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XRS Reports Fiscal 2012 Fourth Quarter and Year-End Results

Software revenue growth of 5 percent contributes to Non-GAAP earnings of $2.0 million for the fourth quarter of fiscal 2012

MINNEAPOLIS, Nov. 8, 2012 /PRNewswire/ -- XRS Corporation (formerly Xata Corporation, NASDAQ: XRSC) reported revenue of $15.0 million for its fiscal fourth quarter ended September 30, 2012, versus $15.3 million for the comparable period in 2011. Net loss to common shareholders for the fourth quarter of fiscal 2012 was $0.3 million, or $0.03 per diluted share, compared to $1.6 million, or $0.15 per diluted share, for the comparable period in fiscal 2011.

The company's bottom-line improvement resulted from software revenue growth of 5 percent and benefits realized from the recent business realignment announced in the third quarter.

Important developments for the quarter include:

  • Software revenue in the quarter increased $0.5 million, up 5 percent year-over-year, to $12.2 million. The growth in software revenue was fueled by a 24 percent and 8 percent growth in Turnpike and XataNet software revenue, respectively.
  • Higher margin software revenues increased as the market demand continues to evolve from hardware systems-based to lower-cost mobile solutions. As a result, fiscal 2012 fourth quarter software revenue accounted for approximately 82 percent of total revenue, compared to 77 percent for the same period of fiscal 2011. 
  • The company acquired 63 new customers in the fourth quarter of fiscal 2012, all of whom selected XRS' Turnpike solution.
  • Fiscal 2012 fourth quarter total gross margin of 59 percent improved 7 percentage points compared to the same period in fiscal 2011.

"Our revenue results in the fourth quarter are reflective of our continued strategic shift away from hardware systems sales to mobile solutions," said Jay Coughlan, chairman, president and CEO of XRS Corporation. "This positive sales mix, coupled with improvements in software margins, delivered gross margin results that we believe are sustainable into fiscal 2013."

For the fourth quarter of fiscal 2012, selling, general and administrative expenses decreased to $5.4 million from $6.1 million for the fourth quarter of 2011.

For the fourth quarter of fiscal 2012, the company reported adjusted non-GAAP earnings of $2.3 million or $0.08 per diluted share, compared to adjusted non-GAAP earnings of $0.2 million or $0.01 per diluted share for the same period of fiscal 2011, an increase of $2.1 million over the same period in the prior year. The increase in adjusted non-GAAP earnings is a reflection of the company's realigned cost structure, which reflects continued investment in its new mobile solution and support of existing solutions.

As of September 30, 2012, XRS held $7.1 million in cash and cash equivalents and had $9.6 million of working capital. 

Full-Year Results

For the fiscal year ended September 30, 2012, total revenue remained relatively consistent with the previous year. Software revenue increased 4 percent as a result of strong growth in Turnpike and XataNet revenues of 35 percent and 7 percent, respectively.  In addition, software revenue as a percentage of total revenue grew 3 percentage points as the company's customers continue to shift to mobile-based platforms.

Research and development (R&D) spending for fiscal 2012 increased to $14.8 million versus $11.1 million in the previous year. "Fiscal 2012 was a year of investment in our new XRS mobile platform," Coughlan said. "We are currently in alpha testing and seeing excellent results. Beta testing is on schedule, and we anticipate rollout of our new XRS mobile solution in the spring of 2013. Looking ahead to 2013, we anticipate additional R&D investments in the first half of the year with reductions to follow in the second half."

For the fiscal year ended September 30, 2012, the company reported adjusted non-GAAP earnings of $4.5 million or $0.17 per diluted share as compared to $4.2 million or $0.15 per diluted share in the previous year.

Looking ahead to fiscal 2013, XRS will focus on the following strategic objectives:

  1. Invest resources to ensure the successful development and rollout of the new XRS mobile solution, which will offer a cost-efficient, easy to install electronic onboard routing system (EOBR) to small and mid-size fleets.
  2. Continue to drive near-term mobile-based sales to mid-sized fleets with XRS' Turnpike solution and offer on-going support and service to existing XataNet customers.
  3. Align with third-party providers to broaden the capabilities of the new XRS mobile solution, once deployed, to meet the more complex demands of larger fleets.
  4. Remain diligent in positioning XRS for long-term financial success as the company strives to reach profitability in fiscal 2014.

"We remain diligent in our goal of reaching profitability, but anticipate soft top line performance in fiscal 2013 as a result of changes in our customer mix," Coughlan said. "Gross margins should stabilize, and we will continue to make necessary investments in the first half of the fiscal year to support our new XRS mobile solution. Mobile is the route the commercial trucking industry is taking, and we are positioning XRS as the go-to provider of EOBR solutions."

