ISELIN, N.J., May 2, 2007 (PRIME NEWSWIRE) -- SoftNet Technology Corporation (OTC BB:STTC.OB - News) (German WKN:TG6) is pleased to report, on an un-audited and preliminary basis, results for the first quarter, 2007 and a monthly revenue record achieved in March.
Sales generated from all channels and practices contributed to a new monthly sales record of $836,400 for March. This equates to a $10 million annual run rate, based on the monthly results. In addition, preliminary estimates indicate the Company will report further progress in its effort to achieve profitability.
``The Company continues to make progress on all financial metrics. The record March is a milestone the employee team is proud of. All practices contributed to these results. Even with a calendar uplift for the month the results indicate a solid performance. On the profitability goal the Company is clearly progressing and is within striking distance,'' said Jim Booth-CEO.
The Company recorded, preliminarily, sales of $2,084,000 for Q1, 2007. This compares very favorably to the same period in 2006 when the Company reported quarterly revenue of $1,093,500. This is the first reporting period where a comparison of year to year continuing operations is possible.
Commenting on the Q1 results Mr. Booth reported: ``The first quarter results continued the sales trend established last year and is the fifth consecutive quarter of increased revenue. The Company was pleased with the strong finish as the early months are traditionally slower due to the uncertainty of budgets and projects being renewed. While the Company did experience a limited number of project cancellations, new clients, projects and engagements were secured, contributing to the overall results of the quarter.''
Please visit our website at http://www.softnettechnology.com for more information. For Investor Relations, please contact James Booth, CEO, at 908-212-1799, option 7.
To stay abreast of what's happening at SoftNet, subscribe for our new monthly newsletter at http://www.softnettechnology.com/tcc/Newsletter.htm.
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made on behalf of the company. All such forward-looking statements are, by necessity, only estimates of future results and actual results achieved by SoftNet Technology Corp. (STTC) may differ materially from these statements due to a number of factors. STTC assumes no obligations to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such statements. You should independently investigate and fully understand all risks before making investment decisions.
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