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COMPANY PROFILE
Figures in U.S. Dollars
Key Data
Officers
Non Executive Chairman
William V. Russell
Ticker:
SABA
2011 Sales:
116,657,000
Major Industry:
Electronics
Sub Industry:
Miscellaneous Electronics
Country:
United States
Currency:
President & Chief Executive
U.S. Dollars
Shawn Farshchi
Chief Financial Officer
Mark W. Robinson
Total Shares
Outstanding:
29,785,662
Dividends
0.00
0.00
0.00%
N/A
Phone
+1 650 581-2500
Home Page
http://www.saba.com
Software, Inc.
Most of the company's 2011 sales were in its home market of the United States: in 2011, this region's sales were
$74.40 million, which is equivalent to 63.8% of total sales. In 2011, sales in Rest of the World were up at a rate
that was much higher than the company as a whole: in this region, sales increased 32.1% to $25.22 million. Saba
Software currently has 735 employees. With sales of $116.66 million , this equates to sales of US$158,717 per
employee.
Sales Comparisons (Most Recent Fiscal Year)
Sales/
Emp
(US$) Largest Region
Year
Ended
Sales
Sales
(mlns) Growth
Saba Software
May
2011
116.657
6.5%
YuMe Inc
70.3%
61.5%
Company
Dec 2012
86.377 -24.6%
60,068
52 Wk
Pr Chg
Company
P/E
Saba Software
N/A
10.20
3.14
56.70%
11.1
N/A
2.47
N/A
N/A
66.72
21.29
76.68%
N/A
1.72
YuMe Inc
1.84 448.60%
The market capitalization of this company is $366.36 million . The capitalization of the floating stock (i.e., that
which is not closely held) is $348.17 million .
Dividend Analysis
This company has paid no dividends during the last 12 months. The company also reported losses during the
previous 12 months. The company has not paid any dividends during the previous 6 calendar years.
Profitability Analysis
On the $116.66 million in sales reported by the company in 2011, the cost of goods sold totalled $40.07 million,
or 34.3% of sales (i.e., the gross profit was 65.7% of sales). This gross profit margin is lower than the company
achieved in 2010, when cost of goods sold totalled 31.4% of sales. The company's earnings before interest,
taxes, depreciation and amorization (EBITDA) were -$595,000.00 , or -0.5% of sales. This EBITDA margin is
worse than the company achieved in 2010, when the EBITDA margin was equal to 8.7% of sales. In 2011,
earnings before extraordinary items at Saba Software were -$7.26 million, or -6.2% of sales. This profit margin is
lower than the level the company achieved in 2010, when the profit margin was 2.6% of sales. The company's
return on equity in 2011 was -14.8%. This was significantly worse than the 6.0% return the company achieved
in 2010. (Extraordinary items have been excluded).
Profitability Comparison
Company
Gross
Earnings
Profit EBITDA before
Year Margin Margin extras
Saba Software
2011
65.7%
-0.5%
-6.2%
Saba Software
2010
68.6%
8.7%
2.6%
YuMe Inc
2012
48.4%
8.5%
0.1%
2012
76.0% -21.0%
-26.6%
During the fourth quarter of 2011, Saba Software reported a loss per share of $0.16. The company also reported
losses during the fourth quarter of 2010, of $0.04 per share.
Research and Development
Research and Development Expenses at Saba Software in 2011 were $18.49 million, which is equivalent to 15.9%
of sales. In 2010, Saba Software spent $17.79 million on R&D, which was 16.2% of sales. The company's
expenditures on R&D in 2011 were higher than all three comparable companies (as a percentage of sales): YuMe
Inc spent 2.4% of its sales on R&D, Cornerstone OnDemand, Incorporation spent 12.6%, and China Information
Technology Incorporation spent 5.7%. During each of the previous 3 years, the company has increased the
amount of money it has spent on Research and Development (in 2008, Saba Software spent $16.50 million versus
$18.49 million in 2011).
Financial Position
At the end of 2011, Saba Software had negative working capital, as current liabilities were $66.23 million while
total current assets were only $57.03 million. The fact that the company has negative working capital could
indicate that the company will have problems in expanding. However, negative working capital in and of itself is
not necessarily bad, and could indicate that the company is very efficient at turning over inventory, or that the
company has large financial subsidiaries. As of May 2011, the accounts receivable for the company were $27.68
million, which is equivalent to 87 days of sales. This is slightly higher than at the end of 2010, when Saba
Software had 78 days of sales in accounts receivable. The 87 days of accounts receivable at Saba Software are
lower than all three comparable companies: YuMe Inc had 150 days, Cornerstone OnDemand, Incorporation had
147 days, while China Information Technology Incorporation had 438 days outstanding at the end of the fiscal
year 2011.
