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Software of Excellence expects a profitable year

For Immediate Release
September 20, 2004

Software of Excellence expects a profitable year

Dental software company Software of Excellence expects to produce a good result in the current year, chairman Jim Syme told shareholders at the company's annual meeting today.

"In terms of the current half-year, we have continued to operate profitably with operating EBITDA growth ahead of forecast at10% of sales and a small profit before tax (last year's half year to 30 September 2003 was a loss of $1.05 million).

"That is good news, given that this includes the summer trading period in the UK, which is traditionally the slowest time of the year for us," he said

Once again it was expected that the greater part of the company's result would be generated in the final quarter of the current March year.

"We are continuing to experience a steady rise in our UK recurring income, so subject to currency factors and our income recognition standards on large contracts. Your board expects the current full year to be a good one."

He said the company was continuing to carefully address the big opportunities it faced in the UK. For example, it was supplying its dental software to both Prime contractors involved in pilot programmes for the introduction of health IT into the UK Ministry of Defence.

The company was also involved in another pilot with the Indian Health Service in the US. Such contracts involved long lead times and in both instances management had been talking to the parties involved for more than three years.

He said the company was now well placed to achieve its growth goals with its balance sheet strengthening by the recent successful raising of $9.5 million through an issue of 7% mandatory convertible notes. Of this $3.8 million had been used to purchase the United States dental software company, General System Design Inc (GSD), leaving some $6 million on deposit.

He said that the takeover of GSD was a strategic event for the company as it gave it the positioning it needed to succeed in the dental school market, not just in the US, but globally.

The company's US operation was currently operating at a cash flow breakeven level and the addition of GSD's 16 dental schools provided a great platform for the US operation to move forward.


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