BARNSLEY, England — MAM Software Group, a provider of business automation and ecommerce solutions for the automotive aftermarket, has announced its financial results for its fiscal second quarter and three and six months ended Dec. 31, 2010.
The company reported revenue of $6.1 million for the three months, a decrease of $597,000 or 8.8 percent, compared with revenue of $6.7 million for the three months ended Dec. 31, 2009.
Operating income was $1.1 million for the three months ended Dec. 31, 2010, compared with operating income of $265,000 for Dec. 31, 2009.
The net income was $663,000 and loss of $237,000 for the three month periods ended Dec. 31, 2010 and 2009, respectively.
The company reported revenue of $12.8 for the six months ended Dec. 31, 2010 compared with $13 million for the six months ended Dec. 31, 2009 a decrease of $207,000 or 1.6 percent.
Operating income was $2.3 million for the six months ended Dec. 31, 2010 compared with income of $855,000 for Dec. 31, 2009.
Net income was $1.1 million and loss was $157,000 for the six month periods ended Dec. 31, 2010 and 2009, respectively.
MAM’s CEO Michael Jamieson said, "We have accomplished a number of key initiatives in the first half of this fiscal year. We successfully strengthened and cleaned up our balance sheet by refinancing our $4.3 million 16 percent term loan with the proceeds of a 3.4 percent term loan and our oversubscribed rights offering, prepaid a 7 percent note with cash on hand, and generated substantial cash from operations. We are pleased with the rollout of the new Autowork Online product in the U.K. Autowork Online is our software as a service (SaaS) solution, aimed at the independent service and repair business. Revenue from Autowork Online has increased each month of this fiscal year and totaled $193,000 for the three months and $358,000 for the six months ended Dec. 31, 2010, respectively a 17 percent quarter-over-quarter revenue growth. We streamlined our operations and have generated two sequential quarters of positive net income. With a stronger and healthier company, we are now focused on growing our business in the U.S. and U.K."