Financial Positions
Company
Days R&D/
Year AR
Sales
Saba Software
2011
YuMe Inc
2012
150
2012
147 12.6%
87 15.9%
438
2.4%
5.7%
SUMMARY ANALYSIS:
Per Share- U.S. Dollars
Year
Calendar
Year
Price
Value Ratios
Equity Capital
Market
Price/ Price/
Price Earnings Book Dividend
Last
Ratio
Ratio
Yield
Earnings
Dividends
%
% Profit
Book
12 Month
%
12 Month
Earned
Rate
Value
Earnings
%
Payout Dividends
Growth (ROE) Begin Yr Per Share Change Ratio Per Share
2003
3.46
n/c
1.7
1.98
BCE
-1.18
n/c
n/c
2004
4.04
n/c
4.9
0.82
BE
-0.48
n/c
n/c
0.00
0.00
2005
4.08
n/c
5.1
0.80
BE
-0.14
n/c
n/c
0.00
2006
6.23
n/c
5.8
1.08
BE
-0.39
n/c
n/c
0.00
2007
5.14
n/c
3.0
1.73
BCE
-0.27
n/c
n/c
0.00
2008
1.55
n/c
1.0
0.0%
-5.5%
-5.5%
1.63
BCE
-0.09
n/c
n/c
0.00
2009
4.14
59.1
2.6
0.0%
4.4%
4.4%
1.60
BCE
0.07
n/c
0.0%
0.00
2010
6.12
n/c
3.7
0.0%
-3.0%
-3.0%
1.67
BE
-0.05
n/c
n/c
0.00
2011
7.89
n/c
4.7
1.67
BE
-0.53
n/c
n/c
0.00
2012
8.74
n/c
7.2
0.0%
n/c
n/c
1.21
n/a
n/c
n/c
0.00
12.30
n/c
10.2
0.0%
n/a
n/a
1.21
-0.52
n/c
n/c
0.00
11/22/2013
(A): ALL ITEMS ADJUSTED FOR STOCK SPLITS OR DIVIDENDS - 1:4 REVERSE IN 2003
(B): INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT - INCLS $.02 CHG IN 2011, INCLS NOM PRETAX CR
IN FIS 2010 (NOM PRETAX CR RESTRUCT NOV & NOM PRETAX CR RESTRUCT AUG), INCLS $.02 PRETAX CHG
RESTRUCT IN 2009 ($.01 PRETAX CHG MAY & $.01 PRETAX CHG FEB), INCLS $.02 PRETAX CHG AUG 2007, INCLS
$.01 PRETAX CR RESTRUCT FEB 2007 & $.01 PRETAX CHG NOV 2006, INCLS $.06 PRETAX CHG IN FIS 2006 ($.02
PRETAX CHG RESTRUCT MAY & $.04 PRETAX CHG FEB), INCLS $ NOM PRETAX CHG MAY 2005, INCLS $.16 PRETAX
CHG IN FIS 2004 ( NOM PRETAX CHG RESTRUCT MAY & $.16 PRETAX CHG( $.03 RESTRUCT) AUG), INCLS $.15
PRETAX CHG RESTRUCT IN FIS 2003 (NOM PRETAX CHG MAY, $.08 PRETAX CHG FEB & $.07 PRETAX CHG NOV),
INCLS $.48 PRETAX CHG ($.28 RESTRUCT) IN FIS 2002 ($.12 PRETAX CHG RESTRUCT MAY, $.16 PRETAX CHG
RESTRUCT NOV & $.20 PRETAX CHG AUG)
(C): INCLUDES THE EFFECTS OF A CHANGE IN ACCOUNTING POLICIES OR TAX LAWS - ADOPTED SFAS 123R FOR
SHARE-BASED PAYMENT IN FIS 2007,EARNINGS IMPACT IMMATERIAL, - ADOPTED FIN 48 FOR ACCOUNTING FOR
UNCERTAINTY IN INCOME TAXES IN FIS 2008, NO EARNINGS IMPACT, - ADOPTED SFAS 123R FOR SHARE-BASED
PAYMENT IN FIS 2007, EARNINGS IMPACT IMMATERIAL, ADOPTED SFAS 146 FOR COSTS ASSOCIATED WITH EXIT OR
DISPOSAL ACTIVITIES, SFAS 142 FOR GOODWILL & OTHER INTANGIBLE ASSETS & SFAS 148 FOR STOCK-BASED
COMPENSATION - TRANSITION & DISCLOSURE AS AN AMENDMENT TO SFAS 123 IN FIS 2003, EARNINGS IMPACT
NOT SPECIFIED IN THE FIRST TWO CASES & NO EARNINGS IMPACT IN THE LAST CASE, ADOPTED EITF 00-14 FOR
INCOME STATEMENT CHARACTERIZATION OF REIMBURSEMENTS RECEIVED FOR OUT OF POCKET EXPENSES
INCURRED, SFAS 141 FOR BUSINESS COMBINATIONS & SFAS 142 FOR GOODWILL AND OTHER INTANGIBLE ASSETS IN
FIS 2002, NO EARNINGS IMPACT IN ALL CASES, - ADOPTED SAB 101 FOR REVENUE RECOGNITION IN FINANCIAL
STATEMENTS IN FISCAL 2001, EARNINGS IMPACT IMMATERIAL
(D): ACQ'D - CENTRA SOFTWARE INC IN FIS 2006, THINQ LEARNING SOLUTIONS INC IN FIS 2005, ULTRIS INC IN FIS
2002, HUMAN PERFORMANCE TECHNOLOGIES INC IN FIS 2001
(E): BASED ON FULLY DILUTED SHARES
SALES ANALYSIS:
