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December 9, 2008updated 06 Sep 2016 2:26pm

SoftBrands Q4 and annual revenues up

SoftBrands, a provider of enterprise application software services, has announced financial results for the fourth quarter of fiscal 2008, with revenues increasing 8.9% to $25.4m, compared to $23.3m for the same quarter of fiscal 2007.

By CBR Staff Writer

Operating income increased 3.5% to $2.6 million in the fourth quarter of fiscal 2008, compared to $2.5 million for the same quarter of fiscal 2007.

For fiscal 2008, revenues increased 5.7% to $98.6 million, compared to $93.4 million for fiscal 2007.

The company has reported GAAP net income available to common shareholders of $0.8 million, or $0.02 per diluted share for the fourth quarter of fiscal 2008, compared with $1.8 million, or $0.04 per diluted share, for the same quarter of fiscal 2007.

Net loss attributable to common shareholders was $0.5 million, or $0.01 per diluted share in fiscal 2008, compared with a loss of $3.7 million, or $0.09 per diluted share in fiscal 2007. Operating income for fiscal 2008 was $4.4 million, compared with $0.7 million for fiscal 2007.

Randy Tofteland, president and CEO of SoftBrands, said: SoftBrands performed well in the fourth quarter, given current economic conditions. We have taken more aggressive steps to manage our cost structure as a result of the weak economic outlook. Our goal in fiscal 2009 is to improve our profitability even in the face of a challenging economic environment.

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