Attached files
file | filename |
---|---|
8-K - FORM 8-K - Computer Software Innovations, Inc. | d323842d8k.htm |
Exhibit 99.1
COMPUTER SOFTWARE INNOVATIONS, INC. ANNOUNCES FOURTH QUARTER AND YEAR END 2011 RESULTS
Easley, SC (MARKET WIRE) March 26, 2012 Computer Software Innovations, Inc. (OTCBB: CSWI.OB), CSI Technology Outfitters(TM) (CSI) today announced its financial results for the fourth quarter and full year ended December 31, 2011.
Financial Highlights:
| Revenues of $55.1 million for the 2011 fiscal year, an increase of $2.4 million or 5% over 2010; |
| Gross Profit of $10.7 million for the 2011 fiscal year, flat compared to 2010; |
| Operating Income of $0.4 million for the 2011 fiscal year, a decrease of $0.7 million or 65% below 2010; |
| Net Income of $0.2 million for the 2011 fiscal year, a decrease of $0.3 million or 46% below 2010. |
Financial Results Fourth Quarter 2011:
CSI posted revenues for the fourth quarter of 2011 of approximately $14.2 million, an increase of $2.8 million or 25% over the fourth quarter of 2010. The increase was due to a $0.3 million or 10% increase in our Financial Management Applications Segment primarily from increased support revenues, a $0.1 million or 21% increase in our Cloud Services Segment from increased Cloud Email and VoIP solutions revenues, and a $2.5 million or 31% increase in our Technology Solutions Segment from increased interactive classroom and infrastructure product and related services revenues.
CSIs gross profit for the fourth quarter of 2011 was approximately $2.6 million, an increase of $0.3 million or 13% over the fourth quarter of 2010. The increase was driven by an increase in gross profit of $0.6 million or 52% in our Technology Solutions Segment from increased sales, partially offset by a decrease of $0.1 million in our Financial Management Applications Segment from increased development costs, and a $0.2 million decrease in our Cloud Services Segment from increased costs related to the start-up of Cloud VoIP.
CSIs operating loss for the fourth quarter of 2011 was approximately $(0.1) million, an increase in operating loss of less than $(0.1) million or 131% over the fourth quarter of 2010.
CSI posted a net loss for the fourth quarter of 2011 of approximately $(0.2) million, an increase in the net loss of $(0.1) million or 192% over the fourth quarter of 2011. Due to the seasonality of CSIs business, the fourth and first quarters are traditionally the lowest performing quarters in its fiscal year.
EBITDA, or earnings before interest, income taxes, depreciation and amortization for the fourth quarter of 2011 was approximately $0.6 million, flat compared to the fourth quarter of 2010. (EBITDA is a non-GAAP financial measure. See reconciliation to GAAP measure Net Income which follows.)
Financial Results Fiscal Year 2011:
CSI posted revenues of approximately $55.1 million for the 2011 fiscal year, an increase of $2.4 million or 5% over the 2010 fiscal year. The increase was driven by a $2.1 million or 6% increase in our Technology Solutions Segment from increased infrastructure product and services revenues, a $0.2 million or 23% increase in our Cloud Services Segment from increased Cloud Email and VoIP solutions revenues and a slight increase in our Financial Management Applications Segment from increased support revenues.
CSIs gross profit for the 2011 fiscal year was approximately $10.7 million, a slight decrease (0.3%) compared to the prior year. By segment, there was a gross profit increase of $1.2 million for the Technology Solutions Segment from increased sales, offset by a decrease of $0.6 million in the Financial Management Applications Segment from increased development costs and a $0.6 million decrease in the Cloud Services Segments from Cloud VoIP start-up costs.
CSIs operating income for the 2011 fiscal year was approximately $0.4 million, a decrease of $0.7 million or 65% below the 2010 fiscal year. The decrease was driven by a $0.7 million increase in operating expenses related to increased selling costs within the Technology Solutions Segment and increased operational compliance costs related to the Cloud Services Segment.
Net income for the 2011 fiscal year was approximately $0.2 million or $0.04 per basic share and $0.02 per diluted share, as compared to net income of approximately $0.5 million, or $0.07 per basic share and $0.03 per diluted share for the 2010 fiscal year.
