RAND Worldwide is becoming less worldwide as it shuts down operations in Ireland and Italy, and continues to sell itself off to Dassault Systemes. The lastest agreement with DS is worth CDN$50 million, and will eliminate $38 million of debt.
With all the changes to the company, it's hard to compare figures to previous quarters and fiscal years. Q3 revenue was down to $23.3 million, compared to $27.5 million a year earlier. Net loss $12.9 million, compared to a net loss of $10.2 million a year earlier. The company has $6.4 million in cash.
CFO Kriss Bush writes, "Once the Dassault transaction closes, RAND Worldwide will have a debt-free balance sheet and will be in a positive cash position, which gives the Company a solid foundation for the future."