Aftersoft Group Releases 2007 Financials
Aftersoft Group, a successful supplier and distributor of numerous softwares and services to the automotive aftermarket industry, has just released the company’s financial results for its completed year on June 30, 2007. Aftersoft’s reported revenue amounted to $26.8 million, which is a 14 percent improvement when compared to the 2006 revenue of $23.5 million. In another aspect, the company has also reported a loss amounting to $1.6 million for the 2007 fiscal year, which took into account a couple of non-recurring factors totaling to $5.4 million. These factors included a $3.1 million reduction of good will and the $2.4 million worth of legal settlement endowed from the Auto Parts acquirement. Not including these non-recurring factors, Aftersoft would have supposedly generated a net income of about $3.8 million, $0.05 per diluted share.
Ian Warwick, Aftersoft Chairman and Chief Executive Officer, was amenable enough to comment on the company’s financial status: “We are pleased with our fiscal year 2007 results as we continued to tackle obstacles associated with our turnaround. We still managed to achieve an increase of $3.3 million or 14% in revenues when compared with the previous year’s $23.5 million, along with a $3 million or 8.3% increase in margin when compared to the previous year’s $12.7 million. With the McKenna lawsuit behind us and a more realistic valuation of our Goodwill, the company’s balance is strengthening and we are be able to concentrate on expanding into international markets and benefit from recent progress. In fact, with our new products now launched we plan to aggressively penetrate the large North American market, with a goal of achieving a market penetration similar to the one we have achieved in the UK.”
“Aftersoft has also improved operationally. Our gross margin improved to 59% from 54% in the previous fiscal year. Operating expenses, excluding the impairment of goodwill charge, actually decreased by 6% from the prior fiscal year. We intend to effect further improvements to our balance sheet going forward”
“The registration statement filed on form SB-2 several months ago remains under regulatory review. As soon as we have a definitive response on the registration statement will immediately inform investors. Aftersoft’s management is looking forward to this upcoming year with great anticipation. With many obstacles now behind us, we can focus our energies on delivering results for our shareholders,” Warwick commented as conclusion.
Below is a brief company profile of the Aftersoft Group, as provided in the company press release:
Aftersoft Group, Inc. is a supplier of ERP supply chain management solutions to automotive parts and Aftermarket Performance Parts manufacturers, distributors, and retailers. Aftersoft provides the automotive aftermarket with a combination of business management systems, information products, and online services that combine to deliver benefits for all parties involved in the timely repair of a vehicle. For further information, visit www.aftersoftgroup.com