Page 1 of 8
EBITDA, or earnings before interest, income taxes, depreciation and amortization for the 2011 fiscal year was approximately $2.7 million, a decrease of $0.7 million or 21% below the 2010 fiscal year. (EBITDA is a non-GAAP financial measure. See reconciliation to GAAP measure Net Income which follows.)
I am pleased that CSI was able to remain profitable in 2011 and we are in an excellent position to grow our business in 2012, stated Nancy Hedrick, CEO. Both our Technology Solutions and Financial Management Applications segments did well in 2011 and are off to strong starts in 2012. Our newest segment, Cloud Services, made headway in 2011 with the launch of our hosted voice in addition to hosted email and we expect continued revenue growth in this segment in 2012.
Conference Call Reminder for Today
The Company will host a conference call today, Monday, March 26, 2012 at 4:15 pm Eastern Time to discuss the Companys financial and operational results for year ended December 31, 2011.
Date: Monday, March 26, 2012
Time: 4:15 p.m. (EDT)
Dial-in Number: 1-877-941-1427
International Dial-in Number: 1-480-629-9664
It is recommended that participants phone-in approximately 5 to 10 minutes prior to the start of the 4:15 p.m. call. A replay of the conference call will be available approximately three hours after the completion of the call for 30 days, until April 26, 2012. To listen to the replay, dial 1-877-870-5176 if calling within the U.S., 1-858-384-5517 if calling internationally and enter the pass code 4524398
The call is also being webcast and may be accessed at CSIs website at www.csioutfitters.com. The webcast will be archived and accessible until April 26, 2012 on the Company website.
About Computer Software Innovations, Inc.
CSI provides software and technology solutions to public sector markets. CSI software solutions have established the Company as a major software provider in the southeast education market including through its award winning financial management solutions for the education and local government market sectors. CSIs Version3 products, which include identity and access management and cloud-based communication and collaboration solutions, expand CSIs presence throughout the US. The CSI Cloud Services provides the education community with enterprise class, hosted voice, hosted email and hosted web solutions.
The CSI 21st Century Connected School solution has established the Company as a major technology provider to the southeast education market. CSI 21st Century Connected School is a seamless integration of instruction, collaboration, and network solutions. CSI financial management applications and the 21st Century Connected School solutions have been a significant factor in nearly doubling company revenue in the past four years to over $50 million and increasing education revenue contribution to approximately 90% of total revenue.
The CSI solution portfolio encompasses proprietary financial management software specialized for the public sector, lesson planning and identity and access management software, cloud-based communication and collaboration solutions, SharePoint development, network infrastructure and end device solutions, IP telephony and IP convergence applications, network management solutions and managed services, and interactive classroom technologies. More information about CSI (OTCBB: CSWI.OB) is available at www.csioutfitters.com.
Financial Tables to Follow
Page 2 of 8
COMPUTER SOFTWARE INNOVATIONS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands, except per share data) | For the Three Months Ended December 31, |
For the Years
Ended December 31, |
||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
REVENUES |
||||||||||||||||
Financial Management Applications Segment |
$ | 3,505 | $ | 3,180 | $ | 13,689 | $ | 13,652 | ||||||||
Cloud Services Segment |
310 | 256 | 1,176 | 954 | ||||||||||||
Technology Solutions Segment |
10,400 | 7,946 | 40,187 | 38,067 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net sales and service revenue |
14,215 | 11,382 | 55,052 | 52,673 | ||||||||||||
COST OF SALES |
||||||||||||||||
Financial Management Applications Segment |