Summary of revenue and gross margins (deficits) is as follows (in thousands, except percentage data):

(in thousands, except percentage data)

For the Year Ended September 30,


2012


2011


Change

Revenue:






Software

$

47,455


$

45,800


4%

Hardware systems

13,893


14,635


(5)%

Services

1,741


2,596


(33)%

Total revenue

$

63,089


$

63,031


0%

 


For the Year Ended September 30,


2012


2011

Gross margins (deficits):




Software

73%


75%

Hardware systems

(10)%


(8)%

Services

(34)%


(30)%

Total gross margin

51%


51%

 

Non-GAAP vs. GAAP Financial Measures

To assist investors in understanding the company's financial performance, the company supplements the financial results that are generated in accordance with the accounting principles generally accepted in the United States, or GAAP, with non-GAAP financial measures. These non-GAAP financial measures are useful to investors for evaluating the company's historical and prospective financial performance, as well as our performance relative to competitors. Management regularly uses these non-GAAP financial measures internally to understand, manage and evaluate its ongoing business operations and to make operating decisions. These non-GAAP financial measures are among the primary factors management uses in planning for and forecasting future period performance. Management believes that these non-GAAP financial measures reflect an additional way of analyzing aspects of the company's ongoing operations that, when viewed with our GAAP results, provides a more complete understanding of the factors and trends affecting our business.

The specific non-GAAP financial measures, along with a reconciliation to the nearest comparable GAAP measures and further explanation of their usefulness to investors can be found at the end of this release.

About XRS

XRS Corporation (NASDAQ: XRSC) provides intuitive, automated fleet management software solutions to the commercial trucking industry. By delivering real-time critical information on vehicle and driver performance, XRS makes it easy for fleet managers, dispatchers and drivers to collect, sort, view and analyze data to help reduce costs, increase safety and compliance and improve customer satisfaction. Our award-winning solutions include 1) XataNet, a full featured, enterprise-wide solution that helps private and for-hire fleets drive continuous improvement, and 2) Turnpike, a technologically advanced, low-cost, easy-to-install solution that runs on drivers' existing cell phones, smartphones and tablet computers. Both solutions help fleet managers and drivers meet established electronic onboard recorder (EOBR) regulations. We also offer a portfolio of professional services, including implementation, training and consulting to help our customers deliver bottom-line results. Today, XRS solutions increase the productivity of approximately 114,000 trucks across North America.  For more information, visit www.xrscorp.com or call 1-800-745-9282.

Cautionary note regarding forward-looking statements

This announcement includes forward-looking statements. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements.  Such statements are based on current expectations, and actual results may differ materially. The forward-looking statements in this announcement are subject to a number of risks and uncertainties including, but not limited to, the possibility of continuing operating losses, the ability to adapt to rapid technological change, the ability of our solutions to be compliant with future regulations, dependence on propriety technology and communication networks owned and controlled by others, the failure to renew contracts or failure to sell additional solutions or services to existing customers, the timely introduction and market acceptance of new products, the ability to fund future research and development activities, the ability to establish and maintain strategic partner relationships and the other factors discussed under "Risk Factors" in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended September 30, 2011 (as updated in our subsequent reports filed with the SEC).  These reports are available under the "Investors" section of our website at www.xrscorp.com and through the SEC website at www.sec.gov.  Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them in light of new information or future events.

 

 

XRS Corporation

Consolidated Statements of Operations

(Unaudited)



For the Three Months Ended

September 30,


For the Year Ended

September 30,

(In thousands, except per share data)

2012


2011


2012


2011









Revenue








Software

$

12,233


$

11,698


$

47,455


$

45,800

Hardware systems

2,325


3,128


13,893


14,635

Services

429


462


1,741


2,596

Total revenue

14,987


15,288


63,089


63,031









Cost of goods sold

6,157


7,293


30,657


30,713

Selling, general and administrative

5,377


6,074


24,706


24,691

Research and development

3,819


3,951


14,798


11,119

Impairment of intangible asset



3,500


Total costs and expenses

15,353


17,318


73,661


66,523









Operating loss

(366)


(2,030)


(10,572)


(3,492)

Net interest and other income (expense)

33


58


(264)


(214)









Loss before income taxes

(333)


(1,972)


(10,836)


(3,706)

Income tax benefit

(80)


(422)


(550)


(908)









Net loss

(253)


(1,550)


(10,286)


(2,798)









