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Share Name | Share Symbol | Market | Type |
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American Software Inc | NASDAQ:AMSWA | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.17 | -1.66% | 10.07 | 9.65 | 10.60 | 10.415 | 10.03 | 10.21 | 131,228 | 01:00:00 |
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(State or Other Jurisdiction
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(I.R.S. Employer
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of Incorporation)
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Identification No.)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class |
Trading Symbol |
Name of each exchange on which registered |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this chapter).
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Emerging Growth Company
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financing accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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ITEM 8.01
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OTHER EVENTS
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ITEM 9.01
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FINANCIAL STATEMENTS AND EXHIBITS
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Exhibit
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Description
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99.1
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Press Release of American Software, Inc., dated December 11, 2023.
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Date: December 11, 2023
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AMERICAN SOFTWARE, INC.
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(Registrant) |
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By: /s/ Vincent C. Klinges
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Name: Vincent C. Klinges
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Title: Chief Financial Officer
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Exhibit
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Description
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ATLANTA--(BUSINESS WIRE)--December 11, 2023--American Software, Inc. (NASDAQ: AMSWA) today announced that it filed a Form 10-K/A for the year ended April 30, 2023 and Form 10-Q/A for the three month period ended July 31, 2023 related to a material weakness in its internal control over financial reporting.
As previously disclosed on Form 8-K filed with SEC on December 1, 2023, following American Software’s divestiture of The Proven Method on September 18, 2023, American Software identified an error resulting in an immaterial understatement of expenses from operations and liabilities relating to a control deficiency. Following identification of the error, American Software has determined that the error did not result in a material misstatement of the Company’s previously issued financial statements and that such financial statements may continue to be relied upon.
American Software has concluded that its report regarding the effectiveness of its internal control over financial reporting contained in its Annual Report on Form 10-K for the year ended April 30, 2023 (the “2023 Annual Report”) and its Quarterly Report on Form 10-Q for the three month period ended July 31, 2023 should be amended as stated in the 10-K/A and 10-Q/A, respectively. Additionally, American Software’s outside auditor, KPMG LLP, has determined its opinion relating to the effectiveness of American Software’s internal control over financial reporting as of April 30, 2023 included in the 2023 Annual Report should not be relied upon. KPMG has not withdrawn its audit report on the consolidated financial statements included in the 2023 Annual Report.
American Software has initiated a process to promptly update its reconciliation control policy and procedures for investigating and resolving reconciling items on a timely basis to further prevent misstatements in its financial statements or disclosures, as well as provide training under the new policy. American Software expects the material weakness in its internal control over financial reporting will be fully remediated before April 30, 2024, but remediation will not be considered complete until the applicable controls operate for a sufficient period of time, subsequent to implementing the updated policy and training to enable management to test and to conclude on the operating effectiveness of the controls.
Forward Looking Statements
This press release contains forward-looking statements that are subject to substantial risks and uncertainties. References below to the Company mean American Software, Inc. There are a number of factors that could cause actual results or performance to differ materially from what is anticipated by statements made herein. These factors include, but are not limited to the irregular pattern of the Company’s revenues; technological complexity; undetected software errors; the challenges and risks associated with integration of acquired product lines, companies and services; uncertainty about the viability and effectiveness of strategic alliances; the Company’s ability to satisfy in a timely manner all Securities and Exchange Commission (SEC) required filings and the requirements of Section 404 of the Sarbanes-Oxley Act of 2002 and the rules and regulations adopted under that Section; as well as a number of other risk factors that could affect the Company’s future performance. For further information about risks the Company could experience as well as other information, please refer to the Company’s current Form 10-K and other reports and documents subsequently filed with the SEC. For more information, contact: Kevin Liu, American Software, Inc., (626) 657-0013 or email kliu@amsoftware.com.
About American Software, Inc.
Atlanta-based American Software, Inc. (NASDAQ: AMSWA), through its operating entity Logility delivers an innovative AI-powered platform that enables enterprises to accelerate their digital supply chain transformation from product concept to client availability via the Logility® Digital Supply Chain Platform, a single platform spanning Product, Demand, Inventory, Supply, Sourcing, Deploy, Corporate Responsibility Environment, Social and Governance (ESG) and Network Optimization aligned with Integrated Business Planning.
Serving clients such as Big Lots, Bunzl Australasia, Carter’s, Destination XL, Glen Raven, Hostess, Husqvarna Group, Jockey International, Johnson Controls, Parker Hannifin, Red Wing Shoe Company, Spanx and Taylor Farms; our solutions are marketed and sold through a direct sales team as well as an indirect global value-added reseller (“VAR”) distribution network.
Fueled by supply chain master data, allowing for the automation of critical business processes through the application of artificial intelligence and machine learning algorithms to a variety of internal and external data streams, the comprehensive Logility portfolio delivered in the cloud includes advanced analytics , supply chain visibility, demand, inventory and replenishment planning, Sales and Operations Planning (S&OP), Integrated Business Planning (IBP), supply and inventory optimization, manufacturing planning and scheduling, network design and optimization (NDO), retail merchandise and assortment planning and allocation, product lifecycle management (PLM), sourcing management, vendor quality and compliance, and product traceability. For more information about Logility, please visit www.logility.com. Logility is a wholly-owned subsidiary and operating entity for American Software, Inc.. You can learn more about American Software at www.amsoftware.com, or by calling (404) 364-7615 or emailing kliu@amsoftware.com.
Logility® is a registered trademark of Logility, Inc. Other products mentioned in this document are registered, trademarked or service marked by their respective owners.
Financial Information Press Contact:
Vincent C. Klinges
Chief Financial Officer
American Software, Inc.
(404) 264-5477
Document and Entity Information |
Dec. 11, 2023 |
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Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Dec. 11, 2023 |
Entity Registrant Name | AMERICAN SOFTWARE, INC. |
Entity Incorporation, State or Country Code | GA |
Entity File Number | 000-12456 |
Entity Tax Identification Number | 58-1098795 |
Entity Address, Address Line One | 470 East Paces Ferry Road, NE |
Entity Address, City or Town | Atlanta |
Entity Address, State or Province | GA |
Entity Address, Postal Zip Code | 30305 |
City Area Code | 404 |
Local Phone Number | 261-4381 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000713425 |
Title of 12(b) Security | Common Stock |
Trading Symbol | AMSWA |
Security Exchange Name | NASDAQ |
1 Year American Software Chart |
1 Month American Software Chart |
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