SofTech Announces Q1 & Q2 FY2011 Results

Sets FY2010 Annual Meeting Date, Board Recommends: 1 for 20 Reverse Stock Split and New Equity Incentive Plan

LOWELL, Mass. — (BUSINESS WIRE) — April 27, 2011 — SofTech, Inc., a proven provider of Product Lifecycle Management (PLM) solutions, today announced financial results for its first and second quarters of fiscal year 2011. Since the recapitalization transaction of March 11, 2011, the new management team has been working with the Company’s registered independent accountants to complete the fiscal year 2010 audit (results released April 19, 2011) and the quarterly reviews for fiscal year 2011.

The operating results for the first two quarters of fiscal year 2011 compared to the same periods in the prior fiscal year were as follows:

    Fiscal Year 2011       Fiscal Year 2010
(000's, except per share data)

Q1

 

Q2

 

YTD

Q1

 

Q2

 

YTD

Revenue $ 1,893 $ 1,933 $ 3,826 $ 1,981 $ 1,892 $ 3,873
Income from operations 242 224 466 326 330 656
Net income 132 87 219 180 192 372
Earnings per share .01 .01 .02 .01 .02 .03

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