SofTech, Inc., a provider of Product Lifecycle Management (PLM) solutions, announced its fourth quarter and full year operating results.
“Fiscal 2015 marked the beginning of what we hope to be a transformation of SofTech into a fast growth, entrepreneurial company; no easy task for a 46-year-old technology company,” said Joe Mullaney, SofTech’s CEO since 2011. “While we are extremely pleased with the exceptional revenue growth from our ProductCenter and Connector offerings, we are also equally excited about the commercial launch in 2016 of our HomeView™ technology. HomeView addresses an obvious problem in a huge market that will continue to expand as the Internet connects everything in the home to our handheld devices. We hope to position HomeView as a critical backbone of that revolution. More detail about our Q4 and full year results follows, along with more information about HomeView,” Mullaney added.
Fourth Quarter Results. For the fourth quarter of fiscal year 2015, the Company generated revenue of approximately $1,126,000 as compared to $879,000 in the same period in fiscal year 2014, an increase of about 28%. The net loss for the fourth quarter of fiscal 2015 was approximately $(12,000) or $(0.01) per share as compared to a net loss of $(657,000) or $(.75) per share for the same period in fiscal 2014. EBITDA for the fourth quarter of fiscal 2015 was $69,000 as compared to negative EBITDA of $(496,000) during the same period in fiscal 2014.
The Company sold its CADRA product line during the second quarter of fiscal year 2014. The CADRA product line was responsible for about half of the Company’s revenue and a majority of its profitability and cash flow in at least the two immediately preceding fiscal years. Since the CADRA sale, the Company has been restructuring its business by reducing spending, seeking new revenue streams through new product development and focusing on enhancing the revenue from its remaining product lines, ProductCenter and Connector.