Preferred stock dividends and deemed

    dividends

(58)


(55)


(177)


(176)









Net loss to common shareholders

$

(311)


$

(1,605)


$

(10,463)


$

(2,974)









Net loss per common share:








Basic and diluted

$

(0.03)


$

(0.15)


$

(0.97)


$

(0.28)









Weighted average common and common

    share equivalents:








Basic and diluted

10,795


10,672


10,734


10,488

 

 

XRS Corporation

Consolidated Balance Sheets



September 30,

(In thousands)

2012


2011


(Unaudited)



Current assets




Cash and cash equivalents

$

7,120


$

12,407

Accounts receivable, net

7,835


8,556

Inventories

3,811


3,374

Deferred product costs

770


1,148

Prepaid expenses and other current assets

1,406


1,006

Total current assets

20,942


26,491





Equipment and leasehold improvements, net

7,313


9,155

Intangible assets, net

6,487


12,158

Goodwill

17,288


16,474

Deferred product costs, net of current portion

425


857

Other assets

351


690

Total assets

$

52,806


$

65,825





Current liabilities




Revolving line of credit

$

2,300


$

Current portion of debt obligations


1,746

Accounts payable

3,436


5,003

Accrued expenses

4,832


4,533

Deferred revenue

2,314


3,442

Total current liabilities

12,882


14,724





Debt obligations, net of current portion


1,386

Deferred revenue, net of current portion

1,077


1,874

Deferred tax liabilities

9


596

Other long-term liabilities

314


559

Total liabilities

14,282


19,139





Shareholders' equity




Preferred stock

44,292


44,149

Common stock

108


107

Contingent common stock earn-out


1,912

Additional paid-in capital

50,226


47,249

Accumulated deficit

(57,565)


(47,103)

Accumulated other comprehensive income

1,463


372

Total shareholders' equity

38,524


46,686

Total liabilities and shareholders' equity

$

52,806


$

65,825

 

 

XRS Corporation

Consolidated Statements of Cash Flows

(Unaudited)



For the Year Ended September 30,

(In thousands)

2012


2011





Operating activities




Net loss

$

(10,286)


$

(2,798)

Adjustments to reconcile net loss to net cash (used in) provided by operating activities:




Depreciation and amortization

8,013


6,477

Impairment of intangible asset

3,500


Amortization of deferred financing costs

32


Deferred income taxes

(617)


(877)

Loss on sale or disposal of equipment and leased equipment

76


332

Stock-based compensation

1,036


1,137

Reversal of unearned cash portion of contingent earn-out

(51)


(68)

Changes in assets and liabilities:




Accounts receivable, net

1,298


2,829

Inventories, net

(437)


(275)

Deferred product costs

810


1,793

Prepaid expenses and other assets

(48)


(40)

Accounts payable

(1,787)


(222)

Accrued expenses and other liabilities

(519)


(538)

Deferred revenue

(1,926)


(3,342)

Net cash (used in) provided by operating activities

(906)


4,408





Investing activities




Purchase of equipment and leasehold improvements

(2,943)


(4,161)

Proceeds from the sale or disposal of equipment

2


12

Net cash used in investing activities

(2,941)


(4,149)





Financing activities




Revolving line of credit, net

2,300


Payments on debt obligations

(3,627)


(1,239)

Deferred financing costs

(97)


Proceeds from exercise of options


36

Net cash used in financing activities

(1,424)


(1,203)





Effects of exchange rate on cash

(16)


(23)





Decrease in cash and cash equivalents

(5,287)


(967)





Cash and cash equivalents




Beginning

12,407


13,374

Ending

$

7,120


$

12,407

 

 

XRS Corporation

Reconciliation of GAAP to Non-GAAP Financial Measures

(Unaudited)


Non-GAAP Earnings and Non-GAAP Earnings Per Diluted Share



For the Three Months Ended September 30,


For the Year Ended

September 30,

(In thousands, except per share data)

2012


2011


2012


2011









Net loss to common shareholders

$

(311)


$

(1,605)


$

(10,463)


$

(2,974)









Adjustments:








Depreciation & amortization expense

1,695


1,802


8,013


6,477

Impairment of intangible asset



3,500


Stock-based compensation

251


277


1,036


1,137

Net interest expense

16


91


320


263

Preferred stock dividends and deemed

    dividends

58


55


177


176

Income taxes

(80)


(422)


(550)


(908)

Other

400



400


Total adjustments

2,340


1,803


12,896


7,145









Non-GAAP earnings

$

2,029


$

198


$

2,433


$

4,171









Non-GAAP earnings per diluted share

$

0.07


$

0.01


$

0.09


$

0.15









Shares used in calculating non-GAAP

    earnings per diluted share

27,344


27,126


27,260


26,941

 

