RAND WORLDWIDE, INC. Rand Worldwide Inc. and Subsidiaries
Consolidated Financial Statements
For the quarter ended September 30, 2021
TABLE OF CONTENTS | |
Consolidated Financial Statements......................................................................................................................... | 3 |
Notes to Consolidated Financial Statements .......................................................................................................... | 8 |
Rand Worldwide, Inc. and Subsidiaries
Consolidated Balance Sheets
(unaudited)
September 30, | June 30, | |||
2021 | 2021 | |||
Assets | ||||
Current assets: | ||||
Cash | $ | 3,359,000 | $ | 1,613,000 |
Accounts receivable, less allowance of $211,000 as of | ||||
September 30, 2021 and $208,000 as of June 30, 2021 | 31,312,000 | 30,706,000 | ||
Income tax receivable | 435,000 | 618,000 | ||
Other receivables | 884,000 | 105,000 | ||
Prepaid expenses and other current assets | 2,538,000 | 2,157,000 | ||
Total current assets | 38,528,000 | 35,199,000 | ||
Property and equipment: | ||||
Computer software and equipment | 3,690,000 | 3,679,000 | ||
Office furniture and equipment | 1,608,000 | 1,563,000 | ||
Leasehold improvements | 493,000 | 495,000 | ||
5,791,000 | 5,737,000 | |||
Less accumulated depreciation and amortization | (4,621,000) | (4,538,000) | ||
1,170,000 | 1,199,000 | |||
Customer lists, net of accumulated amortization of | ||||
$16,617,000 as of September 30, 2021 and $16,000,000 | ||||
as of June 30, 2021 | 27,575,000 | 28,192,000 | ||
Right-of-use assets | 4,354,000 | 4,777,000 | ||
Goodwill | 16,506,000 | 16,540,000 | ||
Trade name, net of accumulated amortization of $3,248,000 | ||||
as of September 30, 2021 and $3,205,000 as of June 30, | ||||
2021 | 683,000 | 726,000 | ||
Deferred income taxes | 343,000 | 550,000 | ||
Other assets | 129,000 | 131,000 | ||
Total assets | $ | 89,288,000 | $ | 87,314,000 |
3
Rand Worldwide, Inc. and Subsidiaries
Consolidated Balance Sheets (Continued)
(unaudited)
September 30, | June 30, | ||||
2021 | 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 | 22,801,000 | 20,943,000 | |||
Accrued compensation and related benefits | 3,739,000 | 5,440,000 | |||
Deferred revenue | 10,144,000 | 10,148,000 | |||
Current portion of lease liabilities | 1,546,000 | 1,583,000 | |||
Total current liabilities | 45,830,000 | 46,874,000 | |||
Long-term liabilities: | |||||
Note payable, net | 28,380,000 | 30,274,000 | |||
Accounts payable, long-term | 766,000 | 766,000 | |||
Lease liabilities | 2,899,000 | 3,286,000 | |||
Total liabilities | 77,875,000 | 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 September 30, 2021 and June 30, 2021, | |||||
respectively | 336,000 | 336,000 | |||
Additional paid-in capital | 5,787,000 | 5,776,000 | |||
Retained earnings | 5,405,000 | - | |||
Accumulated other comprehensive loss | (115,000) | (9,000) | |||
Total stockholders' equity | 11,413,000 | 6,103,000 | |||
Total liabilities and stockholders' equity | $ | 89,288,000 | $ | 87,314,000 |
See accompanying notes.
4
Rand Worldwide, Inc. and Subsidiaries
Consolidated Statements of Operations
(unaudited)
Revenues:
Product sales
Service revenue
Commission revenue
Total revenues
Cost of revenues:
Cost of product sales
Cost of service revenue
Total cost of revenues
Gross margin
Operating expenses:
Selling, general and administrative
Depreciation and amortization
Total operating expenses
Operating income
Other expense:
Interest expense
Currency exchange gains
Income before income taxes
Income tax expense
Net income
Preferred stock dividends
Net income available to common stockholders
Earnings per common share attributable to common shareholders - basic
Earnings per common share attributable to common shareholders - diluted
Shares used for computing income per common share:
Weighted average shares used in computation - basic
Weighted average shares used in computation - diluted
See accompanying notes.
5
Three months ended September 30, 2021
$ 46,134,000 8,152,000 2,656,000
56,942,000
31,290,000
5,357,000
36,647,000
20,295,000
12,047,000
811,000
12,858,000
7,437,000
141,000
(33,000)
108,000
7,329,000
1,924,000
5,405,000
-
$ 5,405,000
$ 0.16
$ 0.16
33,561,766
33,677,106
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Rand Worldwide Inc. published this content on 18 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 November 2021 20:32:01 UTC.
