sales
in both product lines, $0.2M, as well as growth in NetSimplicity's SaaS
offering.
- -- EBITDA of $0.3M
-- EBITDA is defined as operating income (earnings) before interest
expense, income taxes, depreciation & amortization
- -- Operating Income of $49K; or $0.02 per share, compared to a loss of
($0.9M) ($0.29) per share (split-adjusted), in November & December
2008; and previously published quarterly losses of ($1.5M)
($0.48)/share (split-adjusted), and ($5.3M) ($1.69)/share
(split-adjusted), in fiscal Q1'10 and fiscal Q4'09 respectively.
Operating income is comprised of the following components:
-- Austin HQ excess lease impact, ($105K)
-- Net onetime items, $264K
-- Core business lines margin, ($110K)
- -- Operating Expenses were reduced by 49%, or ($1.1M) compared to
November/December 2008 largely due to both headcount & rate per head
efficiencies ($0.3M), the net effect of one-time items, (0.3M), as well
as other cost reductions. One-time items were driven by the
renegotiation of certain outstanding payables deemed excessive by
current management.
Pat Goepel, Asure's Chief Executive Officer, remarked: "After two recent difficult quarters, and almost 2 and a half years of unprofitable results, we are beginning to make progress on turning this business around. I am pleased with the results of the short period of fiscal Q2'10 and confirm that our upcoming calendar Q1, 2010 outlook is expected to be on target with our previous estimates. We are targeting positive EBITDA and potentially breakeven operating income, excluding the negative impact of the Austin headquarters lease arrangement."
Asure's newly appointed Chief Financial Officer, David Scoglio, added: "We have substantially reduced overhead and are carefully investing in areas that will support our revenue plan in the coming first quarter of the calendar year 2010. These investments will include strategic augmentation of our sales force and enhancements to our products' features and functionality. This strategy, a keen focus on maintaining current levels of fixed expenses and our momentum of 72% repetitive revenue from the current period should propel us forward to achieving our profitability goals of this calendar year 2010, in spite of a projected $1M in full year excess lease expense ($1.5M cash). Also notable, as we attain profitability, we have significant Net Operating Losses carry forwards at our disposal for up to 20 years, which we hope to utilize to create shareholder value."
Pat Goepel continued, "In the short period of November & December 2009, Asure incurred $0.1M of expenses associated with its Austin lease. As discussed previously, Asure is actively pursuing options to improve this arrangement, which would only help provide transparency into the increasingly successful core businesses of Asure Software, Inc. Asure's Board of Directors and management team are committed to growing this business by 20% year over year and achieving levels of 20% EBITDA by calendar year end 2010."
Conference Call Details
Asure Software, Inc. has scheduled a conference call for Wednesday, February 10, 2010 at 11:00 a.m. ET (10:00 a.m. CT) to discuss its most recent financial results and outlook. Participating in the call will be Pat Goepel, Chief Executive Officer. To take part, please dial 800-299-7089 ten minutes before the conference call begins, ask for the Asure Software event and use passcode 16877542. International callers should dial 617-801-9714 and reference the same passcode, 16877542.
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 15 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 on the investor relations page of the Company's web site at www.asuresoftware.com
About Asure Software, Inc.
Headquartered in Austin, Texas, Asure Software empowers small to mid-size organizations and divisions of large enterprises to operate more efficiently, increase worker productivity and reduce costs through a comprehensive suite of on-demand workforce management software and services. Asure's market-leading suite includes products that optimize workforce time and attendance tracking, benefits enrollment and tracking, pay stubs and W2 documentation, and room scheduling and resource management. With additional offices in Warwick, Rhode Island, Vancouver, British Columbia, and Mumbai, India, Asure serves 3,500 customers around the world. For more information, please visit www.asuresoftware.com.
"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, which include those associated with continued listing of the Company's securities on the NASDAQ Capital Market, could cause actual results to differ from those contained in the forward-looking statements.
