10:14 AM EST, 11/07/2024 (MT Newswires) -- Shares in Dye & Durham ( DYNDF ) , a global cloud-based legal practice management software provider, were fluctuating between modest losses and gains on Thursday as it narrowed its first quarter loss on higher revenues.

The company reported a net loss of $9.3 million for the first quarter of fiscal 2025, an improvement from the net loss of $13.5 million reported in the same period the previous year.

Revenue for the quarter ending Sept. 30 was $119.9 million, a 5% increase taking into consideration the TM Group divestiture. Annual recurring revenue rose 43% to $156 million, representing 32% of total revenue. It had Leveraged Free Cash Flow of $28 million and net cash by operating activities of $48 million in Q1 FY2025.

The company announced a dividend of $0.01875 per share, payable Nov. 21, to shareholders of record as of Nov. 14 and said it continues efforts to reduce its net debt to adjusted EBITDA ratio below 4x, aided by a $20 million voluntary prepayment on its term loan.

Matthew Proud, CEO of Dye & Durham ( DYNDF ), in a statement said: "We have demonstrated another quarter of organic revenue growth, strong growth in ARR, low churn and a year-over-year improvement in leveraged free cash flow of $35 million. Even more exciting than what we've accomplished, is our current trajectory. As macroeconomic conditions improve, we are seeing early signs of accelerated growth into Q2 FY2025. We remain focused on expanding our platform to support organic growth and market leadership."

Price: 19.72, Change: -0.02, Percent Change: -0.10