SofTech, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended Feb. 28, 2014
April 15, 2014 at 02:19 am IST
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SofTech, Inc. reported earnings results for the third quarter and nine months ended Feb. 28, 2014. For the quarter, the company reported total revenue of $1,342,000 against $1,459,000 a year ago. Operating loss was $271,000 against operating income of $49,000 a year ago. Loss from operations before income taxes and net loss was $275,000 or $0.31 per basic and diluted share against loss from operations before income taxes and net loss of $14,000 a year or $0.01 per basic and diluted share ago. LBITDA was $93,000 against EBITDA of $183,000 a year ago. The increase in the net loss in the current quarter as compared to the same period in fiscal 2013 is primarily due to: non-recurring expenses of approximately $116,000 of lenders and professional services fees related to the December 2013 loan amendment, and reduced profitability earned when generating revenue from technologies of others as a reseller.
For the nine months, the company reported total revenue of $4,131,000 against $4,800,000 a year ago. Operating loss was $410,000 against operating income of $598,000 a year ago. Loss from operations before income taxes and net loss was $585,000 or $0.66 per basic and diluted share against income from operations before income taxes and net income of $411,000 a year or $0.41 per basic and diluted share ago. EBITDA was $3,145,000 against $836,000 a year ago.
SofTech, Inc. is engaged in the development, marketing, distribution and support of computer software solutions that enable companies to manage the lifecycle of their products from conception through design and manufacture, to service and disposal. The Company's service offerings include consulting, training and discrete engineering services. These solutions include software technology offerings for computer aided design (CAD), and product data management (PDM) and collaboration technologies. In addition, the Company offers a technology platform that allows data exchange between various third party technology offerings known as the Company's connector offering. The Company's products include ProductCenter, Connector Platform, HomeView and CADRA. The Company operates in the United States and Europe and has sales and customer support offices in the United States and Italy. The Company also operates through re-sellers in North America, Europe and Asia.