Absolute Software Reports Fiscal 2014 Year-End and Fourth Quarter Results

Absolute closes year with record quarterly Sales Contracts, achieves 18% growth

VANCOUVER, Aug. 18, 2014 /CNW/ - Absolute® Software Corporation (TSX: ABT), the industry standard for persistent endpoint security and management solutions for computers, laptops, tablets and smartphones, today announced its financial results for the three months and year ended June 30, 2014. All financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS") and are reported in U.S. dollars.

Key Financial Metrics Q4
F2014
Q4
F2013
%
change
F2014 F2013 %
change
Sales Contracts(1) $30.7M $26.2M 18% $97.3M $88.3M 10%
Cash from operating activities $1.9 M $3.2M (38%) $15.5M $17.5M (12%)
Operating cash per share(2)
    (basic)
    (diluted)
 
$0.04
$0.04
 
$0.08
$0.07
 
(50%)
(43%)
 
$0.36
$0.35
 
$0.41
$0.41
 
(12%)
(15%)
Revenue $23.3M $22.0M 6% $91.0M $83.2M 9%
Adjusted EBITDA(3) $4.3M $3.2M 34% $16.3M $11.7M 39%
Net income $0.8M $0.4M 124% $3.6M $1.7M 116%
Net income per share
    (basic and diluted)
$0.02 $0.01 100% $0.08 $0.04 125%
Dividends paid $2.4M $2.0M 18% $9.3M $4.1M 125%
Cash, cash equivalents  and investments $73.6M $62.9M 17% $73.6M $62.9M 17%
Deferred revenue $137.0M $130.6M 5% $137.0M $130.6M 5%
(1)(2)(3) - Please refer to "Non-IFRS Measures and Definitions"

Q4-F2014 Highlights:
Sales Contracts

  • Record total Sales Contracts of $30.7 million, representing 18% year-over-year growth
  • Commercial Sales Contracts of $29.9 million, representing 20% year-over-year growth
  • 35% year-over-year growth in Device Management and Data Security product sales
  • 13% year-over-year growth in Theft Management product sales
  • 8% year-over-year growth in International commercial sales

Operations and Corporate

  • $1.9 million in Cash from Operating Activities ($2.4 million prior to the payment of post-retirement benefits) compared to $3.2 million in Q4-F2013
  • $2.4 million (CAD$0.06 per common share) dividend paid during the quarter
  • Geoff Haydon appointed as Chief Executive Officer and as a member of the Company's Board of Directors

Technology

  • Absolute persistence technology embedded in the Microsoft Surface Pro 3 tablet
  • Positive movement in the Visionaries Quadrant of the Gartner Magic Quadrant for Client Management Tools
  • Maintained positioning in the Niche Quadrant of the Gartner Magic Quadrant for Enterprise Mobility Management Software
  • Absolute is one of only four vendors who are positioned in both of the above Magic Quadrants
  • Integration of additional Computrace and Absolute Manage features within the Absolute Service console
  • First to market with BYOD support of Windows and Mac computers

"Data security has become a key driver in heavily regulated segments. Accordingly, it's not a surprise that in Q4 Absolute delivered strong sales growth in the corporate and healthcare segment," said Geoff Haydon, CEO of Absolute. "Our customers recognize the risk as well as their responsibility to secure sensitive business data on and off corporate networks. I believe Absolute is in a unique position to capture a growing share of this market opportunity."

F2014 Highlights:
Sales Contracts

  • Total Sales Contracts of $97.3 million, representing 10% year-over-year growth
  • Commercial Sales Contracts of $92.4 million, representing 12% year-over-year growth
  • 15% year-over-year growth in sales of Device Management and Data Security products
  • 11% year-over-year growth in sales of Theft Management products
  • 23% year-over-year growth in International commercial sales

Operations and Corporate

  • $15.5 million in Cash from Operating Activities ($17.3 million prior to the payment of post-retirement benefits) compared to $17.5 million in Q4-F2013
  • $9.3 million (CAD$0.23 per common share) in dividends paid during the fiscal year
  • Appointed Sal Visca to the Company's Board of Directors

Technology

  • Absolute persistence technology embedded in additional Samsung Galaxy devices including the Galaxy S5, NotePRO, and TabPRO
  • Absolute Service version 8.0 achieved certification in 10 ITIL 2011 processes
  • Absolute Manage version 6.4.2 support for the Apple streamlined device enrollment program
  • Achieved inclusion in the Gartner Magic Quadrant for Content-Aware Data Loss Prevention