Cost of
Goods Sold
Sales
YearAmount
to-year
in
Growth thousands
Earnings before
Interest,
Taxes,
Depreciation, and
Amortization
(EBITDA)
After Tax
Sales
Income
Per
Per
Number Employee Employee
Year
2002
54,594
2.9%
10,104 18.5%
-16,214
29.7%
-25,467
46.6%
333
163,946
-76,477
2003
44,416
18.6%
10,530 23.7%
-11,883
26.8%
-17,207
38.7%
285
155,846
-60,375
2004
34,471
22.4%
10,507 30.5%
-10,268
29.8%
-12,683
36.8%
258
133,609
-49,159
2005
42,210
22.5%
12,223 29.0%
-2,385 -5.7%
-3,416 -8.1%
334
126,377
-10,228
2006
71,147
68.6%
23,738 33.4%
-3,518 -4.9%
-6,931 -9.7%
516
137,882
-13,432
2007
99,867
40.4%
33,793 33.8%
-1,649 -1.7%
-7,974 -8.0%
573
174,288
-13,916
2008
107,777
7.9%
36,899 34.2%
3,826
3.5%
-3,542 -3.3%
577
186,789
-6,139
2009
102,821
-4.6%
37,682 36.6%
5,670
5.5%
-2,355 -2.3%
554
185,597
-4,251
2010
109,570
6.6%
34,427 31.4%
9,642
8.8%
2.6%
598
183,227
4,838
2011
116,657
6.5%
40,071 34.3%
-7,263 -6.2%
735
158,717
-9,882
% of
Sales
-595 -0.5%
Amount
in
thousands
Employees
Amount
in
thousands
% of
Sales
Amount
in
thousands
2,893
% of
Sales
PRICE ANALYSIS:
Low
Price
Closing
Price
Jan - Mar
4.440 2.000
2.680
n/a
n/a
Apr - Jun
6.620 2.480
4.550
69.8%
n/a
Jul - Sep
5.580 3.520
3.690
-18.9%
n/a
Oct - Dec
4.270 3.260
3.460
-6.2%
n/a
Jan - Mar
4.730 3.350
4.000
15.6%
49.3%
Apr - Jun
4.660 3.310
3.750
-6.3%
-17.6%
Jul - Sep
4.330 3.220
4.070
8.5%
10.3%
Oct - Dec
4.550 3.250
4.040
-0.7%
16.8%
Jan - Mar
6.430 3.990
5.050
25.0%
26.3%
Apr - Jun
5.090 3.750
4.700
-6.9%
25.3%
Jul - Sep
4.700 3.650
3.980
-15.3%
-2.2%
Oct - Dec
4.300 3.000
4.080
2.5%
1.0%
Jan - Mar
6.750 4.010
6.450
58.1%
27.7%
Apr - Jun
7.140 4.950
5.460
-15.3%
16.2%
Jul - Sep
5.950 4.880
5.270
-3.5%
32.4%
Oct - Dec
6.250 5.000
6.230
18.2%
52.7%
Jan - Mar
7.750 5.790
6.545
5.1%
1.5%
Apr - Jun
7.000 4.960
5.130
-21.6%
-6.0%
Jul - Sep
5.590 4.090
4.880
-4.9%
-7.4%
Oct - Dec
5.350 4.210
5.140
5.3%
-17.5%
Jan - Mar
5.110 3.220
3.750
-27.0%
-42.7%
Apr - Jun
4.150 2.850
3.210
-14.4%
-37.4%
Jul - Sep
3.700 2.250
3.360
4.7%
-31.1%
Oct - Dec
3.400 0.910
1.550
-53.9%
-69.8%
Jan - Mar
1.980 1.150
1.690
9.0%
-54.9%
Apr - Jun
4.080 1.580
3.850
127.8%
19.9%
Jul - Sep
4.480 3.050
4.210
9.4%
25.3%
Oct - Dec
4.400 3.850
4.140
-1.7%
167.1%
Jan - Mar
5.810 4.080
4.950
19.6%
192.9%
Apr - Jun
5.300 4.580
5.150
4.0%
33.8%
Jul - Sep
5.680 4.670
5.440
5.6%
29.2%
Quarter
2003
2004
2005
2006
2007
2008
2009
2010
High
Price
Quarterly
%Change
12 months
%Change
2011
2012
Oct - Dec
6.510 5.310
6.120
12.5%
47.8%
Jan - Mar
10.000 5.910
9.828
60.6%
98.5%
Apr - Jun
10.620 8.300
9.030
-8.1%
75.3%
Jul - Sep
10.040 5.210
5.760
-36.2%
5.9%
Oct - Dec
8.400 5.070
7.890
37.0%
28.9%
Jan - Mar
13.110 7.330
9.810
24.3%
-0.2%
Apr - Jun
10.770 7.190
9.280
-5.4%
2.8%
Jul - Sep
10.040 7.240
9.990
7.7%
73.4%
Oct - Dec
10.500 7.241
8.740
-12.5%
10.8%
12.300
23.0%
56.7%
11/22/2013
12 Months
Calendar
%
Years
Earnings Change
Q3
Feb.
Q4
May
Q1
Aug.
2002
-1.43
n/c
-0.32
-0.32
-0.17
-0.62
0.00
n/c
0.00
0.00
0.00
0.00
0.0%
2003
BCE 1.18
n/c
-0.36
-0.20
-0.45
-0.17
A 0.00
n/c
0.00
0.00
0.00
0.00
0.0%
2004
BE -0.48
n/c
-0.17
-0.16
-0.11
-0.04
0.00
n/c
0.00
0.00
0.00
0.00
0.0%
%
Dividends Change
Q3
Feb.