 

XRS Corporation

Reconciliation of GAAP to Non-GAAP Financial Measures

(Unaudited)


Adjusted Non-GAAP Earnings and Adjusted Non-GAAP Earnings Per Diluted Share



For the Three Months Ended

September 30,


For the Year Ended

September 30,

(In thousands, except per share data)

2012


2011


2012


2011









Non-GAAP earnings

$

2,029


$

198


$

2,433


$

4,171

Adjustments for additional realignment

    charges *

282



2,095










Adjusted non-GAAP earnings

$

2,311


$

198


$

4,528


$

4,171









Adjusted non-GAAP earnings per diluted

    share

$

0.08


$

0.01


$

0.17


$

0.15









Shares used in calculating adjusted

    non-GAAP earnings per diluted share

27,344


27,126


27,260


26,941

* For the fourth quarter of fiscal 2012, additional realignment charges include $0.3 million to write off excess and obsolete inventory, $38,000 in estimated costs to terminate inventory purchase commitments and a reduction of $10,000 in personnel expenses from a workforce reduction. For the fiscal year ended September 30, 2012, additional realignment charges include $0.9 million in personnel expenses from a workforce reduction, $0.8 million to write off excess and obsolete inventory and $0.4 million in estimated costs to terminate inventory purchase commitments.

 

 

XRS Corporation

Reconciliation of GAAP to Non-GAAP Financial Measures

(Unaudited)


Working Capital



September 30,


2012


2011





Current assets

$

20,942


$

26,491

Current liabilities

(12,882)


(14,724)

Net current assets

8,061


11,767

Current portion of deferred revenue net deferred costs

1,544


2,294

Working capital

$

9,605


$

14,061

 

Footnotes to GAAP to Non-GAAP Reconciliation
(Unaudited)

The non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures. The method we use to produce non-GAAP results is not computed according to GAAP and may differ from the methods used by other companies. The methods of calculation and explanations of the adjustments to the most comparable GAAP measures are set forth below:

Non-GAAP Earnings

This measure provides a supplemental view of earnings trends. Non-GAAP earnings excludes depreciation, amortization, stock-based compensation, net interest expense, preferred stock dividends and deemed dividends, income taxes, acquisition and financing related costs and litigation settlement costs  from GAAP net loss to common shareholders.  We believe our investors benefit from understanding these exclusions when comparing current to historical results from operations.

Adjusted Non-GAAP Earnings

Adjusted non-GAAP earnings is based on non-GAAP earnings adjusted for additional realignment charges not included in the company's historical definition of non-GAAP earnings. We believe our investors benefit from understanding the impact of these charges on our historically presented non-GAAP earnings performance to allow for a more consistent view of results of ongoing operations.

Non-GAAP Diluted Earnings per Share

We believe investors benefit by understanding the company's non-GAAP operating performance as reflected in a per share calculation as a way of measuring non-GAAP operating performance by ownership in the company. Non-GAAP diluted earnings per share is based on non-GAAP earnings, as defined above, divided by the sum of the weighted average common and dilutive common shares equivalents, such as options, restricted stock awards, restricted stock units, warrants or convertible preferred stock, assuming they were exercised or converted into common stock that then shared in the non-GAAP earnings of the company, as defined by GAAP. Non-GAAP diluted loss per share is based on non-GAAP loss, as defined above, divided by only the weighted average number of common shares outstanding for the period, as defined by GAAP. The non-GAAP diluted net loss per common share is equal to basic net loss per common share for all periods presented because the effect of including such securities or obligations would have been antidilutive. We believe that these exclusions provide investors a useful view of current operations when comparing current to historical non-GAAP diluted earnings per share.

Adjusted Non-GAAP Diluted Earnings per Share

Adjusted non-GAAP diluted earnings per share is based on adjusted non-GAAP earnings, as defined above, divided by the sum of the weighted average common and dilutive common shares equivalents, such as options, restricted stock awards, restricted stock units, warrants or convertible preferred stock, assuming they were exercised or converted into common stock that then shared in the non-GAAP earnings of the company, as defined by GAAP. We believe that the exclusion of the additional realignment charges provide investors a more consistent view diluted earnings per share.

Working Capital

Working capital represents current assets, less current liabilities, excluding the current portion of deferred revenue, net of deferred costs. We believe working capital provides investors with an additional view of the company's liquidity and ability to repay current obligations.

 

 

SOURCE XRS Corporation

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