FRAMINGHAM, MA, Oct 1, 2014 – Rand Worldwide, Inc., a global provider of technology solutions to organizations with engineering design and information technology requirements, announces its financial results for its year ended June 30, 2014.
For its fiscal year ended June 30, 2014, Rand Worldwide, Inc. reported total revenues of $91.6 million, as compared with $82.5 million for its prior fiscal year. The Company’s overall gross margin was 49.4%, a slight decrease from the 50.5% reported for fiscal 2013, resulting in income from continuing operations of $9.1 million, or $0.16 per fully diluted share. For the year ended June 30, 2013, Rand Worldwide reported income from continuing operations of $2.5 million, or $0.04 per fully diluted share.
Included in the full year results is a $4.5 million non-recurring reduction of income tax expense resulting from the recognition of a portion of the value of the Company’s Canadian net operating loss carryforwards that are available to offset future income taxes. In accordance with generally accepted accounting principles, the Company reduced a valuation allowance on its books in its fourth quarter to reflect the future value of certain loss carryforwards due to the continued profitability of its Canadian operations.
Lawrence Rychlak, president and chief financial officer, commented: “This past fiscal year was a very successful one for us in many respects. We saw growth in all revenue categories and particularly our product sales which increased over 14% from the prior year. These strong revenues coupled with continued management of the operations resulted in a healthy bottom line which positions us well for the future.”
“I am very pleased with the operating results for this fiscal year and with the overall health of all of our business lines,” said Marc Dulude, chief executive officer. “Rand Worldwide is well equipped and prepared to take on the next set of challenges and opportunities that come before us.”
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About Rand Worldwide
Rand Worldwide is one of the world’s leading professional services and technology companies for the engineering community, targeting organizations in the building, infrastructure, and manufacturing industries. The company advances the way organizations design, develop, and manage building, infrastructure, and manufacturing projects. Fortune 500 and Engineering News Record’s Top 100 companies work with Rand Worldwide to gain a competitive advantage through technology consulting, implementation, training, and support services. One of the world’s largest integrators of Autodesk software, the company also provides facilities management software from ARCHIBUS, CAD and PLM courseware through their ASCENT division and provides training and support solutions on Dassault Systèmes and PTC products. For more information, visit rand.com.