MAM Software (OTC: MAMS) released its fourth quarter and year-end financial results an hour after the opening bell this morning. For the quarter, the automotive aftermarket software company saw a 5% increase in revenues, and net income grew by over 145% to $1.8 million. Earning per share came in at $0.11 versus $0.05. Fiscal Year 2012 results had net income growing by 79% to a little over $4 million. The company earned $0.29 per share compared to $0.18 in 2011.
In addition to the earnings news, MAM Software made a midday announcement that Retreaders, with stores in Pennsylvania and Tennessee, chose the company’s Windows-based retread plant management solution know as VAS FA/R Retread.
Perhaps anticipating good news, buyers queued up before the start of trading. The stock gapped up seven cents on the first trade of the day and never looked back. By the end of the first half hour of trading, the stocked tacked on an additional gain of 23 cents to $2.45. Buyers continued to put the pedal to the metal as share prices zoomed to an intraday and annual high of $2.66 before 90 minutes had expired in the trading day. As the lunch hour on the east coast approached, buyers appeared to run out of gas as the stock retreated. For the remainder of the afternoon, traders exchanged shares in a narrow range with the stock closing at $2.45 for a gain of almost 14%. The number of shares traded on the day easily exceeded the 16,000 registered on an average day. The total volume for the session tallied a little over 150,000 shares. Traders have tonight to decide whether today’s action marks a new chapter for the stock and if it sets the stage for higher prices in the weeks to come.
Since shares traded at a 52-week low of $1.60 in January, the stock has marched steadily higher for a gain of 60%. The stock, however, trades quite thin on some days as represented by the average daily volume.
In other recent news, Standard Auto Parts announced on August 30, 2012, that it selected Autopart, a software created by MAM Software, to manage its stores and multi-warehouses. The software will help Standard Auto Parts to provide real time integration across its entire organization plus control warehousing and administrative operations.
In May, the company announced a $1 million stock repurchase program beginning on May 18, 2012. The repurchasing agreement does not obligate the company to buy shares and does not carry an expiration date.
MAM Software operates out of Bamsley in the United Kingdom. The company provides business management systems, information products, and online services to businesses in the automotive aftermarket to deliver timely vehicle repair services. The company’s customers are located in the United States, Ireland, Canada and the UK. MAM Software was founded in 2006.
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