SofTech Announces Audit Completion & Financial Results for Its Fourth Quarter & Fiscal Year 2010

Reconciliation of EBITDA to Net Income:

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

   

For the Three Months Ended May 31,

2010

2009

Net income $ 227 $ 349
Plus: Interest expense 142 129
Tax expense 16 16
Depreciation expense 9 18
Amortization expense   24   101
EBITDA   418   613
   

For the Fiscal Years Ended May 31,

 

2010

2009

Net income $ 673 $ 1,321
Plus: Interest expense 589 760
Tax expense 16 16
Depreciation expense 63 127
Amortization expense   113   405
EBITDA   1,454   2,629




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