SofTech, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended November 30, 2013
January 14, 2014 at 04:30 pm EST
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SofTech, Inc. reported earning results for the second quarter and six months ended November 30, 2013. For the quarter, the company reported total revenue of $1,414,000 compared to total revenue of $1,772,000 for the same period a year ago. Operating income was $43,000 compared to $313,000 last year. Loss from operations before income taxes was $44,000 compared to income from operations before income taxes $252,000 last year. Net loss was $44,000 or $0.05 per basic and diluted share compared to net income of $252,000 or $0.25 per basic and diluted share last year. EBITDA was $3,365,000 compared to $369,000 last year. The EBITDA in the current quarter was generated from the sale of the aforementioned CADRA product line.
For the six months, the company reported total revenue of $2,790,000 compared to total revenue of $3,342,000 for the same period a year ago. Operating loss was $139,000 compared to operating income of $313,000 last year. Loss from operations before income taxes was $310,000 compared to income from operations before income taxes $425,000 last year. Net loss was $310,000 or $0.35 per basic and diluted share compared to net income of $425,000 or $0.43 per basic and diluted share last year. EBITDA was $3,242,000 compared to $654,000 last year.
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.