Friday, Jul 23 2010
News and Analysis
Somehow the 8-K filed by Edgewater Technology slid by me in March. But it still makes good reading to see Fullscope’s results as an independent company. And among the most notables figures was that the company had $28 million accumulated loss and a $3.9 million shareholder’s deficit on Dec. 31, 2008. Fullscope lost $350,037 in fiscal 2008, compared to net income of $945,036 for 2007.
Revenue for fiscal 2008 was just under $21 million, down just under 10 percent from $23.3 million for fiscal 2007. There was a significant improvement for the first three quarters of 2009 when it recorded $25.2 million in sales, compared to just under $17 million in the similar period of 2008. Net income for the first nine months last year was $3.5 million, compared to $97,000 a year earlier. But there was one big reason for that turnabout and that was Fullscope's sale of a piece of manufacturing software to Microsoft for $7.5 million with $6.8 million of that recorded as an asset sale during the nine months ended September 30. There was a $1.9 million cost of revenue associated with that sale. The $700,000 balance stays in an interest-bearing escrow account until one year after the purchase
Last modified on Sunday, 16 June 2013
Bob Scott has been informing and entertaining the mid-market financial software community with his email newsletters for 10 years. And he has been covering this market through print publications for 18 years, first as technology editor of Accounting Today and then as the Editor of Accounting Technology from 1997 through 2009. He has covered the traditional tax and accounting profession during the same time and continues to address that as executive editor of the Progressive Accountant.