Somerset, NJ â November 08 2004 â Software International, Inc. (SWII.PK), an innovative provider of application development services and information technology (IT) consulting, today announced that its independent auditors and certified public accountants, New Jersey-based Mendlowitz Weitsen, LLP, has completed an audit of the company financial statements for fiscal 2003.
"The completion of our 2003 year-end financial audit is a major milestone for our company," said Suneel Sawant, chairman for Software International. "Our next step is to complete our financial audit for fiscal 2004, ending December 31, 2004. We expect to complete our 2004 audit within the next 90 days, which will allow the company to apply for listing to trade on the OTCBB system. Trading on the OTCBB is expected to provide increased liquidity for our shareholders through heightened visibility of Software International within the financial community."
The company reported revenues for its fiscal year ended December 31, 2003, of approximately $2.8 million, with net income of $13,984. Gross profit for the year ended December 31, 2003, was $985,063, or 37 percent gross profit margin.
"We have been profitable since inception," noted Sawant, "and are confident in our ability to meet revenue guidance of between $5 to $7 million for fiscal 2005, assuring our continued profitability."
Software Internationalâs completed audit of fiscal 2004 will provide the two years of audited financial statements that are required to begin the process of becoming a fully reporting company trading on the OTCBB. Management believes anticipated revenue growth over the next 18 months will provide the stock price and market cap necessary to apply for listing on the American Exchange or the Nasdaq SmallCap system. The company can provide no assurances that it will be accepted to either the OTCBB, American Exchange or the Nasdaq SmallCap system.