LOWELL — Managers at SofTech Inc. said this week they expect break-even results for the current fiscal year, with revenues flat at about $5 million.
The company, which recently moved from Connector Park to the Wannalancit Mills, sells computer software for the product-lifecycle management industry. It boasts more than 100,000 users, including General Electric Co., Goodrich Corp. and the Army.
For the fiscal first quarter of 2015, which ended Aug. 31, SofTech expects a net loss of $600,000 on revenues of about $900,000. Officials said while that is weaker than previously expected, “the pipeline of near-term business is stronger than at any time,” and that the company expects increased cash and reduced debt by the end of the fiscal year in May.
Over the past few months, SofTech said it completed an $800,000 private placement and a $750,000 long-term debt agreement.
In a statement, CEO Joe Mullaney said that since the current management team took control of SofTech in March 2011, after it had defaulted on a $10 million loan, “we have been carefully but steadily improving the company’s financial position while attempting to identify market opportunities that leverage the skillset of our software engineers.”
The fiscal 2014 net loss was $748,000, or 85 cents per share, on revenues of about $5 million, the company said.
Shares of SofTech, which employs about 35 people, opened trading Wednesday at $2.50.