SofTech Announces Annual Financial Results for FY 2008

In some cases, you can identify forward-looking statements by terms such as may, will, should, could, would, expects, plans, anticipates, believes, estimates, projects, predicts, potential and similar expressions intended to identify forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by such forward-looking statements. Given these uncertainties, you should not place undue reliance on any forward-looking statements. Also, these forward-looking statements represent our estimates and assumptions only as of the date of this release. Except as otherwise required by law, we expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained in this release to reflect any change in our expectations or any change in events, conditions or circumstances on which any of our forward-looking statements are based. We qualify all of our forward-looking statements by these cautionary statements.



(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)



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,


  May 31,


  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  




Plus: Depreciation Expense   84   53   1%  


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

a-Less than 1%

Review Article Be the first to review this article

Featured Video
Jeff RoweJeff's MCAD Blogging
by Jeff Rowe
Siemens Goes ECAD With Mentor Graphics Acquisition
Mechanical Engineer for IDEX Corporation at West Jordan,, UT
Business Partner Manager for Cityworks - Azteca Systems, LLC at Sandy, UT
GIS Analyst II for Air Worldwide at Boston, MA
Senior Structural Engineer for Design Everest at San Francisco, CA
Upcoming Events
Design & Manufacturing, Feb 7 - 9, 2017 Anaheim Convention Center, Anaheim, CA at Anaheim Convention Center Anaheim CA - Feb 7 - 9, 2017
Innorobo 2017 at Docks de Paris Paris France - May 16 - 18, 2017
Display Week 2017 at Los Angeles Convention Center 1201 S Figueroa St Los Angeles CA - May 21 - 26, 2017
SolidCAM: Program your CNCs directly inside your existing CAD system.

Internet Business Systems © 2016 Internet Business Systems, Inc.
595 Millich Dr., Suite 216, Campbell, CA 95008
+1 (408)-337-6870 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation GISCafe - Geographical Information Services TechJobsCafe - Technical Jobs and Resumes ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy Policy Advertise