Services

  • Absolute Safe Schools was launched, a program for Computrace Education customers to support them in the training and safety of student end users

"Looking forward, fiscal 2015 will be an exciting year for Absolute. We've sharpened our focus, and will deliver on key initiatives," stated Mr. Haydon.  "This includes concentrating on the growth of Computrace, which is perfectly positioned to provide a persistent and effective response to the data and security risks inherent to a mobile workforce. This will also involve leveraging our persistence technology - and existing customer base - to cross-sell our Absolute Manage and Absolute Service offerings. We will invest selectively in product market segments that provide optimum return on investment. We will execute tightly against the renewal and expansion of existing customer relationships, and the development of new ones. The entire Absolute team is energized as we head into the new fiscal year."

"The board of directors recognizes the tremendous opportunity ahead of us, as well as our strong current financial position and ability to continue to generate strong operating cash flow," continued Mr. Haydon.  "As such, the board of directors has resolved to increase our quarterly dividend going forward from $0.06 to $0.07 per common share."

Q4-F2014 and F2014 Financial Review
Q4-F2014 Sales Contracts were $30.7 million, up 18% from $26.2 million in Q4-F2013. Sales Contract growth in Q4-F2014 reflected strength in the corporate and healthcare segment. F2014 Sales Contracts were $97.3 million, up 10% from $88.3 million in F2013.

Invoiced sales to commercial customers increased 20% in Q4-F2014 compared to Q4-F2013, and increased 12% for the fiscal year. Commercial Sales Contracts for Absolute's Theft Management products(5)  were $18.9 million in Q4-F2014, representing an increase of 13% from $16.8 million in Q4-F2013. F2014 Commercial Sales Contracts for theft management products were $58.4 million, up 11% from $52.8 million in F2013.

Q4-F2014 Commercial Sales Contracts from Absolute's Device Management and Data Security products(6)  were $11.1 million, up 35% from $8.2 million in Q4-F2013. For F2014, Commercial Sales Contracts from device management and data security products were $34.0 million, up 15% from $29.6 million in F2013. Growth in this category during the quarter was primarily driven by strong sales of Computrace Data Protect.

International commercial Sales Contracts were $3.0 million in Q4-F2014 (10% of total Sales Contracts), up 8% from $2.7 million in Q4-F2013 (11% of total Sales Contracts). F2014 International Sales Contracts were $13.3 million (14% of total Sales Contracts), up 23% from $10.8 million (12% of total Sales Contracts) for F2013.

Sales Contracts for consumer solutions were $0.8 million (3% of total Sales Contracts), down from $1.2 million (4% of total Sales Contracts), in Q4-F2013. F2014 consumer Sales Contracts were $4.9 million (5% of total Sales Contracts), down from $5.9 million (7% of total Sales Contracts), in F2013.

Revenue in Q4-F2014 was $23.3 million, a 6% increase from $22.0 million in Q4-F2013. Indicative of the Company's Software-as-a-Service (SaaS) business model, revenue primarily represents the amortization of deferred revenue balances from recurring term license sales. F2014 revenue was $91.0 million, a 9% increase from $83.2 million in F2013.

Adjusted Operating Expenses(3) for Q4-F2014 were $19.1 million, up 2% from $18.8 million in Q4-F2013. The change reflected higher sales and marketing expenditures, which were offset by a higher Canadian Scientific Research and Experimental Development investment tax credit which effectively reduced research and development expenditures for the period. F2014 Adjusted Operating Expenses were $74.7 million, up 5% from $71.4 million in F2013.

Absolute generated Adjusted EBITDA(4) of $4.3 million in Q4-F2014, up 34% from $3.2 million in Q4-F2013. F2014 Adjusted EBITDA was $16.3 million, up 39% from $11.7 million in F2013.

Absolute recorded net income of $0.8 million, or $0.02 per share, in Q4-F2014, compared to net income of $0.4 million, or $0.01 per share, in Q4-F2013. F2014 net income was $3.6 million, or $0.08 per share, compared to net income of $1.7 million, or $0.04 per share, in F2013.