||||||||||||||||
Cost of sales, excluding depreciation, amortization and capitalization |
2,271 | 1,932 | 8,324 | 7,566 | ||||||||||||
Depreciation |
34 | 30 | 120 | 117 | ||||||||||||
Amortization of capitalized software costs |
310 | 341 | 1,097 | 1,184 | ||||||||||||
Capitalization of software costs |
(293 | ) | (361 | ) | (1,207 | ) | (1,144 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Financial Management Applications Segment cost of sales |
2,322 | 1,942 | 8,334 | 7,723 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Cloud Services Segment |
||||||||||||||||
Cost of sales, excluding depreciation, amortization and capitalization |
715 | 385 | 2,561 | 1,802 | ||||||||||||
Depreciation |
80 | 24 | 260 | 63 | ||||||||||||
Amortization of capitalized software costs |
115 | 82 | 367 | 324 | ||||||||||||
Capitalization of software costs |
(221 | ) | (126 | ) | (743 | ) | (613 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Cloud Services Segment cost of sales |
689 | 365 | 2,445 | 1,576 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Technology Solutions Segment |
||||||||||||||||
Cost of sales, excluding depreciation |
8,533 | 6,709 | 33,468 | 32,536 | ||||||||||||
Depreciation |
26 | 28 | 97 | 103 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Technology Solutions Segment cost of sales |
8,559 | 6,737 | 33,565 | 32,639 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total cost of sales |
11,570 | 9,044 | 44,344 | 41,938 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross profit |
2,645 | 2,338 | 10,708 | 10,735 | ||||||||||||
OPERATING EXPENSES |
||||||||||||||||
Research and development |
21 | 44 | 90 | 166 | ||||||||||||
Selling costs |
1,338 | 1,209 | 5,101 | 4,572 | ||||||||||||
Marketing costs |
116 | 131 | 556 | 518 | ||||||||||||
Stock based (non-employee wage) compensation |
| (1 | ) | 22 | 48 | |||||||||||
Professional and legal compliance costs |
136 | 44 | 522 | 429 | ||||||||||||
Depreciation and amortization |
99 | 116 | 407 | 550 | ||||||||||||
Other general and administrative expenses |
1,018 | 831 | 3,614 | 3,327 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total operating expenses |
2,728 | 2,374 | 10,312 | 9,610 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Operating income |
(83 | ) | (36 | ) | 396 | 1,125 | ||||||||||
OTHER EXPENSE |
||||||||||||||||
Interest expense |
(55 | ) | (30 | ) | (192 | ) | (231 | ) | ||||||||
Loss on disposal of property and equipment |
| (6 | ) | | (8 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total other expense |
(55 | ) | (36 | ) | (192 | ) | (239 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Income before income taxes |
(138 | ) | (72 | ) | 204 | 886 | ||||||||||
INCOME TAX (BENEFIT) EXPENSE |
43 | (10 | ) | (39 | ) | 433 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
NET INCOME |
$ | (181 | ) | $ | (62 | ) | $ | 243 | $ | 453 | ||||||
|
|
|
|
|
|
|
|
|||||||||
BASIC (LOSS) EARNINGS PER SHARE |
$ | (0.03 | ) | $ | (0.01 | ) | $ | 0.04 | $ | 0.07 | ||||||
|
|
|
|
|
|
|
|
|||||||||
DILUTED (LOSS) EARNINGS PER SHARE |
$ | (0.03 | ) | $ | (0.01 | ) | $ | 0.02 | $ | 0.03 | ||||||
|
|
|
|
|
|
|
|
|||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING: |
||||||||||||||||
Basic |
6,584 | 6,545 | 6,570 | 6,504 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Diluted |
6,584 | 6,545 | 13,600 | 13,899 | ||||||||||||
|
|
|
|
|
|
|
|
Page 3 of 8
COMPUTER SOFTWARE INNOVATIONS, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands) | December 31, 2011 | December 31, 2010 | ||||||
ASSETS |
||||||||
CURRENT ASSETS |
||||||||
Cash and cash equivalents |
$ | | $ | 1,578 | ||||
Accounts receivable, net |
10,872 | 8,681 | ||||||
Inventories |
1,568 | 558 | ||||||
Prepaid expenses |
374 | 159 | ||||||
Taxes receivable |
608 | 284 | ||||||
|
|
|
|
|||||
Total current assets |
13,422 | 11,260 | ||||||
PROPERTY AND EQUIPMENT, net |
1,529 | 1,033 | ||||||
COMPUTER SOFTWARE COSTS, net |
3,330 | 2,844 | ||||||
GOODWILL |
2,431 | 2,431 | ||||||
OTHER INTANGIBLE ASSETS, net |
2,156 | 2,359 | ||||||
|
|
|
|
|||||
Total assets |
$ | 22,868 | $ | 19,927 | ||||
|
|
|
|
|||||
