SofTech Announces Annual Financial Results for FY 2008

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SOFTECH, INC.

FINANCIAL SUMMARY

(In thousands, except per share data)

   

Statements of Operations:

             
    For the Twelve

Month Period Ended

     

May 31, 2008

    May 31, 2007
Revenue   $ 10,106   $ 11,049
Income from operations     928     238
Net loss     (306)     (1,222)
Loss per share     (.03)     (.10)

SOFTECH, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

For Fiscal Years Ended May 31,

   
2008 2007
(in thousands)
Cash flows from operating activities:
Net loss $ (306) $ (1,222)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation and amortization 1,430 1,469
Provision for uncollectible accounts 52 -
Loss on retirement of equipment 3 -
 
Change in operating assets and liabilities:
Accounts receivable 39 161
Prepaid expenses and other assets - (158)
Accounts payable and accrued expenses (17) (82)
Deferred revenue (227) 145
Total adjustments 1,280 1,535
Net cash provided by operating activities 974 313
Cash flows from investing activities:
Capital expenditures (9) (12)
Net cash used in investing activities (9) (12)
 
Cash flows from financing activities:
Borrowings under debt agreements 150 1,750
Repayments under debt agreements (1,101) (1,628)
Repayments under capital lease (31) (10)
Net cash (used in) provided by financing activities (982) 112
Effect of exchange rates on cash (131) (45)
Net increase (decrease) in cash and cash equivalents (148) 368
Cash and cash equivalents, beginning of year 1,048 680
Cash and cash equivalents, end of year $ 900 $ 1,048
 
Supplemental disclosures of cash flow information:
Interest paid $ 1,292 $ 1,448
Non-cash acquisition on capital lease 123
Income taxes paid $ 1 $ 1

Reconciliation of EBITDA to Net Loss:

       

To arrive at EBITDA, net loss, calculated in accordance with GAAP, is adjusted below by adding back interest expense, taxes, non-cash expenses related to amortization of intangible assets resulting from acquisitions, and depreciation expense.

 

For the Twelve Month Period Ended

                 
    May 31,

2008

  May 31,

2007

  Percentage of Total Expense 2008   Percentage of Total Expense 2007
Net loss   (306)   (1,222)        
Plus: Interest Expense   1,292   1,449   12%   12%
Plus: Tax Expense   10   11  

a

 

a

Plus: Depreciation Expense   84   53   1%  

a

Plus: Amortization Expense   1,346   1,416   13%   12%
EBITDA   2,426   1,707        
 

a-Less than 1%





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