Cash from operating activities was $1.9 million for Q4-F2014, down 38% from $3.2 million in Q4-F2013.  F2014 cash from operating activities was $15.5 million, down 12% from $17.5 million in F2013. F2014 Cash from operating activities reflects the payment of $1.4 million of post-retirement benefits made during Q3-F2014 and an additional $0.4 million made during Q4-F2014.

At June 30, 2014, Absolute had cash, cash equivalents and investments of $73.6 million compared to $62.9 million at June 30, 2013.

Quarterly Dividend
Given the Company's strong financial position, the Board of Directors has approved a change in the Company's dividend policy. The quarterly dividend will increase from $0.06 to $0.07 per common share.  This increase is expected to be implemented in the second quarter of fiscal 2015.  There is no change to the current $0.06 per share dividend scheduled to be paid on August 28, 2014 to those persons who were shareholders of record at the close of business on August 7, 2014.

Corporate Outlook
Management remains confident in Absolute's market opportunity. For F2015, management expects Sales Contracts and cash from operating activities to increase over F2014 levels.

Annual Filings
Management's discussion and analysis ("MD&A"), consolidated financial statements and notes thereto for F2014 can be obtained today from Absolute's corporate website at www.absolute.com. The documents will also be available at www.sedar.com.

Notice of Conference Call
Absolute Software will hold a conference call to discuss the Company's F2014 results on Monday, August 18, 2014 at 2:00 p.m. PT (5:00 p.m. ET). All interested parties can join the call by dialing 647-427-7450, or 1-888-231-8191. Please dial-in 15 minutes prior to the call to secure a line.  The conference call will be archived for replay until Monday, August 25, 2014 at midnight.  To access the archived conference call, please dial 416-849-0833, or 1-855-859-2056 and enter the reservation code 73132799.

A live audio webcast of the conference call will be available at www.absolute.com and http://bit.ly/abtq4.  Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast.  An archived replay of the webcast will be available for 365 days at www.newswire.ca.

Non-IFRS Measures and Definitions
Throughout this press release, we refer to a number of measures which we believe are meaningful in the assessment of the Company's performance. All these metrics are non-standard measures under International Financial Reporting Standards ("IFRS"), and are unlikely to be comparable to similarly titled measures reported by other companies. Readers are cautioned that the disclosure of these items is meant to add to, and not replace, the discussion of financial results or cash flows from operations as determined in accordance with IFRS.  For a discussion of the purpose of these non-IFRS measures, please refer to the Company's Fiscal 2014 MD&A on SEDAR at www.SEDAR.com.

These measures, as well as their method of calculation or reconciliation to IFRS measures, are as follows:

1) Sales Contracts
See the "Subscription Business Model" section of the MD&A for a detailed discussion of why we believe Sales Contracts (also known as "bookings") provide a meaningful performance metric.  Sales Contracts are included in deferred revenue (see Note 10 of the Notes to the Consolidated Financial Statements), and result from invoiced sales of our products and services.

2) Basic and diluted Cash from Operating Activities per share
As a result of the nature of our revenues (please refer to "Subscription Business Model" in the MD&A), we use Cash from Operating Activities as a measure of profitability. Accordingly, we believe that Cash from Operating Activities per share is a meaningful indicator of profitability per share. Cash from Operating Activities per share is calculated by dividing Cash from Operating Activities by the weighted average number of shares outstanding for the period (basic), or the fully diluted number of shares using the treasury stock method (diluted).

3) Adjusted Operating Expenses
A number of significant non-cash or non-recurring expenses are reported in our Cost of Revenue and Operating Expenses.  Management believes that analyzing these expenses exclusive of these non-cash or non-recurring items provides a useful measure of the cash invested in the operations of its business. The items excluded in the determination of Adjusted Operating Expenses are share-based compensation, amortization of acquired intangible assets, amortization of property and equipment, and restructuring charges and certain post-retirement benefits. For a description of the reasons these items are adjusted, please refer to the Fiscal 2014 MD&A.

4) Adjusted EBITDA
Management believes that analyzing operating results exclusive of significant non-cash items provides a useful measure of the Company's performance. The term Adjusted EBITDA refers to earnings before deducting interest and investment gains (losses), income taxes, amortization of acquired intangible assets and property and equipment, foreign exchange gain or loss, share-based compensation, and restructuring charges and post-retirement benefits.  The non-cash items excluded in the determination of Adjusted EBITDA include share-based compensation, amortization of acquired intangibles, amortization of property and equipment, and restructuring charges and certain post-retirement benefits.