ASURE SOFTWARE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except per share data) December 31, JULY 31, 2009 2009 (UNAUDITED) ASSETS Current Assets: Cash and equivalents $ 2,263 $ 4,375 Short-term investments 0 5,339 Accounts receivable, net of allowance for doubtful accounts of $34 and $20 at December 31, 2009 and July 31, 2009, respectively 1,526 1,207 Inventory 49 3 Prepaid expenses and other current assets 213 143 ---------- ---------- Total Current Assets 4,051 11,067 Property and equipment, net 581 672 Intangible assets, net 3,623 3,949 ---------- ---------- Total Assets $ 8,255 $ 15,688 ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 1,039 $ 6,294 Accrued compensation and benefits 79 278 Lease impairment and advance 562 899 Other accrued liabilities 411 541 Deferred revenue 1,744 1,897 ---------- ---------- Total Current Liabilities 3,835 9,909 Long-Term Liabilities: Deferred revenue 134 119 Lease impairment and advance 196 250 Other long-term obligations 212 206 ---------- ---------- Total Long-Term Liabilities 542 575 Stockholders' Equity: Preferred stock, $.01 par value; 1,500 shares authorized; none issued or outstanding -- -- Common stock, $.01 par value; 6,500 shares authorized; 3,375 and 3,290 shares issued; 3,162 and 3,112 shares outstanding at December 31, 2009 and July 31, 2009, respectively 334 329 Treasury stock at cost, 213 and 179 shares at December 31, 2009 and July 31, 2009, respectively (4,907) (4,815) Additional paid-in capital 270,925 270,738 Accumulated deficit (262,404) (260,947) Accumulated other comprehensive income (70) (101) ---------- ---------- Total Stockholders' Equity 3,878 5,204 ---------- ---------- Total Liabilities and Stockholders' Equity $ 8,255 $ 15,688 ========== ========== ASURE SOFTWARE, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except per share data) FOR THE FOR THE TWO MONTHS ENDED FIVE MONTHS ENDED DECEMBER 31, DECEMBER 31, 2009 2008 2009 2008 ---------- ---------- ---------- ---------- (UNAUDITED) (UNAUDITED) Revenues $ 1,679 $ 1,467 $ 4,000 $ 4,259 Cost of Sales (435) (294) (914) (858) ---------- ---------- ---------- ---------- Gross Margin 1,244 1,173 3,086 3,401 OPERATING EXPENSES: Selling, general and administrative 797 1,857 3,537 5,036 Research and development 264 343 676 904 Amortization of intangible assets 100 99 249 248 ---------- ---------- ---------- ---------- Total Operating Expenses 1,161 2,299 4,462 6,188 INCOME (LOSS) FROM OPERATIONS 83 (1,126) (1,376) (2,787) OTHER INCOME AND (EXPENSES): Interest income 2 25 9 80 Foreign currency translation (15) (19) (46) 102 Gain on sale of assets 0 250 0 250 Interest expense and other (8) (17) (20) (27) ---------- ---------- ---------- ---------- Total Other Income (21) (239) (57) 405 INCOME (LOSS) FROM OPERATIONS, BEFORE INCOME TAXES 62 (887) (1,433) (2,382) Provision for income taxes (13) 0 (25) (25) ---------- ---------- ---------- ---------- NET INCOME (LOSS) $ 49 $ (887) $ (1,458) $ (2,407) ========== ========== ========== ========== BASIC AND DILUTED LOSS PER SHARE: Net income (loss) per share - basic $ 0.02 $ (0.29) $ (0.46) $ (0.77) Net income (loss) per share - diluted $ 0.02 $ (0.29) $ (0.46) $ (0.77) WEIGHTED AVERAGE SHARES OUTSTANDING: Basic 3,156 3,111 3,141 3,111 Diluted 3,162 3,111 3,141 3,111
CONTACTS: Lisa Flynn lisa_flynn@asuresoftware.com Pat Goepel pat_goepel@asuresoftware.com-----END PRIVACY-ENHANCED MESSAGE-----