ISELIN, N.J., April 18, 2008 (PRIME NEWSWIRE) -- SoftNet Technology Corp. (OTCBB:SOFN) (German WKN:TG6) announced today, on a preliminary and unaudited basis, its Q1 2008 results.
SoftNet recorded revenue of $1.9 million for the 3 months ending 3/31/2008. In Q4 2007, the Company discontinued hardware sales, and the Q1 2008 preliminary results were in line with expectations, considering the loss of revenue associated with hardware.
More importantly, the Company made significant progress in narrowing the gap toward profitability in Q1 and will be reported when the Company discloses the final Q1 2008 results. In Q1 2007, the Company reported a loss of $450K which is expected to be significantly lower for Q1 of this year. The progress toward profitability is attributed to management's aggressive G&A cuts, a reduction in overhead, non-billable headcount, and the discontinuance of low margin products and services.
SoftNet Technology Corp. is a Professional Services company offering professional expertise to enterprise and service provider clients. SoftNet's services are organized in three practice specialties, including Enterprise Infrastructure Services, Application Lifecycle Management and Government Services.
Please visit our website at www.softnettechnology.com for more information or for Investor Relations, please contact the company directly at 908-212-1799, Jim Booth, CEO or Dennis Goett, CFO.
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.