5) Theft Management products
Management defines the Company's theft management product line as Computrace products that include an investigations and recovery services component.

6) Device Management and Data Security products
Management defines the Company's device management and data security product line as Absolute Manage and Absolute Service products, as well as Computrace products that do not include an investigations and recovery services component (for example, Absolute Track and Computrace Data Protection).

About Absolute Software
Absolute Software Corporation (TSX: ABT) is the industry standard in persistent endpoint security and management for computers, laptops, tablets and smartphones. The Company, a leader in device security and management tracking for 20 years, has over 30,000 commercial customers worldwide. Absolute's solutions - Computrace®, Absolute Manage®, Absolute Service, and Absolute LoJack® - provide organizations with actionable intelligence to prove compliance, securely manage BYOD, and deliver comprehensive visibility and control over all of their devices and data. Absolute is positioned on three Gartner, Inc. Magic Quadrants - the Magic Quadrant for Client Management Tools (CMT), the Magic Quadrant for Enterprise Mobility Management (EMM) and the Magic Quadrant for Content-Aware Data Loss Prevention. Absolute is one of only four vendors to be recognized on both the CMT and EMM Magic Quadrants. Absolute persistence technology is embedded in the firmware of computers, netbooks, tablets and smartphones by global leaders, including Acer, ASUS, Dell, Fujitsu, HP, Lenovo, Microsoft, Motion, Panasonic, Samsung, and Toshiba, and the Company has reselling partnerships with these OEMs and others, including Apple. For more information about Absolute Software, visit www.absolute.com.

This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements relate to, among other things, the expected performance, functionality and availability of our services and products, and other expectations, intentions and plans contained in this press release that are not historical fact. When used in this press release, the words "plan," "expect," "believe," and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and general market conditions. In light of the many risks and uncertainties you should understand that we cannot assure you that the forward-looking statements contained in this press release will be realized. Furthermore, the forward-looking statements contained in this press release are made as at the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.  Finally, the timing, payment and amount of dividends paid by the Company is determined by the Board of Directors on a quarterly basis.  The Company's declaration of dividends may change from time to time and dividends may be reduced or eliminated entirely.

©2014 Absolute Software Corporation. All rights reserved. Computrace and Absolute are registered trademarks of Absolute Software Corporation. LoJack is a registered trademark of LoJack Corporation, used under license by Absolute Software Corporation. LoJack Corporation is not responsible for any content herein. U.S. patents No. 5,715,174, No. 5,764,892, No. 5,802,280, No. 5,896,497, No. 6,087,937, No. 6,244,758, No. 6,269,392, No. 6,300,863, No. 6,507,914, No. 7,818,557, No. 7,818,803, No. 7,945,709, No. 8,062,380, No. 8,234,359, No. 8,241,369, No. 8,307,055, No. 8,332,953, No. 8,346,234, No. 8,362,901, No. 8,418,226, No. 8,419,806, No. 8,441,348, No. 8,510,825, No. 8,556,991, No. 8,566,961, No. 8,606,971, No. 8,625,799, No. 8,669,870, No. 8,701,013, No. 8,712,432, No. 8,717,172, No. 8,734,529 and 8,745,383. Canadian patents No. 2,211,735, No. 2,284,806, No. 2,205,370, No. 2,771,208 and No. 2,733,222. U.K. patents No. EP0793823, No. GB2298302, and No. GB2338101. German patent No. 69512534. Australian patent No. 699045. Japanese patents No. 4067035, No. 5220924 and No. 5363305. Korean patents No. 10-1372986 and No. 10-1408746. Mexican patents No. 297,406 and No. 306,287. Russian patent No. 2,460,220 and 2,506,704. The Toronto Stock Exchange has neither approved nor disapproved of the information contained in this news release.

