SofTech Announces Improved Financial Results for Q2 FY 2009

Reconciliation of EBITDA to Net Income (Loss) (unaudited):

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 Three Month Period Ended

 

 

November 30,

2008

 

November 30,

2007

 

Percentage of
Total Expense
November 30, 2008

 

Percentage of
Total Expense
November 30, 2007

Net income (loss)  

$

348

 

$

(218)

 

       
Plus: Interest Expense     223     345     10 %   13 %
Plus: Depreciation Expense     16     17     1 %   1 %
Plus: Amortization Expense    

101

   

354

    5 %   13 %
EBITDA     688     498          
       

For the Six Month Period Ended

   

November 30,

2008

 

November 30,

2007

 

Percentage of
Total Expense
November 30, 2008

 

Percentage of
Total Expense
November 30, 2007

Net income (loss)  

$

767

 

$

(217)

 

       
Plus: Interest Expense     453     704     11 %   13 %
Plus: Depreciation Expense     28     35     1 %   1 %
Plus: Amortization Expense    

203

   

708

    5 %   13 %
EBITDA     1,451     1,230          

SOFTECH, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

For The Six Months Ended November 30,

(unaudited)

     

2008

2007
(in thousands)
Cash flows from operating activities:
Net income $ 767 $ (217)

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

Depreciation and amortization 231 743
Provision for uncollectible accounts 25 -
 
Change in operating assets and liabilities:
Accounts receivable 416 379
Prepaid expenses and other assets (52) (78)
Accounts payable and accrued expenses 56 (114)
Deferred revenue (1,024) (948)
Total adjustments (348) (18)
 
Net cash provided by operating activities 419 (235)
 
Net cash provided by investing activities
Capital expenditures (33) -
Net cash used in investing activities (33) -
 
Cash flows from financing activities:
Repayments under debt agreements (807) (304)
Repayments under capital lease (16) (16)
Net cash used in financing activities (823) (320)
 
Effect of exchange rates on cash 73 (49)
 
Net decrease in cash and cash equivalents (364) (604)
Cash and cash equivalents, beginning of year 900 1,048
Cash and cash equivalents, end of year $ 536 $ 444

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