SofTech Announces Improved Profitability for Fiscal Year 2009

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

To arrive at EBITDA, net income (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 Fiscal Years Ended May 31,

 

   

 

2009

   

 

2008

     

Percentage of
Total Expense
2009

   

Percentage of
Total Expense
2008

Net income (loss)     $ 1,321     $ (306 )            
Plus: Interest Expense       760       1,292       9 %     12 %
Plus: Depreciation Expense       127       84       2 %     1 %
Plus: Amortization Expense       405       1,346       5 %     13 %
EBITDA       2,613       2,416              
SOFTECH, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For The Fiscal Year Ended May 31,
(Unaudited)
       
 
2009 2008
(in thousands)
Cash flows from operating activities:
Net income (loss) $ 1,321 $ (306 )

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

Depreciation and amortization 532 1,430
Provision for uncollectible accounts 25 52
Loss on retirement of equipment - 3
 
Change in operating assets and liabilities:
Accounts receivable 108 39
Prepaid expenses and other assets (96 ) -
Accounts payable and accrued expenses 89 (17 )
Deferred revenue (319 ) (227 )
Total adjustments 339 1,280
 
Net cash provided by operating activities 1,660   974  
 
Net cash provided by investing activities
Capital expenditures (89 ) (9 )
Net cash used in investing activities (89 ) (9 )
 
Cash flows from financing activities:
Borrowings under debt agreements - 150
Repayments under debt agreements (1,715 ) (1,101 )
Repayments under capital lease (31 ) (31 )
Net cash used in financing activities (1,746 ) (982 )
 
Effect of exchange rates on cash 33   (131 )
 
Net decrease in cash and cash equivalents (142 ) (148 )
Cash and cash equivalents, beginning of year 900   1,048  
Cash and cash equivalents, end of year $ 758   $ 900  

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