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.
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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.