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

LOWELL, Mass. — (BUSINESS WIRE) — April 19, 2011 — SofTech, Inc., a proven provider of Product Lifecycle Management (PLM) solutions, today announced the completion of its audit for fiscal year 2010. The audit for the fiscal year ended May 31, 2010 was delayed during the negotiation and completion of the recently announced recapitalization transaction that improved the Company’s book value by more than $8 million.

“While the results that are summarized below are now quite dated, I am very happy that we were able to complete the audit process,” said Joe Mullaney, the recently appointed President and CEO. “The completion of the FY2010 audit is a critical element of our plan to re-commence filing public reports with the Securities and Exchange Commission and seek an improved listing status for our common stock for our shareholders. We have committed to completing all filings with the Securities and Exchange Commission and, in the coming weeks, will be releasing our quarterly results for the first three quarters of fiscal year 2011,” he added.

Revenue for the fourth quarter ended May 31, 2010 was approximately $2.0 million as compared to about $2.2 million during the same period in 2009. Revenue for the twelve month period ended May 31, 2010 was approximately $7.7 million as compared to about $9.5 million for the same period in 2009.

Net income the fourth quarter ended May 31, 2010 was approximately $227,000 as compared to about $349,000 during the same period in 2009. Net income for the twelve month period ended May 31, 2010 was approximately $673,000 as compared to about $1.3 million for the same period in 2009.

“During the first three quarters of fiscal year 2011, the revenue and profitability have stabilized,” Joe Mullaney continued. “The new team is enthusiastically engaged in identifying growth opportunities that could allow us to monetize some or all of our tens of millions of dollars of tax assets.”

   

SOFTECH, INC.

FINANCIAL SUMMARY

(In thousands, except per share data)

 

Statements of Operations:

 

For the Three Months Ended May 31,

 

2010

2009

Revenue $ 1,956 $ 2,241
Income from operations 425 446
Net income 227 349
Basic and diluted income per share

.02

.03

   

For the Fiscal Years Ended May 31,

 

2010

2009

Revenue $ 7,711 $ 9,498
Income from operations 1,349 2,132
Net income 673 1,321
Basic and diluted income per share

.06

.11


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