Software Toolworks Scales Down Fiscal 1990 Results

Software Toolworks revised its fiscal 1990 financial results slightly lower after adopting an accounting change on certain accounts receivable, which is money owed the Chatsworth company by its customers.

Software Toolworks, which makes software for the Nintendo home video system and personal computers, said the change lowered its revenue for the year that ended March 31 by $624,000 and shaved its net income by $221,000. Restated, Software Toolworks earned $2.37 million in fiscal 1990 on revenue of $68.1 million.

Les Crane, the company's chairman, said the change "has no material effect on our historical results, and we expect no material effect upon anticipated results."

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World
54°