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Forgent Networks Inc (ASUR) filed Quarterly Report for the period ended 2011-06-30.
Asure Software Inc has a market cap of $7 million; its shares were traded at around $2.52 with a P/E ratio of 28.5 and P/S ratio of 0.7.
This is the annual revenues and earnings per share of ASUR over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of ASUR.
Highlight of Business Operations:
Revenues for the three months ended June 30, 2011 were $2,434 thousand, a decrease of $191 thousand, or 7%, from the $2,625 thousand reported for the three months ended June 30, 2010. This decrease was primarily due to a $113 thousand increase in MRM SaaS revenues, which was offset by a $308 thousand decrease in MRM perpetual license revenue and a $93 decrease in Iemployee Saas revenues, which was primarily due to the conversion of Ceridian customers. and a.
Revenues for the six months ended June 30, 2011 were $4,791 thousand, a decrease of $294 thousand, or 6%, from the $5,085 thousand reported for the six months ended June 30, 2010. This decrease was primarily due to a $197 thousand increase in MRM SaaS revenues which was offset by a $333 thousand decrease in MRM perpetual license revenue and a $177 decrease in Iemployee Saas revenues which was primarily due to the conversion of Ceridian customers.
Amortization expense for the three months ended June 30, 2011 and 2010 was $150 thousand and $150 thousand, respectively. Amortization expense for the six months ended June 30, 2011 and 2010 was $298 thousand and $299 thousand, respectively. Upon acquiring the iEmployee business in October 2007, Asure recorded several intangible assets, which are being amortized over their estimated useful lives. The amortization expenses during the three and six months ended June 30, 2011 and 2010 relate entirely to these acquired intangible assets.
Asure generated a net loss of $33 thousand, or $0.01 per share (basic and diluted), during the six months ended June 30, 2011, compared to a net loss of $1,203 thousand or $0.39 per share reported for the six months ended June 30, 2010. Net loss as a percentage of total revenues were 1% and 24% for the six months ended June 30, 2011 and 2010, respectively.
Working capital was $124 thousand on June 30, 2011, an increase of $971 thousand from $(847) thousand on June 30, 2010. The increase was primarily due to increase in cash of $1,321 thousand offset by increase in current liabilities $314 thousand. The company believes that it can continue to generate positive cash flow as demonstrated by the current quarter and thus continue to increase its available working capital.
Cash provided by operating activities was $1,016 thousand for the six months ended June 30, 2011 compared to cash used in operating activities of $1,321 thousand for the six months ended June 30, 2010. The increase of cash generated by operations of $2,337 was due primarily to a decrease of $1,170 in net loss, a decrease of lease liabilities of $758 thousand and an increase in the change in deferred revenue of $289.
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