ABSOLUTE SOFTWARE CORPORATION
Consolidated Statements of Financial Position
(Expressed in United States dollars) (Unaudited)
     
       
    June 30, 2014 June 30, 2013
       
ASSETS      
       
CURRENT      
  Cash and cash equivalents   $    40,928,539 $   31,114,998
  Short-term investments   17,537,492 13,165,606
  Trade and other receivables   21,979,235 18,196,955
  Prepaid expenses and other   1,917,665 1,712,988
    82,362,931 64,190,547
INVESTMENTS   15,115,005 18,639,550
PROPERTY AND EQUIPMENT   1,987,544 1,294,249
DEFERRED INCOME TAX ASSETS   19,801,047 20,340,047
INTANGIBLE ASSETS AND GOODWILL   18,535,582 21,933,959
    $  137,802,109 $ 126,398,352
       
LIABILITIES      
       
CURRENT      
  Trade and other payables   $     10,455,510 $     8,943,682
  Accrued warranty   360,000 420,000
  Deferred revenue - current   71,144,393 68,093,937
    81,959,903 77,457,619
DEFERRED REVENUE   65,818,337 62,542,619
    147,778,240 140,000,238
COMMITMENTS      
CONTINGENCIES      
       
SHAREHOLDERS' DEFICIENCY      
  Share capital   52,403,258 41,690,749
  Equity reserve   35,141,530 36,542,921
  Deficit   (97,520,919) (91,835,556)
    (9,976,131) (13,601,886)
    $ 137,802,109 $ 126,398,352

 

ABSOLUTE SOFTWARE CORPORATION
Consolidated Statements of Operations and Comprehensive Income
Three months and year ended June 30, 2014 and 2013
(Expressed in United States dollars) (Unaudited)
           
    Three months ended
June 30,
Year ended
June 30,
    2014 2013 2014 2013
           
           
REVENUE   $ 23,343,682 $ 21,984,411 $ 90,979,104 $ 83,178,357
           
COST OF REVENUE   5,198,542 4,695,735 19,653,726 19,726,415
           
GROSS MARGIN   18,145,140 17,288,676 71,325,378 63,451,942
           
OPERATING EXPENSES          
  Sales and marketing   10,737,797 10,035,529 41,089,480 38,682,386
  Research and development   2,114,072 3,007,752 11,024,591 11,428,539
  General and administration   3,397,256 2,434,695 11,282,581 8,654,165
  Share-based compensation   350,596 553,926 1,897,005 2,295,051
    16,599,721 16,031,902 65,293,657 61,060,141
           
OPERATING INCOME   1,545,419 1,256,774 6,031,721 2,391,801
           
OTHER INCOME (EXPENSE)          
  Interest income, net   34,289 33,871 205,253 182,206
  Foreign exchange loss   (17,522) (148,896) (14,322) (1,711)
  Loss on investments   - - - (29,627)
    16,767 (115,025) 190,931 150,868
           
NET INCOME BEFORE INCOME TAXES   1,562,186 1,141,749 6,222,652 2,542,669
           
INCOME TAX EXPENSE   (752,100) (693,824) (2,650,800) (804,217)
           
NET INCOME AND COMPREHENSIVE INCOME   $   810,086 $   447,925 $   3,571,852 $   1,738,452
           
BASIC AND DILUTED INCOME PER SHARE     $    0.02   $    0.01          $   0.08          $   0.04
           
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC   44,181,433 41,832,793 43,046,927 42,345,547

 

ABSOLUTE SOFTWARE CORPORATION
Consolidated Statements of Changes in Shareholders' Deficiency
(Expressed in United States dollars) (Unaudited)
           
  Share Capital      
  Number of
Common
shares
Amount Equity reserve Deficit Total
           
BALANCE, JUNE 30, 2012 43,757,803 $ 38,625,463 $ 35,751,185 $ (79,141,256) $ (4,764,608)
Shares issued on options exercised 796,636 4,816,877 (1,503,315) - 3,313,562
Shares issued under Employee Share Purchase Plan 144,046 612,121 - - 612,121
Shares repurchased and cancelled under the Normal Course Issuer Bid (2,812,900) (3,191,146) - (10,314,109) (13,505,255)
Shares issued on acquisition 166,668 827,434 - - 827,434
Share-based compensation expense - - 2,295,051 - 2,295,051
Dividends paid - - - (4,118,643) (4,118,643)
Net income and total comprehensive income - - - 1,738,452 1,738,452
BALANCE, JUNE 30, 2013 42,052,253 $ 41,690,749 $ 36,542,921 $ (91,835,556) $ (13,601,886)
Shares issued on options exercised 1,148,151 6,720,562 (2,186,396) - 4,534,166
Shares issued on non-standard options exercised 447,750 3,297,658 (1,112,000) - 2,185,658
Shares issued under Employee Share Purchase Plan 148,061 694,289 - - 694,289
Share-based compensation expense - - 1,897,005 - 1,897,005
Dividends paid - - - (9,257,215) (9,257,215)
Net income and total comprehensive income - - - 3,571,852 3,571,852
BALANCE, JUNE 30, 2014 43,796,215 $ 52,403,258 $ 35,141,530 $ (97,520,919) $ (9,976,131)

