ReadSoft 2013 Revenue Growth Flat; Recurring Revenue Percentage up 6%

ReadSoft announced its Q4 2013 and year-end numbers on Friday. Some highlights:

• 2013 revenue was $118 million, which was basically flat, when considered in local currencies, compared to 2012.
• License sales, when considered in local currencies, grew 1% to $38 million, or about a third of total revenue.
• Recurring revenue, which includes both maintenance and subscription software and hosted software sales grew to $55 million, or 47% of total sales, up from 40.4% in 2012.
• "U.S. and rest of the world" sales were basically flat in 2013 - at $35.5 million.

From CEO Per Åkerberg's comments:

•  The global roll-out of XBOUND during 2013 took longer than expected and consequently we didn’t reach our full sales potential for this area
• Although our 2013 results are not where we ought to be, we believe the investments we made and actions we took in acquisitions, employees, products and organization are essential to our long -term growth, results and margins
• It is very gratifying to see that all the hard work on increasing our recurring revenues is continuing to pay off. This will have a very positive impact on ReadSoft’s future profitability. Our cash flow from operating activities remains strong. 
• During the fourth quarter our markets in North America, Asia and South Africa have shown the way with good growth and profitability.