Calsoft announces annual results FY2005-06

California Software Company Limited (Calsoft) today announced that its Board of Directors had taken on record and approved the audited financial results for the financial year 2005-06.

Highlights-Consolidated financial results for the year ended Mar 31, 2006

• Total Revenue was Rs.115.44 crore for the year; Year on Year (YOY) growth of   136    % (Previous year was Rs 48.86 crore)
• Operating profit (Profits Before depreciation, interest, amortisation &taxes) was Rs 9.80 crore; YOY growth of 50 % (Operating profit previous year was Rs 6.54 crore)
• Profit after tax was Rs 4.70 crore for the year with an YOY growth of           40   % (PAT previous year was Rs 3.35 crore)
• Consolidated Earnings per share-EPS (basic) increased to Rs 9.58 -an improvement of 36  % over last year (previous year EPS-basic Rs7.05)

The Board of Directors recommended a final dividend of 10 % (Rs 1 per equity share) -payable subject to approval at the ensuing AGM proposed in August 2005. This will be payable on the Equity Capital base, which will enhance by 70%, post June 2006 after the rights shares are issued &listed. (The company had recently made a rights issue of 34.45 lakh equity shares at Rs 66 per share in the ratio of 7:10 which closed on 25^th May 2006 and was fully subscribed).

SEE ANNEXURE -1 for financial highlights – consolidated & standalone

Major Business Highlights –Consolidated for the year 2005-06

·         Client Acquisition: Strong emphasis on organic growth as well and client acquisition resulted in the addition of business from clients in all segments.

·         The revenues split up (consolidated) was as follows:

o        Segment- wise                                                                          

o        Enterprise Solutions - 61  % Technology solutions-28 % Commodity solutions -11 %

o        Geography: Americas: 84% Europe -5% Asia-Pacific Region including India -11%

·         Alliances during the year were signed with Major technology giants                l-Phoenix Technologies Ltd (NASDAQ listed co) for distribution &support for BIOS &Firmware products ii-Adobe Corporation-for the Macromedia range of Software for embedded &handheld devices

·         During the year 2005-06, there was a net addition of 201 employees into the group and there were 737 employees on rolls as on the year-end for the group.

Current Year Prospects and Outlook (2006-07)

The company is not in the practice of issuing any guidance, but believes that the outlook for 2006-07 will be robust. The company proposes to continue its growth plans on a combination of organic growth coupled with prudent and focused acquisition strategy of Products &service companies in related domains that will bring synergies in its customer offerings and more overall value. 

Mr. S. (Sam) Santhosh, Managing Director Calsoft said “FY 2005-06 was a very good year for us in terms of revenue growth .We grew with the acquisitions we made in the last 2 years and focused increasingly on product based software solutions.   In FY 2006-07, we aim to maintain the momentum in revenue growth while focusing more on profits.”

Sourced From : Perfect Relations Limited