RAND WORLDWIDE, INC. Rand Worldwide Inc. and Subsidiaries
Consolidated Financial Statements
For the quarter ended December 31, 2021
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 $221,000 as of December 31, 2021 and $208,000 as of June 30, 2021
Other receivables
Income tax receivable
Prepaid expenses and other current assets
Total current assets
Property and equipment:
Computer software and equipment
Office furniture and equipment
Leasehold improvements
Less accumulated depreciation and amortization
Customer lists, net of accumulated amortization of $17,235,000 as of December 31, 2021 and $16,000,000 as of June 30, 2021
Right-of-use assets
Goodwill
Trade name, net of accumulated amortization of $3,292,000 as of December 31, 2021 and $3,205,000 as of June 30, 2021
Deferred income taxes Other assets
Total assets
December 31, | June 30, |
2021 | 2021 |
$ 2,921,000 | $ 1,613,000 |
41,410,000 | 30,706,000 |
727,000 | 618,000 |
131,000 | 105,000 |
2,564,000 | 2,157,000 |
47,753,000 | 35,199,000 |
3,482,000 | 3,679,000 |
1,421,000 | 1,563,000 |
226,000 | 495,000 |
5,129,000 | 5,737,000 |
(3,957,000) | (4,538,000) |
1,172,000 | 1,199,000 |
26,957,000 | 28,192,000 |
3,952,000 | 4,777,000 |
16,507,000 | 16,540,000 |
639,000 | 726,000 |
- 550,000
207,000 131,000
$ 97,187,000 $ 87,314,000
3
Rand Worldwide, Inc. and Subsidiaries
Consolidated Balance Sheets (Continued)
(unaudited)
December 31, | June 30, | ||||
Liabilities and stockholders' equity | 2021 | 2021 | |||
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 | 30,210,000 | 20,943,000 | |||
Accrued compensation and related benefits | 4,907,000 | 5,440,000 | |||
Deferred revenue | 9,019,000 | 8,146,000 | |||
Deferred tax liability | 219,000 | - | |||
Current portion of lease liabilities | 1,476,000 | 1,583,000 | |||
Total current liabilities | 53,431,000 | 44,872,000 | |||
Long-term liabilities: | |||||
Note payable, net | 26,487,000 | 30,274,000 | |||
Accounts payable | - | 766,000 | |||
Deferred revenue | 2,567,000 | 2,002,000 | |||
Lease liabilities | 2,577,000 | 3,286,000 | |||
Total liabilities | 85,062,000 | 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 December 31, 2021 and June 30, 2021, | |||||
respectively | 336,000 | 336,000 | |||
Additional paid-in capital | 5,785,000 | 5,776,000 | |||
Retained earnings | 6,144,000 | - | |||
Accumulated other comprehensive loss | (140,000) | (9,000) | |||
Total stockholders' equity | 12,125,000 | 6,103,000 | |||
Total liabilities and stockholders' equity | $ | 97,187,000 | $ | 87,314,000 |
See accompanying notes.
4
Rand Worldwide, Inc. and Subsidiaries
Consolidated Statement 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 (income) expense:
Interest expense
Currency exchange gains
Gain on interest rate swap
Loss on disposal of assets
Total other expense
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 December 31, 2021
$ 72,347,000 8,484,000 2,379,000
83,210,000
50,632,000
5,465,000
56,097,000
27,113,000
13,342,000
813,000
14,155,000
12,958,000
172,000
(64,000)
(78,000)
23,000
53,000
12,905,000
3,772,000
9,133,000
(2,000)
$ 9,131,000
$ 0.27
$ 0.27
33,578,100
33,693,440
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Rand Worldwide Inc. published this content on 31 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 January 2022 18:11:05 UTC.