LIABILITIES AND SHAREHOLDERS EQUITY |
||||||||
CURRENT LIABILITIES |
||||||||
Accounts payable |
$ | 3,587 | $ | 2,600 | ||||
Deferred revenue |
8,558 | 8,014 | ||||||
Deferred tax liability, net |
990 | 693 | ||||||
Bank line of credit |
1,312 | | ||||||
Current portion of notes payable |
469 | 456 | ||||||
Current portion of subordinated notes payable to shareholders |
67 | 58 | ||||||
|
|
|
|
|||||
Total current liabilities |
14,983 | 11,821 | ||||||
LONG-TERM DEFERRED TAX LIABILITY, net |
206 | 226 | ||||||
NOTES PAYABLE, less current portion |
150 | 618 | ||||||
SUBORDINATED NOTES PAYABLE TO SHAREHOLDERS, less current portion |
696 | 783 | ||||||
|
|
|
|
|||||
Total liabilities |
16,035 | 13,448 | ||||||
|
|
|
|
|||||
COMMITMENTS AND CONTINGENCIES |
||||||||
SHAREHOLDERS EQUITY |
||||||||
Preferred stock - $0.001 par value; 15,000 shares authorized; 6,740 shares issued and outstanding |
7 | 7 | ||||||
Common stock - $0.001 par value; 40,000 shares authorized; 6,584 and 6,558 shares issued and outstanding, respectively |
7 | 7 | ||||||
Additional paid-in capital |
9,369 | 9,249 | ||||||
Accumulated deficit |
(2,457 | ) | (2,700 | ) | ||||
Unearned stock compensation |
(93 | ) | (84 | ) | ||||
|
|
|
|
|||||
Total shareholders equity |
6,833 | 6,479 | ||||||
|
|
|
|
|||||
Total liabilities and shareholders equity |
$ | 22,868 | $ | 19,927 | ||||
|
|
|
|
Page 4 of 8
COMPUTER SOFTWARE INNOVATIONS, INC.
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY
(Amounts in Thousands) | Common Stock |
Preferred Stock |
Additional Paid-In Capital |
Accumulated Deficit |
Unearned Stock Compensation |
Total | ||||||||||||||||||
Balances at December 31, 2009 |
$ | 6 | $ | 7 | $ | 9,075 | $ | (3,153 | ) | $ | (28 | ) | $ | 5,907 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Issuance of common stocks |
1 | | 52 | | | 53 | ||||||||||||||||||
Issuance of stock options |
| | 129 | | (129 | ) | | |||||||||||||||||
Exercise of stock options |
| | 5 | | | 5 | ||||||||||||||||||
Forfeiture of stock options |
| | (12 | ) | | 12 | | |||||||||||||||||
Stock based compensation |
| | | | 61 | 61 | ||||||||||||||||||
Net income for the year ended December 31, 2010 |
| | | 453 | | 453 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balances at December 31, 2010 |
$ | 7 | $ | 7 | $ | 9,249 | $ | (2,700 | ) | $ | (84 | ) | $ | 6,479 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Issuance of common stocks |
| | 22 | | | 22 | ||||||||||||||||||
Issuance of stock options |
| | 102 | | (102 | ) | | |||||||||||||||||
Forfeiture of stock options |
| | (4 | ) | | 4 | | |||||||||||||||||
Stock based compensation |
| | | | 89 | 89 | ||||||||||||||||||
Net income for the year ended December 31, 2011 |
| | | 243 | | 243 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balances at December 31, 2011 |
$ | 7 | $ | 7 | $ | 9,369 | $ | (2,457 | ) | $ | (93 | ) | $ | 6,833 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Page 5 of 8
COMPUTER SOFTWARE INNOVATIONS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands) | For the Years Ended December 31, | |||||||
2011 | 2010 | |||||||
OPERATING ACTIVITIES |
||||||||
Net income |
$ | 243 | $ | 453 | ||||
Adjustments to reconcile net income to net cash provided by operating activities |
||||||||
Depreciation and amortization |
2,348 | 2,341 | ||||||
Stock compensation expense |
111 | 113 | ||||||
Deferred income taxes |
277 | 330 | ||||||
Loss on disposal of property and equipment |
| 8 | ||||||
Changes in deferred and accrued amounts |
||||||||
Accounts receivable |
(2,191 | ) | (1,094 | ) | ||||
Inventories |
(1,010 | ) | 2,070 | |||||
Prepaid expenses and other assets |
(215 | ) | (19 | ) | ||||
Accounts payable |
987 | 371 | ||||||
Deferred revenue |
544 | 224 | ||||||
Income tax receivable |
(324 | ) | (252 | ) | ||||
|
|
|
|
|||||
Net cash provided by operating activities |
770 | 4,545 | ||||||
|
|
|
|
|||||
INVESTING ACTIVITIES |
||||||||
Purchases of property and equipment |
(1,177 | ) | (854 | ) | ||||
Capitalization of computer software |
(1,950 | ) | (1,779 | ) | ||||
|
|
|
|
|||||
Net cash used for investing activities |
(3,127 | ) | (2,633 | ) | ||||
|
