LOWELL, Mass. — (BUSINESS WIRE) — October 7, 2014 — SofTech, Inc. (OTC: SOFT), a proven provider of Product Lifecycle Management (PLM) solutions today filed its Form 10-K with the Securities and Exchange Commission and announced its fourth quarter and full year operating results. In addition, the Company announced that since the end of the fiscal year it had completed an $800,000 private placement and a $750,000 long term debt agreement. Lastly, the Company provided estimated guidance for fiscal 2015 operating results.
Fiscal Year 2014 Results. For fiscal year 2014, the Company generated revenue of approximately $5 million, incurred a net loss of approximately $(748,000) or $(0.85) per share and generated EBITDA of approximately $3.1 million. In the prior fiscal year, the Company generated revenue of approximately $6.4 million, net income of approximately $360,000 or $0.35 per share and generated EBITDA of approximately $1.1 million. The financial results of prior fiscal periods are less meaningful for comparison purposes due to the Company’s sale of its CADRA product line during fiscal year 2014.
Fiscal year 2014 represented the thirteenth consecutive fiscal year in which the Company generated positive EBITDA as depicted in the following table (in thousands):
| Non-Cash Expenses | |||||||||||||||||||||
| Fiscal | Net | Depreciation | Interest and | ||||||||||||||||||
| Year | Income(Loss) | & Amortization | Goodwill (A) | Tax Expense | EBITDA | ||||||||||||||||
| 2002 | $ | (2,680 | ) | $ | 2,927 | $ | - | $ | 1,288 | $ | 1,535 | ||||||||||
| 2003 | (1,852 | ) | 2,323 | - | 1,140 | 1,611 | |||||||||||||||
| 2004 | (1,853 | ) | 2,585 | - | 1,015 | 1,747 | |||||||||||||||
| 2005 | (1,425 | ) | 2,533 | - | 903 | 2,011 | |||||||||||||||
| 2006 | (1,333 | ) | 1,936 | - | 1,217 | 1,820 | |||||||||||||||
| 2007 | (1,222 | ) | 1,469 | - | 1,460 | 1,707 | |||||||||||||||
| 2008 | (306 | ) | 1,430 | - | 1,302 | 2,426 | |||||||||||||||
| 2009 | 1,321 | 532 | - | 776 | 2,629 | ||||||||||||||||
| 2010 | 673 | 176 | - | 605 | 1,454 | ||||||||||||||||
| 2011 | (222 | ) | 595 | 355 | 538 | 1,266 | |||||||||||||||
| 2012 | 444 | 156 | - | 323 | 923 | ||||||||||||||||
| 2013 | 360 | 341 | - | 357 | 1,058 | ||||||||||||||||
| 2014 | (748 | ) | 284 | 3,305 | 253 | 3,094 | |||||||||||||||
| (A) Goodwill expensed upon the sale of the AMT and the CADRA product lines in 2011 and 2014, respectively. | |||||||||||||||||||||