Q4
May
Q1
Aug.
Q2
Nov.
%
Payout
2005
BE -0.14
n/c
-0.03
-0.04
-0.08
0.01
0.00
n/c
0.00
0.00
0.00
0.00
0.0%
2006
BE -0.39
n/c
-0.09
-0.17
-0.10
-0.03
0.00
n/c
0.00
0.00
0.00
0.00
0.0%
2007
BCE 0.27
n/c
-0.04
-0.11
-0.08
-0.04
0.00
n/c
0.00
0.00
0.00
0.00
0.0%
2008
BCE 0.09
n/c
0.01
-0.01
-0.08
-0.01
0.00
n/c
0.00
0.00
0.00
0.00
0.0%
2009
BCE 0.07
n/c
0.05
-0.04
0.04
0.02
0.00
n/c
0.00
0.00
0.00
0.00
0.0%
2010
BE -0.05
n/c
0.01
0.03
-0.05
-0.04
0.00
n/c
0.00
0.00
0.00
0.00
0.0%
2011
BE -0.53
n/c
-0.00
-0.17
-0.20
-0.16
0.00
n/c
0.00
0.00
0.00
0.00
0.0%
n/c
n/a
n/a
n/a
n/a
n/a
n/c
n/a
n/a
n/a
n/a
n/c
2012
(A):
n/a
ALL ITEMS ADJUSTED FOR STOCK SPLITS OR DIVIDENDS - 1:4 REVERSE IN 2003
(B):
INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT - INCLS $.02 CHG IN 2011, INCLS NOM
PRETAX CR IN FIS 2010 (NOM PRETAX CR RESTRUCT NOV & NOM PRETAX CR RESTRUCT AUG), INCLS $.02
PRETAX CHG RESTRUCT IN 2009 ($.01 PRETAX CHG MAY & $.01 PRETAX CHG FEB), INCLS $.02 PRETAX CHG
AUG 2007, INCLS $.01 PRETAX CR RESTRUCT FEB 2007 & $.01 PRETAX CHG NOV 2006, INCLS $.06 PRETAX CHG
IN FIS 2006 ($.02 PRETAX CHG RESTRUCT MAY & $.04 PRETAX CHG FEB), INCLS $ NOM PRETAX CHG MAY 2005,
INCLS $.16 PRETAX CHG IN FIS 2004 ( NOM PRETAX CHG RESTRUCT MAY & $.16 PRETAX CHG( $.03 RESTRUCT)
AUG), INCLS $.15 PRETAX CHG RESTRUCT IN FIS 2003 (NOM PRETAX CHG MAY, $.08 PRETAX CHG FEB & $.07
PRETAX CHG NOV)
(C):
INCLUDES THE EFFECTS OF A CHANGE IN ACCOUNTING POLICIES OR TAX LAWS - ADOPTED SFAS 123R
FOR SHARE-BASED PAYMENT IN FIS 2007,EARNINGS IMPACT IMMATERIAL, - ADOPTED FIN 48 FOR
ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES IN FIS 2008, NO EARNINGS IMPACT, - ADOPTED SFAS
123R FOR SHARE-BASED PAYMENT IN FIS 2007, EARNINGS IMPACT IMMATERIAL, ADOPTED SFAS 146 FOR
COSTS ASSOCIATED WITH EXIT OR DISPOSAL ACTIVITIES, SFAS 142 FOR GOODWILL & OTHER INTANGIBLE
ASSETS & SFAS 148 FOR STOCK-BASED COMPENSATION - TRANSITION & DISCLOSURE AS AN AMENDMENT
TO SFAS 123 IN FIS 2003, EARNINGS IMPACT NOT SPECIFIED IN THE FIRST TWO CASES & NO EARNINGS
IMPACT IN THE LAST CASE
(D):
ACQ'D - CENTRA SOFTWARE INC IN FIS 2006, THINQ LEARNING SOLUTIONS INC IN FIS 2005
(E):
Software, Inc.
Fiscal Year
Fiscal Year End Date
2011
2010
2009
2008
2007
Assets
Total Assets
113.6
103.4
99.7
98.9
101.6
22.8%
31.0%
26.2%
17.2%
18.3%
Receivables (Net)
24.4%
22.6%
20.1%
22.3%
20.6%
Inventories -Total
0.0%
0.0%
0.0%
0.0%
0.0%
Raw Materials
0.0%
0.0%
0.0%
0.0%
0.0%
Work in Process
0.0%
0.0%
0.0%
0.0%
0.0%
Finished Goods
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
3.0%
1.7%
2.3%
2.9%
2.7%
50.2%
55.3%
48.5%
42.4%
41.6%
0.0%
0.0%
0.0%
0.0%
0.0%
Investment in Associated
Companies
0.0%
0.0%
0.0%
0.0%
0.0%
Other Investments
0.4%
0.3%
0.3%
0.0%
0.0%
20.2%
20.1%
20.4%
18.9%
15.2%
Accumulated Depreciation
17.4%
17.0%
15.6%
13.6%
11.6%
2.8%
3.1%
4.8%
5.3%
3.6%
46.6%
41.4%
46.5%
52.3%
54.8%
2.4%
1.7%
1.5%
1.6%
1.0%
Prepaid Expenses
44.2%
39.8%
45.0%
50.7%
53.8%
100.0%
100.0%
100.0%
100.0%
100.0%
113.6
103.4
99.7
98.9
101.6
Accounts Payable
5.2%
3.1%
2.6%
4.1%
4.7%
1.1%
0.4%
0.6%
0.7%
2.6%
Accrued Payroll
7.1%
7.8%
5.9%
6.0%
5.7%
42.1%
35.9%
35.8%
34.2%
33.3%
55.4%
47.3%
45.0%
44.9%
46.3%
0.0%
0.0%
0.0%
0.3%
2.3%
0.0%
0.0%
0.0%
0.3%
2.3%
Total Assets
Liabilities & Shareholders'
Equity
0.0%
2.9%
2.5%
2.7%
2.0%
1.6%
Deferred Taxes
0.0%
0.0%
0.0%
0.0%
0.0%
Other Liabilities
3.5%
2.8%
3.6%
3.8%
2.7%
Total Liabilities
61.8%
52.6%
51.3%
51.0%
52.9%
Non-Equity Reserves
0.0%
0.0%
0.0%
0.0%
0.0%
Minority Interest
0.0%
0.0%
0.0%
0.0%
0.0%
Preferred Stock
0.0%
0.0%
0.0%
0.0%
0.0%
38.2%
47.4%
48.7%
49.0%
47.1%
100.0%
100.0%
100.0%
100.0%
100.0%
Software, Inc.
