Rand Worldwide Inc. and Subsidiaries
Consolidated Financial Statements
For the quarter ended March 31, 2022
TABLE OF CONTENTS
Consolidated Financial Statements ......................................................................................................................... 3 Notes to Consolidated Financial Statements .......................................................................................................... 8
Rand Worldwide, Inc. and Subsidiaries
Consolidated Balance Sheets
(unaudited)
Assets Current assets:
Cash
Accounts receivable, less allowance of $227,000 as of
March 31, 2022 and $208,000 as of June 30, 2021 Other receivables
Income tax receivable
Prepaid expenses and other current assets Deferred income taxes
Total current assets
Property and equipment:
March 31, 2022
June 30, 2021
$
11,822,000 $ 1,613,000
45,812,000 30,706,000
908,000 618,000
- 105,000
3,203,000 217,000 61,962,000
2,157,000 - 35,199,000
Computer software and equipment 3,666,000 3,679,000
Office furniture and equipment 1,506,000 1,563,000
Leasehold improvements
Less accumulated depreciation and amortizationCustomer lists, net of accumulated amortization of $17,852,000 as of March 31, 2022 and $16,000,000 as of
227,000 5,399,000 (4,125,000)
1,274,000
495,000 5,737,000 (4,538,000)
1,199,000
June 30, 2021 26,340,000 28,192,000
Right-of-use assets 3,565,000 4,777,000
Goodwill 16,527,000 16,540,000
Trade name, net of accumulated amortization of $3,337,000
as of March 31, 2022 and $3,205,000 as of June 30, 2021 Deferred income taxes
594,000 726,000
- 550,000
Other assets
592,000 131,000
Total assets
$ 110,854,000
$
87,314,000
Rand Worldwide, Inc. and Subsidiaries Consolidated Balance Sheets (Continued)
March 31, 2022
June 30, 2021
Liabilities and stockholders' equity | |||
Current liabilities: | |||
Borrowings under line of credit | - | $ | 1,160,000 |
Current portion of note payable, net | 7,600,000 | 7,600,000 | |
Accounts payable and accrued expenses | 31,647,000 | 20,943,000 | |
Accrued compensation and related benefits | 5,750,000 | 5,440,000 | |
Deferred revenue | 9,675,000 | 8,146,000 | |
Deferred tax liability | 2,271,000 | - | |
Current portion of lease liabilities | 1,405,000 | 1,583,000 | |
Total current liabilities | 58,348,000 | 44,872,000 | |
Long-term liabilities: | |||
Note payable, net | 24,593,000 | 30,274,000 | |
Accounts payable | - | 766,000 | |
Deferred revenue | 2,806,000 | 2,002,000 | |
Lease liabilities | 2,267,000 | 3,286,000 | |
Total liabilities | 88,014,000 | 81,200,000 | |
Series G Junior Preferred Stock | - | 11,000 | |
Stockholders' equity: | |||
Convertible preferred stock (See Footnote 4) | - | - | |
Common stock, $0.01 par value; 40,000,000 shares | |||
authorized; issued and outstanding shares of 33,578,100 | |||
and 33,561,433 at March 31, 2022 and June 30, 2021, | |||
respectively | 336,000 | 336,000 | |
Additional paid-in capital | 5,784,000 | 5,776,000 | |
Retained earnings | 16,791,000 | - | |
Accumulated other comprehensive loss | (71,000) | (9,000) | |
Total stockholders' equity | 22,840,000 | 6,103,000 | |
Total liabilities and stockholders' equity | $ | 87,314,000 | |
See accompanying notes. |
$
$ 110,854,000
Rand Worldwide, Inc. and Subsidiaries Consolidated Statement of Operations
Three months ended
March 31, 2022
Revenues:
Product sales | $ | 73,701,000 |
Service revenue | 9,163,000 | |
Commission revenue | 3,631,000 | |
Total revenues | 86,495,000 | |
Cost of revenues: | ||
Cost of product sales | 50,532,000 | |
Cost of service revenue | 5,704,000 | |
Total cost of revenues | 56,236,000 | |
Gross margin | 30,259,000 | |
Operating expenses: | ||
Selling, general and administrative | 14,356,000 | |
Depreciation and amortization | 822,000 | |
Total operating expenses | 15,178,000 | |
Operating income | 15,081,000 | |
Other income (expense): | ||
Interest expense | (200,000) | |
Currency exchange loss | (9,000) | |
Gain on interest rate swap | 384,000 | |
Total other income | 175,000 | |
Income before income taxes | 15,256,000 | |
Income tax expense | 4,609,000 | |
Net income | 10,647,000 | |
Preferred stock dividends | (1,000) | |
Net income available to common stockholders | $ | 10,646,000 |
Earnings per common share attributable to common shareholders - basic | $ | 0.32 |
Earnings per common share attributable to common shareholders - diluted | $ | 0.32 |
Shares used for computing income per common share: | ||
Weighted average shares used in computation - basic | 33,578,100 | |
Weighted average shares used in computation - diluted | 33,693,440 | |
See accompanying notes. |
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Rand Worldwide Inc. published this content on 28 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2022 16:32:07 UTC.