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American Software doubles its cloud services contract value in its fourth quarter

Last updated: 16:30 22 Jun 2018 BST, First published: 15:59 22 Jun 2018 BST

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The company beat Wall Street revenue estimates but fell short of earnings expectations

American Software Inc (NASDAQ:AMSWA) released fiscal fourth-quarter earnings, more than doubling annual contract value for its cloud services.

The software company reported earnings late Thursday of US$0.04 per share on revenue of US$29.3mln compared with US$0.34 EPS on revenue of US$26.2mln in the previous year’s fourth quarter.

The Atlanta-based company beat Wall Street revenue estimates of US$29.15mln but fell short of earnings expectations of US$0.07 per share.

For the fiscal year, the company reported earnings of US$0.40 per share on revenue of US$112.7mln compared with US$0.49 EPS on revenue of US$106.2mln in the previous year.

READ: Red Hat shares fall as disappointing guidance offsets better-than-expected earnings

The yearly results came in ahead of analyst expectations of US$0.38 EPS but just missed revenue estimates of US$121.8mln.

“Our momentum continues towards SaaS subscriptions as the preferred customer engagement method which is highlighted by our 108% increase in Cloud Services Annual Contract Value (ACV),” said president Allan Dow in a press statement.

Annual contract value for its cloud services increased 108% to US$12.7mln compared with US$6.1mln in the previous year.

Shares of American Software jumped nearly 7% to US$15.96 in Friday morning trading.

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