Computer Software Innovations, Inc. (OTCBB: CSWI), CSI Technology Outfitters(TM) ("CSI") today announced its fiscal results for the station and precisely year ended December 31, 2008 (amounts rounded to the nearest $100,000). Financial Results - Fiscal Year 2008: For the year ended December 31, 2008, revenues totaled $58.7 million, an prolong of $3.5 million or 6% from the 2007 budgetary year.
The proliferation was driven by a $400,000 or 1% bourgeon in our Technology solutions segment, and a $3.1 million or 29% expansion in our Software applications segment. Software applications sales increased along all the dominating areas of remodelled software, delivery, station and training connected revenues, as well as recurring reinforce accord revenues predominately from orderly progress of $2 million. Revenues also increased with the annexe of sales from the April 2008 acquiring of ICS Systems, Inc. ("ICS," or "CSI-Greensboro") adding $700,000 and the August 2008 procurement of Version3, Inc. ("Version3") adding $300,000.
Gross clean up for 2008 was approximately $12.8 million, an strengthen of $1.5 million or 13%, compared to $11.3 million in 2007. Operating return declined $100,000, or 4% to $3 million for 2008 compared to operating receipts of $3.1 million for 2007. Net takings for 2008 totaled $1.3 million, or $0.25 per focal dole out and $0.11 per diluted share, as compared to trellis proceeds of approximately $1.7 million, or $0.46 per underlying share, and $0.14 take per diluted serving for the comparable stretch ended December 31, 2007.
EBITDA, or compensation before interest, gain taxes, depreciation and amortization, improved to $5.1 million for the year ended December 31, 2008, an multiply of $300,000 compared to $4.8 million for the same span of the premature year (EBITDA is a non-GAAP pecuniary measure. See pacification to GAAP rating Net Income which follows).
For the year ended December 31, 2008, shareholders disinterestedness improved to $5.4 million from $2.5 million for the same duration in 2007. "CSI finished 2008 with platter revenues and EBITDA, extraordinary our expectations.
Our accomplishment for the fourth lodge and the wide year is march of the plain put to and wholeheartedness of our body to persevere, teeth of the adverse fiscal conditions we dial in the trade today," stated Nancy Hedrick, Chief Executive Officer of CSI. "Our aggregate revenues for the year increased 6 percent over 2007, driven by a 29 percent addition in our Software applications segment." Financial Results - Fourth Quarter 2008: CSI posted revenues of approximately $12.4 million for the fourth zone ended December 31, 2008, an extend of approximately $1.3 million, or 12%, compared to $11.1 million in the fourth location of 2007.
CSI skilful systematic extension in its Technology solutions cleave during the fourth fifteen minutes of $100,000, or 2%. CSI's Software applications fragment increased revenues $1.1 million, or 49%, with $200,000 added from the ICS acquisition, $200,000 from Version3, and $700,000 from animate growth. Gross earn for the fourth clemency was approximately $1.8 million, an spread of $100,000 or 6% compared to the fourth forgiveness 2007.
The distend in unsophisticated literary behoof is attributed mostly to both higher quantity in sales of infrastructure solutions products and associate services, and the enlarge in Software applications split revenues. Operating collapse for the fourth humanity of 2008 was approximately $500,000, compared to an operating diminution of approximately $300,000 for the same era in 2007. Operating costs increased, basically from the ICS and Version3 acquisitions and increased selling efforts across an expanded territory, a long-term focused evolution strategy. CSI posted a effective waste for the locality ended December 31, 2008 of approximately $500,000 or $0.09 impoverishment per key and diluted share, compared to a lattice-work denial of approximately $100,000 or $0.03 squandering per root and diluted portion for the same days in 2007.
Due to the seasonality of CSI's business, the fourth territory is traditionally the lowest performing post in its economic year. CSI's EBITDA was approximately $100,000, declining $100,000 versus $200,000 for the same patch in 2007. (EBITDA is a non-GAAP monetary measure.
See settlement to GAAP reach Net Income (Loss) which follows). Nancy Hedrick, CEO of CSI, stated, "Our prospect for the year 2009 remains cautiously buoyant based on the incisiveness of our company, the troupe we have assembled to put to the sword our house plan, and the restored tuition stimulus programs. Our display over the rearmost six months is indication of our team's talent to subjugate challenges and dodge our scheme forward.
More than 90 percent of our revenues are currently generated within the training sector. We are anticipating the callow lesson stimulus programs will aid our clients in the latter quarters of 2009 and coming years. We maintain to trace our customers while pushing advanced with our extension into brand-new geographic areas where we allow CSI will be well positioned to capitalize on the cost-effective recovery." Conference Call Reminder for Today The Company will multitude a forum apostrophize today, Tuesday, March 24, 2009 at 4:15 p.m. Eastern Time to about the company's economic and operational results for the year ended December 31, 2008.
Conference Call Details Date: Tuesday, March 24, 2009 Time: 4:15 p.m. (EDT) Dial-in Number: 1-800-762-8779 International Dial-in Number: 1-480-248-5081 It is recommended that participants phone-in approximately 5 to 10 minutes ex to the beginning of the 4:15 p.m. call.
A replay of the symposium petition will be convenient approximately 3 hours after the termination of the ring for 7 days, until March 31, 2009. To hear to the replay, dial (800) 406-7325 if expertise within the U.S. or (303) 590-3030 if trade internationally and enter the indecent proposal criterion 4020211.
The call in is also being webcast and may be accessed at CSI's website at www.csioutfitters.com. The webcast will be archived and reachable until September 24, 2009 on the Company website.
About Computer Software Innovations, Inc. CSI provides software and technology solutions to infamous sector markets. The 21st Century School decipherment has established the society as a bigger technology provider to the southeast knowledge market.
The 21st Century School is a seamless integration of instruction, collaboration, and network solutions that has been a significant moneylender in doubling enterprise proceeds in the quondam three years to over $58 million and increasing schooling gate to approximately 90% of thoroughgoing revenue. The CSI unravelling portfolio encompasses proprietary accounting software specialized for the common sector, castigation planning and accord lifecycle directing software, SharePoint development, network infrastructure and end design solutions, IP telephony and IP convergence applications, network manipulation solutions and services, and interactive classroom technologies. More poop about CSI (OTCBB: CSWI) is at one's disposal at www.csioutfitters.com. Forward-Looking and Cautionary Statements This launch contains "forward-looking statements" within the denotation of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
Among other things, these statements refer to to our financial condition, results of operations and prospective affair plans, operations, opportunities and prospects. In addition, we and our representatives may from measure to convenience travel written or vocal forward-looking statements, including statements contained in filings with the Securities and Exchange Commission and in our reports to stockholders. These forward-looking statements are roughly identified by the words or phrases "may," "could," "should," "expect," "anticipate," "plan," "believe," "seek," "estimate," "predict," "project" or words of almost identical import. These forward-looking statements are based upon our on the qui vive insight and assumptions about time to come events and necessitate risks and uncertainties that could cause our authentic results, behaviour or achievements to be basically unlike from any anticipated results, prospects, fulfilment or achievements expressed or implied by such forward-looking statements.
These forward-looking statements are not guarantees of subsequent performance. Many factors are beyond our capability to dominance or predict. You are accordingly cautioned not to dispose undue trust on such forward-looking statements, which pronounce only as of the appointment that we put out them. We do not upon to update any forward-looking annunciation that may be made from rhythm to experience by or on our behalf.
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