 

ABSOLUTE SOFTWARE CORPORATION
Consolidated Statements of Cash Flows
Three months and year ended June 30, 2014 and 2013
(Expressed in United States dollars) (Unaudited)
     
  Three months ended
June 30,
Year ended
June 30,
  2014 2013 2014 2013
         
OPERATING ACTIVITIES        
  Net income $   810,086 $    447,925 $   3,571,852 $   1,738,452
  Items not involving cash        
    Amortization of property and equipment 434,128 288,003 1,418,328 1,294,326
    Amortization of acquired intangible assets 1,503,415 1,093,716 5,116,761 5,755,100
    Amortization of intangible assets - contract costs and brand 1,687,687 1,587,154 6,631,078 6,022,219
    Share-based compensation 350,596 553,926 1,897,005 2,295,051
    Deferred income taxes (487,600) 549,350 539,000 (491,826)
    Loss (gain) on investments - - - 29,627
    Unrealized foreign exchange loss (gain) - - - (277,892)
    Non-cash interest and amortization
of investment premium
178,211 3,901 577,585 274,233
  Change in non-cash working capital        
    Trade and other receivables (7,262,247) (4,996,872) (3,753,544) 80,249
    Prepaid expenses and other (37,969) (76,111) (204,677) 297,177
    Intangible assets - contract costs and brand additions (2,546,517) (1,780,918) (7,729,045) (6,574,406)
    Trade and other payables (87,604) 1,359,016 1,140,079 2,111,353
    Accrued warranty (60,000) (56,000) (60,000) (170,000)
    Deferred revenue 7,467,213 4,181,991 6,326,174 5,139,857
         
CASH FROM OPERATING ACTIVITIES 1,949,399 3,155,081 15,470,596 17,523,520
INVESTING ACTIVITIES        
  Purchase of property and equipment (523,566) (221,724) (1,727,881) (948,322)
  Acquisition of LiveTime - - - (8,000,000)
  Acquisition of Palisade - (675,000) - (675,000)
  Purchase of intangible assets (126,196) - (489,577) (25,000)
  Acquisition payable - - - (833,333)
  Proceeds from sales and maturities of short-term investments 7,340,000 15,450,000 12,543,925 23,489,727
  Purchase of short-term investments (4,538,510) (9,329,984) (4,948,460) (24,609,984)
  Purchase of investments (5,698,049) (6,190,335) (9,020,391) (6,190,335)
         
CASH USED IN INVESTING ACTIVITIES (3,546,320) (967,043) (3,642,384) (17,792,247)
FINANCING ACTIVITIES        
  Dividends paid (2,413,178) (2,049,310) (9,257,215) (4,118,643)
  Issuance of common shares 696,799 1,534,239 7,529,898 3,924,820
  Repurchase of common shares for cancellation - - - (13,504,414)
         
CASH USED IN FINANCING ACTIVITIES (1,716,379) (515,071) (1,727,317) (13,698,237)
         
FOREIGN EXCHANGE EFFECT ON CASH (85,558) (164,249) (287,354) (330,185)
         
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (3,398,857) 1,508,718 9,813,541 (14,297,149)
         
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 44,327,397 29,606,280 31,114,998 45,412,147
         
CASH AND CASH EQUIVALENTS, END OF PERIOD $  40,928,539 $  31,114,998 $  40,928,539 $  31,114,998

 

SOURCE Absolute Software Corporation

For further information:

Public Relations:
Becky Obbema, Interprose
Becky.Obbema@interprosepr.com or 408.778.2024
or
Marina Guy, Absolute Software
mguy@absolute.com or 604.730.9851 x107

Investor Relations:
Dave Mason, CFA, TMX | Equicom
dmason@equicomgroup.com or 416.815.0700 x237