|
|
|
|||||
FINANCING ACTIVITIES |
||||||||
Net borrowings under line of credit |
1,312 | | ||||||
Borrowings under notes payable |
| 1,000 | ||||||
Repayments of notes payable |
(533 | ) | (1,339 | ) | ||||
Proceeds from exercise of stock options |
| 5 | ||||||
|
|
|
|
|||||
Net cash provided by (used for) financing activities |
779 | (334 | ) | |||||
|
|
|
|
|||||
Net change in cash and cash equivalents |
(1,578 | ) | 1,578 | |||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR |
1,578 | | ||||||
|
|
|
|
|||||
CASH AND CASH EQUIVALENTS, END OF YEAR |
$ | | $ | 1,578 | ||||
|
|
|
|
|||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: |
||||||||
Cash paid during the period for: |
||||||||
Interest |
$ | 195 | $ | 243 | ||||
Income taxes |
$ | 8 | $ | 354 |
Page 6 of 8
Non-GAAP Financial Measure: Explanation and Reconciliation of EBITDA and Adjusted EBITDA
EBITDA is a non-GAAP financial measure used by management, lenders and certain investors as a supplemental measure in the evaluation of some aspects of a corporations financial position and core operating performance. Investors sometimes use EBITDA as it allows for some level of comparability of profitability trends between those businesses differing as to capital structure and capital intensity by removing the impacts of depreciation and amortization. EBITDA also does not include changes in major working capital items such as receivables, inventory and payables, which can also indicate a significant need for, or source of, cash. Since decisions regarding capital investment and financing and changes in working capital components can have a significant impact on cash flow, EBITDA is not a good indicator of a businesss cash flows. We use EBITDA for evaluating the relative underlying performance of the Companys core operations and for planning purposes, including a review of this indicator and discussion of potential targets in the preparation of annual operating budgets. We calculate EBITDA by adjusting net income or loss to exclude net interest expense, income tax expense or benefit, depreciation and amortization, thus the term Earnings Before Interest, Taxes, Depreciation and Amortization and the acronym EBITDA.
EBITDA is presented as additional information because management believes it to be a useful supplemental analytic measure of financial performance of our core business, and as it is frequently requested by sophisticated investors. However, management recognizes it is no substitute for GAAP measures and should not be relied upon as an indicator of financial performance separate from GAAP measures (as discussed further below).
Adjusted EBITDA or Financing EBITDA is a non-GAAP financial measure used in our calculation and determination of compliance with debt covenants related to our bank credit facilities. Adjusted EBITDA is also used as a representation as to how EBITDA might be adjusted by potential lenders for financing decisions and our ability to service debt. However, such decisions would not exclude those other items impacting cash flow which are excluded from EBITDA, as noted above. Adjusted EBITDA is defined as net income or loss adjusted for net interest expense, income tax expense or benefit, depreciation, amortization, and also certain additional items allowed to be excluded from our debt covenant calculation including other non-cash items such as operating non-cash compensation expense (such as stock-based compensation), and the Companys initial reorganization or restructuring related costs, unrealized gain or loss on financial instrument (non-cash related) and gain or loss on the disposal of fixed assets. While we evaluate the Companys performance against debt covenants on this basis, investors should not presume the excluded items to be one-time costs. If the Company were to enter into additional capital transactions, for example, in connection with a significant acquisition or merger, similar costs could reoccur. In addition, the ongoing impact of those costs would be considered in, and potential financings based on, projections of future operating performance which would include the impact of financing such costs.