Fiscal Year
Fiscal Year End Date
2011
2010
2009
2008
2007
Assets
Total Assets
9.8%
3.7%
0.8%
-2.6%
-5.1%
-19.0%
22.8%
53.5%
-8.6%
-21.0%
18.5%
16.7%
-9.4%
5.7%
10.1%
90.8%
-20.4%
-22.4%
4.6%
2.1%
-0.2%
18.3%
15.2%
-0.7%
-6.6%
Other Investments
68.1%
0.0%
10.4%
2.1%
8.8%
20.7%
5.0%
Accumulated Depreciation
12.4%
12.9%
15.8%
13.9%
-6.1%
-1.0%
-33.2%
-9.2%
42.8%
68.9%
Other Assets
23.6%
-7.6%
-10.3%
-7.1%
-6.6%
61.1%
12.0%
-1.0%
59.0%
-4.0%
Deferred Charges
Tangible Other Assets
22.1%
-8.3%
-10.6%
-8.3%
-6.7%
9.8%
3.7%
0.8%
-2.6%
-5.1%
9.8%
3.7%
0.8%
-2.6%
-5.1%
82.9%
22.8%
-34.8%
-15.8%
-45.7%
170.9%
-28.6%
-4.3%
-75.3%
14.3%
-0.8%
37.5%
-0.8%
2.9%
-8.2%
28.7%
4.0%
5.7%
-0.0%
11.0%
28.7%
9.0%
1.0%
-5.5%
-1.8%
-100.0%
-89.1%
-41.2%
-100.0%
-89.1%
-41.2%
Total Assets
Liabilities & Shareholders'
Equity
Total Liabilities & Shareholders'
Equity
Accounts Payable
Short Term Debt & Current Portion
of Long Term Debt
Accrued Payroll
Income Taxes Payable
Dividends Payable
27.8%
-6.2%
34.5%
26.9%
203.8%
Other Liabilities
33.5%
-17.5%
-4.9%
35.4%
-2.3%
Total Liabilities
28.9%
6.4%
1.4%
-6.1%
-2.7%
Deferred Taxes
Deferred Taxes - Credit
Deferred Taxes - Debit
Deferred Tax Liability in Untaxed
Reserves
Non-Equity Reserves
Minority Interest
Preferred Stock
Preferred Stock Issued for
ESOP
-11.4%
0.9%
0.2%
1.2%
-7.6%
9.8%
3.7%
0.8%
-2.6%
-5.1%
Software, Inc.
Fiscal Year
Fiscal Year End Date
2011
2010
2009
2008
2007
Assets
Total Assets
103.5
102.1
92.3
78.7
67.1
23.9
23.4
20.1
18.3
19.1
Receivables (Net)
22.8
21.1
19.4
16.8
14.2
Inventories -Total
0.0
0.0
0.0
0.0
0.0
Raw Materials
0.0
0.0
0.0
0.0
0.0
Work in Process
0.0
0.0
0.0
0.0
0.0
Finished Goods
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
2.6
2.5
2.4
2.2
1.9
49.4
47.0
42.0
37.2
35.2
0.0
0.0
0.0
0.0
0.0
Investment in Associated
Companies
0.0
0.0
0.0
0.0
0.0
Other Investments
0.2
0.1
0.1
0.0
0.0
19.6
18.0
16.4
14.8
13.5
Accumulated Depreciation
15.6
14.2
13.1
12.2
11.4
4.0
3.8
3.3
2.6
2.0
49.9
51.3
46.9
38.9
29.9
1.7
1.4
1.2
1.1
1.0
Prepaid Expenses
48.2
49.9
45.7
37.8
28.9
103.5
102.1
92.3
78.7
67.1
103.5
102.1
92.3
78.7
67.1
Accounts Payable
4.1
4.7
5.0
4.8
4.4
1.1
1.3
1.7
2.4
2.4
Accrued Payroll
6.7
6.4
5.4
4.7
4.0
37.7
34.2
30.2
25.7
21.6
49.6
46.6
42.3
37.7
32.5
0.5
1.3
2.0
2.1
2.3
0.5
1.3
2.0
2.1
2.3
Deferred Income
2.4
1.9
1.4
0.9
0.5
Deferred Taxes
0.0
0.0
0.0
0.0
0.0
Other Liabilities
3.4
3.2
3.2
2.9
2.7
Total Liabilities
56.0
53.0
48.8
43.6
38.0
Non-Equity Reserves
0.0
0.0
0.0
0.0
0.0
Minority Interest
0.0
0.0
0.0
0.0
0.0
Preferred Stock
0.0
0.0
0.0
0.0
0.0
Total Assets
Liabilities & Shareholders'
Equity
Total Liabilities & Shareholders'
Equity
47.5
49.2
43.5
35.1
29.1
103.5
102.1
92.3
78.7
67.1
Software, Inc.
