American Software files FY23 10-K/A and Q1 FY24 10-Q/A
11 Dezembro 2023 - 10:53AM
Business Wire
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 KPMG has not withdrawn its audit report on the consolidated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.
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version on businesswire.com: https://www.businesswire.com/news/home/20231208782659/en/
Financial Information Press Contact: Vincent C. Klinges Chief
Financial Officer American Software, Inc. (404) 264-5477
American Software (NASDAQ:AMSWA)
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