Because of its 2010 merger with Avatech Solutions and the juggling of its fiscal calendar, comparions with prior periods are not meaningful.
CAD services vendor Rand Worldwide, Inc. (OTCBB: RWWI), has annouced fiscal results for the full year ended June 30, 2011. Because of its 2010 reverse merger with Avatech Systems, and the subsequent juggling of the fiscal calendar, comparison of their FY 2011 results to prior periods are not meaningful.
For its fiscal year 2011, Rand reported revenues of $89.2 million and net income of $1.8 million. Rand noted that the results of its operations included approximately $1.9 million in one-time costs associated with the merger.
For its fourth fiscal quarter, the Company earned revenues of $23.3 million and net income of $661,000. Rand characterizes this as “excellent year-end results” that exceeded expectations.
Product revenue in FY2011 was $49.7 million. Service revenue for the year was $20.7 million. Commission revenue for the year was $18.8 million.
Cash per share on June 30, 2011 was $0.48.
“2011 was a great year for Rand Worldwide, capped by excellent year end results,” said Marc Dulude, chief executive officer. “In addition to the great results of the IMAGINiT Technologies operations, our core Autodesk business, our investments in the data archiving space through our Rand Secure Archive division continue to pay off as we add new customers in both our traditional markets as well as beyond.”