ACCESS Newswire
10 May 2022, 02:19 GMT+10
RANCHO CUCAMONGA, CA / ACCESSWIRE / May 9, 2022 / AGent Information Software (AIFS), the parent company of AutoGraphics, Inc. (A-G), released 2021 year-end financials last week.
In accordance with its policy, AIFS reviews the estimated useful lives of its fixed assets on an ongoing basis. This review indicated that the actual lives of certain capitalized software were longer than the estimated useful lives used for amortization purposes in AIFS financial statements. As a result, effective December 31, 2021, AIFS changed its estimates of the useful lives of its capitalized software to better reflect the estimated periods during which these assets will remain in service. The estimated useful lives of the capitalized software that previously averaged seven years was decreased to an average of five years. The effect of this change in estimate was to increase 2021 depreciation expense by approximately $595,000, decrease 2021 net income by $595,000, increase in deferred tax asset by $164,000 and decrease 2021 basic and diluted earnings per share by $0.09 and $0.08, respectively.
Therefore, in the year ending December 31, 2021, AIFS reported a net income of $1,273, with EBITDA representing 20% of sales at year-end, slightly down from year-end 2020 levels of $408,667 and 21% respectively. AIFS declared a dividend of $0.035 per share in June 2021.
SHAREit, Auto-Graphics' enterprise-class system, continued to grow in North America with its selection by both the Arkansas State Library and SCELC (Statewide California Electronic Library Consortium.) These awards further substantiate Auto-Graphics as the industry leader in statewide/regional resource sharing in North America, with 16 total statewide systems.
Auto-Graphics, Inc. has been an industry leader in library management and resource sharing software for nearly 50 years. A-G was the first to provide Cloud-based library resource sharing solutions to library consortia. All A-G products meet ISO and NISO standards and are available through a cloud-based delivery model (SaaS - 'Software as a Service.') For more information, visit A-G on our website at www.auto-graphics.com, or on Facebook and LinkedIn.
Media Contact:
Becky Bates
Auto-Graphics, Inc.
(909) 569-1514
[email protected]
SOURCE: Auto-Graphics, Inc.
Get a daily dose of Los Angeles Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Los Angeles Herald.
More InformationGENEVA, Switzerland: A new United Nations report alleges that dozens of global corporations are profiting from and helping sustain...
LONDON, UK - Lawmakers in the United Kingdom have voted overwhelmingly to proscribe the direct-action group Palestine Action as a terrorist...
DHARAMSHALA, India: The Dalai Lama is set to address a significant three-day conference of Buddhist leaders this week, coinciding with...
WASHINGTON, D.C.: In a significant ruling last week, the U.S. Supreme Court upheld a Texas law requiring age verification for users...
ISTANBUL/PARIS/BRUSSELS: As searing temperatures blanket much of Europe, wildfires are erupting and evacuation orders are being issued...
VENICE, Italy: Over the weekend, hundreds of protesters marched through the narrow streets of Venice to voice their opposition to billionaire...
MENLO PARK, California: Robinhood is giving European investors a new way to tap into America's most prominent tech names — without...
WASHINGTON, DC - U.S. President Donald Trump on Tuesday claimed Elon Musk's success has been built on government subsidies. Without...
SANTA CLARA, California: Executives at Nvidia have quietly been cashing in on the AI frenzy. According to a report by the Financial...
Vancouver, Canada: A high-stakes legal showdown is brewing in the world of athleisure. Lululemon, the Canadian brand known for its...
DOVER, Delaware: California Governor Gavin Newsom has taken legal aim at Fox News, accusing the network of deliberately distorting...
SAN FRANCISCO, California: Across the U.S., a growing number of people are taking obesity treatment into their own hands — literally....