American Software Reports Net Income of $7.6 Million for the Nine Months Ended January 31, 2023
American Software Generates $93.7 Million in Revenue for the Third Quarter
American Software, Inc. (AMSWA), a leading provider of software solutions, has announced its financial results for the nine months ended January 31, 2023. The company reported a net income of $7.6 million during this period, showcasing its consistent profitability. Additionally, ASI generated $93.7 million in revenue for the third quarter, reflecting its strong performance in the market.
Financial Performance Highlights
Net income for the nine months ended January 31, 2023, amounted to $7.6 million, demonstrating the company's sustained profitability.
ASI achieved $93.7 million in revenue during the third quarter, highlighting its strong market presence.
Revenue Growth and Composition
During the three months ended January 31, 2023, ASI experienced growth in various revenue streams. The breakdown of revenue sources is as follows:
Subscription fees contributed $13 million, representing a significant increase from the previous year.
License revenue amounted to $1.02 million, maintaining stability compared to the same period in the previous year.
Professional services and other revenue totaled $8.3 million, showing a decline compared to the previous year.
Maintenance revenue stood at $8.6 million, reflecting consistent performance.
Net Income and Earnings per Share
American Software reported net earnings of $3.34 million for the three months ended January 31, 2023. This marks an increase compared to the same period in the previous year. Earnings per common share were $0.10 for both basic and diluted calculations, indicating a stable financial position.
Consolidated Balance Sheets
As of January 31, 2023, ASI's total assets amounted to $190.1 million, showing a slight decrease compared to April 30, 2022. The decrease primarily resulted from changes in investments and other intangible assets.
Cash Flows and Financing Activities
For the nine months ended January 31, 2023, ASI reported net cash used in operating activities of $10.5 million. The company invested $10.2 million in purchasing property and equipment, while also making a significant investment of $6.5 million in acquiring a business. ASI's financing activities resulted in a net cash outflow of $9.5 million, primarily due to dividend payments and the exercise of stock options.
American Software, Inc. showcased its solid financial performance during the nine months ended January 31, 2023. With a net income of $7.6 million and revenue of $93.7 million, the company demonstrated its ability to sustain profitability and generate significant revenue streams. ASI remains focused on delivering innovative software solutions and maintaining its position as a market leader in the industry.