Fiscal Year
Net Sales or Revenues
2011
2009
2008
2007
109.6
102.8
107.8
99.9
34.3% 31.4%
36.6%
34.2%
33.8%
5.6%
6.0%
5.4%
5.5%
Gross Income
61.0% 63.0%
57.4%
60.3%
60.6%
66.2% 59.9%
57.4%
62.2%
68.0%
0.0%
0.0%
0.0%
116.7
2010
4.7%
0.0%
0.0%
3.1%
0.0%
-1.9%
-7.4%
0.0%
0.0%
0.0%
0.0%
0.2%
0.0%
0.0%
0.5%
0.6%
0.2%
0.0%
0.1%
0.1%
0.6%
0.2%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
-0.5%
8.8%
5.5%
3.5%
-1.7%
-5.2%
3.2%
-0.5%
-1.9%
-7.2%
0.4%
0.0%
0.0%
0.1%
0.5%
0.0%
0.0%
Reserves - Increase/Decrease
-5.6%
3.2%
-0.5%
-2.0%
-7.6%
Income Taxes
0.6%
0.6%
1.8%
1.2%
0.3%
Minority Interest
0.0%
0.0%
0.0%
0.0%
0.0%
Equity in Earnings
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Discontinued Operations
0.0%
0.0%
0.0%
0.0%
0.0%
-6.2%
2.6%
-2.3%
-3.3%
-8.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
-6.2%
2.6%
-2.3%
-3.3%
-8.0%
Software, Inc.
Fiscal Year
Net Sales or Revenues
Cost of Goods Sold
Depreciation, Depletion & Amortization
Gross Income
Selling, General & Administrative Expenses
2011
2010
2009
2008
2007
6.5%
6.6%
-4.6%
7.9%
40.4%
16.4%
-8.6%
2.1%
9.2%
42.4%
-10.6%
-0.6%
4.7%
6.3% 104.4%
3.0%
17.0%
-9.3%
7.4%
35.4%
17.5%
11.3%
12.0%
-1.3%
35.9%
15.6%
3.3%
-6.4%
2.4%
40.3%
-279.1% 21,018.8%
-100.0%
100.0%
-100.0%
-100.0%
123.6%
271.8% -84.8%
14.7%
309.2%
91.2%
-6.7%
Reserves - Increase/Decrease
Pretax Equity in Earnings
Other Income/Expense - Net
Earnings before Interest, Taxes,
Depreciation & Amortization (EBITDA)
-106.2%
-270.9%
6,457.1%
70.1% 48.2%
-77.4%
80.7%
-65.7%
9.0%
19.6%
Interest Capitalized
Pretax Income
-284.3%
Income Taxes
17.7%
Minority Interest
Equity in Earnings
After Tax Other Income/Expense
Discontinued Operations
Net Income before Extraordinary
Items/Preferred Dividends
-351.1%
-351.1%
Software, Inc.
Fiscal Year
107.3
36.6
5.8
5.3
4.2
3.4
3.2
Gross Income
64.9
67.4
0.0
0.0
-0.0
-0.0
-0.0
-2.3
-3.5
-5.6
-8.3
0.0
0.0
0.0
0.0
0.0
0.3
0.5
0.5
0.8
1.1
0.2
0.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-0.0
-0.0
-0.0
3.4
2.8
0.4
-2.8
-5.9
-2.4
-2.5
-3.8
-6.2
-9.2
0.2
0.2
0.2
0.2
0.3
0.0
0.0
Reserves - Increase/Decrease
-2.7
-2.7
-4.0
-6.4
-9.4
Income Taxes
1.0
0.9
0.8
0.5
0.2
Minority Interest
0.0
0.0
0.0
0.0
0.0
Equity in Earnings
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-3.6
-3.6
-4.8
-6.9
-9.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-3.6
-3.6
-4.8
-6.9
-9.6
Software, Inc.