We believe the presentation of Adjusted EBITDA is important as an indicator of our ability to obtain additional financing for the business, not only for working capital purposes, but particularly as acquisitions are anticipated as a part of our growth strategy. Accordingly, a significant part of our success may rely on our ability to finance acquisitions.
When evaluating EBITDA and Adjusted EBITDA, investors should consider, among other things, increasing and decreasing trends in both measures and how they compare to levels of debt and interest expense, ongoing investing activities, other financing activities and changes in working capital needs. Moreover, these measures should not be construed as alternatives to net income (as an indicator of operating performance) or cash flows (as a measure of liquidity) as determined in accordance with GAAP.
While some investors use EBITDA to compare between companies with different investment and capital structures, all companies do not calculate EBITDA or Adjusted EBITDA in the same manner. Accordingly, the EBITDA and Adjusted EBITDA measures presented below may not be comparable to similarly titled measures of other companies.
Page 7 of 8
A reconciliation of Net Income reported under GAAP to EBITDA and Adjusted EBITDA is provided below:
For the Three Months Ended December 31, |
For the Years Ended December 31, |
|||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Reconciliation of net income per GAAP to EBITDA and Adjusted EBITDA: |
||||||||||||||||
Net (loss) income per GAAP |
$ | (181 | ) | $ | (62 | ) | $ | 243 | $ | 453 | ||||||
Adjustments: |
||||||||||||||||
Income tax (benefit) expense |
43 | (10 | ) | (39 | ) | 433 | ||||||||||
Interest expense, net |
55 | 30 | 192 | 231 | ||||||||||||
Depreciation and amortization of property, equipment, and intangible assets (excluding software development costs) |
239 | 198 | 884 | 833 | ||||||||||||
Amortization of software development costs |
425 | 423 | 1,464 | 1,508 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
EBITDA |
581 | 579 | 2,744 | 3,458 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Adjustments to EBITDA to exclude those items excluded in loan covenant calculations: |
||||||||||||||||
Stock based compensation (non-cash portion) |
| (1 | ) | 22 | 48 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Adjusted EBITDA |
$ | 581 | $ | 578 | $ | 2,766 | $ | 3,506 | ||||||||
|
|
|
|
|
|
|
|
Forward-Looking and Cautionary Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Among other things, these statements relate to our financial condition, results of operations and future business plans, operations, opportunities and prospects. In addition, we and our representatives may from time to time make written or oral 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 generally identified by the words or phrases may, could, should, expect, anticipate, plan, believe, seek, estimate, predict, project or words of similar import. These forward-looking statements are based upon our current knowledge and assumptions about future events and involve risks and uncertainties that could cause our actual results, performance or achievements to be materially different from any anticipated results, prospects, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements are not guarantees of future performance. Many factors are beyond our ability to control or predict. You are accordingly cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date that we make them. We do not undertake to update any forward-looking statement that may be made from time to time by or on our behalf.
In our most recent Form 10-K, we have included risk factors and uncertainties that might cause differences between anticipated and actual future results. We have attempted to identify, in context, some of the factors that we currently believe may cause actual future experience and results to differ from our current expectations regarding the relevant matter or subject area. The operations and results of our software and systems integration businesses also may be subject to the effects of other risks and uncertainties, including, but not limited to:
| a reduction in anticipated sales; |
| an inability to perform customer contracts at anticipated cost levels; |
| our ability to otherwise meet the operating goals established by our business plan; |
| market acceptance of our new software, technology and services offerings; |
| an economic downturn; and |
| changes in the competitive marketplace and/or customer requirements. |
Contacts:
Company Contact: David Dechant
Computer Software Innovations, Inc.
(864) 855-3900
ddechant@csioutfitters.com
Page 8 of 8