CIMdata PLM Industry Summary Online Archive
16 October 2013
Financial News
SofTech Announces Q1FY 2014 Operating Results
SofTech, Inc. today announced its first quarter fiscal year 2014 operating results. Revenue for the three months ended August 31, 2013 was approximately $1.38 million as compared to approximately $1.57 million for the same period in the prior fiscal year, a decline of about 12%. The $190,000 in revenue from the sale of its patents in the prior year accounted for the revenue decline; there was no patent revenue in the current quarter. Net income (loss) for the current quarter was about ($266,000) or ($.30) per share compared to net income of $173,000 or $.17 per share for the same period in the prior fiscal year.
EBITDA for current quarter was about ($124,000) as compared to about $285,000 for the same period in fiscal year 2013.
“Our first quarter is often the most challenging and the first quarter of fiscal 2014 fits that pattern,” said Joe Mullaney, SofTech’s CEO. “During the current quarter we experienced flat revenue as compared to last year after adjusting for the patent sale in Q1’13. We had increased development expenses as more effort was directed at new releases and we incurred increased professional fees related to the sale of the CADRA product line, the purchase of 170,000 shares of common stock from a significant shareholder and litigation expenses. On a positive note, Q2’14 is off to a great start with license revenue in September totaling almost $250,000, more than all of Q1. Lastly, the sale of our CADRA product line is nearly complete,” he added.
To view an unabridged version of this press release, visit: http://www.softech.com/about-us/news-room
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