Fiscal Year
Fiscal Year End Date
Total Capital
2011
2010
2009
2008
2007
49.0
48.6
48.7
50.2
2.8%
0.9%
1.3%
1.3%
5.3%
0.0%
0.0%
0.0%
0.5%
4.6%
Other Liabilities
9.0%
6.0%
7.3%
7.7%
5.5%
Total Liabilities
161.6%
111.0%
105.3%
103.5%
106.9%
Minority Interest
0.0%
0.0%
0.0%
0.0%
0.0%
Preferred Stock
0.0%
0.0%
0.0%
0.0%
0.0%
-490.7%
-420.9%
-430.8%
-424.4%
-404.8%
Common Equity
100.0%
100.0%
100.0%
99.5%
95.4%
Total Capital
100.0%
100.0%
100.0%
100.0%
100.0%
0.1
-0.0
-0.0
-0.2
0.0
0.0
0.0
-0.0
-0.2
-0.2
Other Liabilities
0.1
-0.1
-0.0
0.1
-0.0
Total Liabilities
1.6
0.3
0.1
-0.3
-0.1
Minority Interest
0.0
0.0
0.0
0.0
0.0
Preferred Stock
0.0
0.0
0.0
0.0
0.0
Retained Earnings
-0.7
0.3
-0.2
-0.4
-0.8
Common Equity
-0.6
0.0
0.0
0.1
-0.4
Total Capital
-0.6
0.0
-0.0
-0.1
-0.6
170.9%
-28.6%
-4.3%
-75.3%
14.3%
-100.0%
-89.1%
-41.2%
-4.9%
35.4%
-2.3%
Retained Earnings
33.5%
-17.5%
Total Liabilities
28.9%
6.4%
1.4%
-6.1%
-2.7%
Common Equity
-11.4%
0.9%
0.2%
1.2%
-7.6%
Total Capital
-11.4%
0.9%
-0.4%
-3.0%
-10.0%
70.2
54.4
51.2
50.4
53.7
22.4%
6.0%
1.4%
-6.5%
-2.7%
43.4
49.0
48.6
48.5
47.9
-12.9%
0.9%
0.2%
1.2%
-8.2%
Operating Activities
4.0
11.7
12.7
5.1
-2.5
Financing Activities
-2.4
-4.4
-0.3
-3.1
0.2
Investing Activities
8.9
0.8
2.1
3.3
2.9
Minority Interest
Preferred Stock
Retained Earnings
Software, Inc.
Fiscal Year
Fiscal Year End Date
Receivables Turnover
2011
2010
2009
2008
2007
4.7
5.1
4.9
4.8
79.8
72.2
74.7
72.8
71.7
5.1
5.3
5.1
5.8
6.5
37.1
34.5
21.6
20.6
27.2
23.8%
29.4%
30.2%
31.4%
35.6%
-0.1
-0.0
0.0
0.0
0.3
-10.6%
-0.6%
4.7%
6.3%
104.4%
Software, Inc.
Fiscal Year
Fiscal Year End Date
Net Sales
2011
2010
2009
2008
2007
109.6
102.8
107.8
99.9
22.2%
29.2%
25.4%
15.8%
18.6%
23.7%
21.3%
19.5%
20.5%
20.9%
Inventories
0.0%
0.0%
0.0%
0.0%
0.0%
2.9%
1.6%
2.2%
2.7%
2.8%
48.9%
52.2%
47.0%
38.9%
42.3%
0.4%
0.2%
0.3%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Investments in Associated
Companies
0.0%
0.0%
0.0%
0.0%
0.0%
0.4%
0.2%
0.3%
0.0%
0.0%
19.7%
19.0%
19.8%
17.3%
15.5%
Accumulated Depreciation
17.0%
16.1%
15.2%
12.5%
11.8%
2.7%
2.9%
4.6%
4.9%
3.7%
Other Assets
45.4%
39.1%
45.1%
48.0%
55.8%
Total Assets
97.4%
94.4%
97.0%
91.8%
101.7%
Other Investments
Software, Inc.
Fiscal Year
Fiscal Year End Date
Employees
2011
2010
2009
2008
2007
598
554
577
573
158,717
183,227
185,597
186,789
174,288
-9,882
4,838
-4,251
-6,139
-13,916
Cash Earnings
1,543
18,090
13,966
9,239
-113
Working Capital
-8,067
13,786
6,260
-4,229
-8,302
1,659
753
1,137
1,581
8,712
Total Capital
59,079
81,983
87,662
84,475
87,660
Total Assets
154,524
172,983
180,005
171,458
177,335
22.9%
7.9%
-4.0%
0.7%
11.0%
-13.4%
-1.3%
-0.6%
7.2%
26.4%
51.2%
Total Debt
-304.3%
Cash Earnings
-91.5%
29.5%
Working Capital
-158.5%
120.2%
Total Debt
120.4%
-33.8%
-28.1%
-81.9%
-28.6%
Total Capital
-27.9%
-6.5%
3.8%
-3.6%
-19.0%
Total Assets
-10.7%
-3.9%
5.0%
-3.3%
-14.5%
Software, Inc.
Fiscal Year
Fiscal Year End Date
2011
2010
2009
2008
2007
-13.2
505.7
-15.1
-12.7
-15.2
EBIT/Net Interest
-13.2
-13.2
505.7
-15.1
-12.7
-15.2
-1.3
1,377.4
182.9
23.8
-3.5
EBITDA/Net Interest
-1.3
-1.3
-22.6
-5.2
1,377.4
182.9
23.8
-3.5
Software, Inc.
Fiscal Year
Fiscal Year End Date
2011
2010
2009
2008
2007
0.0%
0.0%
0.0%
6.6%
0.0%
0.0%
0.0%
0.3%
2.3%
0.0%
0.0%
0.0%
0.5%
4.6%
0.0%
0.0%
0.0%
0.5%
4.9%
4.7%
11.1%
23.8%
12.7%
1.1%
0.4%
0.6%
0.9%
4.9%
2.8%
0.9%
1.3%
1.9%
9.9%
2.7%
0.9%
1.3%
1.8%
9.4%
2.8%
0.9%
1.3%
1.9%
10.4%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
38.2%
47.4%
48.7%
49.0%
47.1%
100.0%
100.0%
100.0%
99.5%
95.4%
38.2%
47.4%
48.7%
49.3%
49.4%
1.6%
0.7%
2.0%
3.2%
3.0%
7.2%
6.5%
9.8%
10.8%
7.7%
-13.7%
16.8%
7.1%
-5.0%
-9.5%
0.0%
0.0%
0.0%
0.0%
0.0%
584.5%
-1.3%
Dividend Payout
Funds From Operations % of Total
Debt
Software, Inc.
Fiscal Year
Fiscal Year End Date
Total Current Assets % Net Sales
2011
2010
2009
2008
2007
52.2%
47.0%
38.9%
42.3%
45.5%
56.0%
54.0%
40.5%
44.0%
0.9
1.1
1.0
0.9
0.8
48.5%
40.9%
41.4%
52.6%
49.5%
79.8
72.2
74.7
72.8
71.7
0.0%
0.0%
0.0%
0.0%
0.0%
24.4%
22.6%
20.1%
22.3%
20.6%
0.9
1.2
1.1
0.9
0.9
2.7%
0.9%
1.3%
1.8%
9.4%
1.8%
22.1%
17.2%
12.0%
-0.1%
2,098.8%
-2.8%
584.5%
-1.3%
22.1%
15.9%
10.9%
-0.1%
Operating Activities
4.0
11.7
12.7
5.1
-2.5
Financing Activities
-2.4
-4.4
-0.3
-3.1
0.2
Investing Activities
8.9
0.8
2.1
3.3
2.9
Software, Inc.
Fiscal Year
Fiscal Year End Date
Sales
2011
2010
2009
2008
2007
3.90
3.52
3.70
3.47
Operating Income
-0.21
0.12
0.00
-0.07
-0.26
Pre-tax Income
-0.23
0.13
-0.02
-0.08
-0.26
-0.26
0.10
-0.08
-0.12
-0.28
-0.26
0.10
-0.08
-0.12
-0.28
0.00
0.00
0.00
0.00
0.00
-0.26
0.10
-0.08
-0.12
-0.28
-0.26
0.10
-0.08
-0.12
-0.28
-0.53
-0.05
0.07
-0.09
-0.27
0.00
0.00
0.00
0.00
0.00
-0.28
0.23
0.38
0.24
0.02
1.21
1.67
1.67
1.60
1.63
-7.53
-7.34
-7.17
-7.10
-7.06
4.01
3.68
3.42
3.40
3.53
Extraordinary Items
Common Dividends
Cash Earnings
Book Value
Retained Earnings
Assets
Software, Inc.
Fiscal Year
Fiscal Year End Date
2011
2010
2009
2008
2007
61.0%
63.0%
57.4%
60.3%
60.6%
-5.2%
3.1%
0.0%
-1.9%
-7.4%
-5.6%
3.2%
-0.5%
-2.0%
-7.6%
EBIT Margin
-5.2%
3.2%
-0.5%
-1.9%
-7.2%
-6.2%
2.6%
-2.3%
-3.3%
-8.0%
-15.6%
5.9%
-4.9%
-7.3%
-16.0%
-14.7%
5.9%
-4.7%
-6.7%
-13.8%
-6.4%
2.9%
-2.4%
-3.4%
-7.4%
1.0
1.1
1.0
1.1
1.0
2.8%
0.9%
1.3%
1.9%
10.4%
459,000
7,000
31,000
161,000
470,000
Return on Assets
Asset Turnover
Financial Leverage
Interest Expense on Debt
Effective Tax Rate
Cash Flow % Sales
18.1%
1.0%
9.9%
7.5%
4.9%
-0.1%
66.2%
59.9%
57.4%
62.2%
68.0%
15.9%
16.2%
16.9%
15.3%
17.1%
-11.4%
0.9%
-0.4%
-3.0%
-10.0%
Software, Inc.
CCNN
CCNN
296
355
281
337
527
730
178.4%
310.0%
NAS
32
195
5.0%
Software, Inc.
CNN
CNN
35
100.0%
0.0%
0.0%
2.4%
Fixed Charge Coverage Ratio: Pretax Income to Interest Expense & Preferred
Dividends
-13.2
Fixed Charge Coverage Ratio: Pretax Income to Net Interest Income & Preferred
Dividends
-13.2
0.7
0.8
Software, Inc.
CC
NN
CC
NN
-9.9%
2.4%
8.3%
3.8%
18.4%
-3.8%
-2.5%
-2.4%
-6.3%
-2.5%
-2.4%
-6.3%
Software, Inc.
CCN
Growth Rating
CCN
0.0%
25.0%
18.6%
-9.9%
Dividend Growth
0.0%
0.0%
Assets Growth
Sales/Revenues Growth
-4.1%
3.3%
B Excellent
A Outstanding
C Good
8
The highest quality rating assigned by Wright is AAA20. This rating would be assigned to a
company that has a large and broad base of shareholders, an outstanding balance sheet and strong
and stable profitability. The company would also have experienced superior growth over the past
several years.
The Wright Quality Rating assigned to a company also takes into consideration country and industry
variations. If there is not sufficient information available, the quality rating will not be assigned or an
N (not-rated) will be applied for that particular quality criteria.
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