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Enherent Corp (ENHT) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2009

Enherent Corp

CIK: 1045560 Ticker: ENHT

Exhibit 99.1

enherent Corp. reports results for the first quarter of 2009

FOR IMMEDIATE RELEASE

Iselin, New Jersey (May 15, 2009)

- enherent Corp. (OTC BB: ENHT, www.enherentcorp.com), an information technology services company, today announced its results for the first quarter of 2009.

First Quarter 2009 Financial Results

Revenues for the first quarter ended March 31, 2009 were $3.6 million, compared to revenues of $7.0 million in the quarter ended March 31, 2008. Net income decreased by approximately $189,000 to a loss of $116,000, or $(0.01) per diluted share, for the first quarter of 2009 as compared to net income of approximately $73,000, or $0.00 per diluted share, for the comparable quarter of 2008. Earnings before interest, taxes, depreciation and amortization, or EBITDA, totaled $81,000 for the first quarter of 2009 as compared to $295,000 for the comparable quarter of 2008. EBITDA, adjusted to add back stock-based compensation, or Adjusted EBITDA, totaled $102,000 for the first quarter of 2009 as compared to $316,000 for the comparable quarter of 2008.

Pamela Fredette, Chairman, CEO and President, commenting on the financial results for the first quarter 2009, said “Since the end of last year, we have felt the negative impact of the global economic slowdown which has put pressure on our revenues and profitability. We were able to manage the business to continue to achieve positive EBITDA. We continue to focus our efforts on our Text Analytics practice which we believe will be in demand longer term, and at the same time, continue to take steps to contain and reduce expenses.”

Forward-Looking and Cautionary Statements

Except for the historical information and discussions contained herein, statements contained in this release may constitute “forward- looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on certain assumptions and analyses made by the Company derived from its experience and perceptions. Actual results and developments may vary materially from those described because they are subject to a number of known and unknown risks and uncertainties. Such risks and uncertainties include, but are not limited to, future demand for the Company’s services; general economic, market and business conditions; the Company’s ability to increase the amount of services rendered to existing clients and develop new clients and reduce costs of providing services; the Company’s ability to recruit and retain IT professionals; and various other factors discussed in the Company’s filings with the Securities and Exchange Commission including those set forth under Item 1A of the Company’s most recent Form 10-K. The Company disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments, or otherwise.

NON-GAAP Financial Measures:

enherent Corp. utilizes a number of different financial measures, both GAAP and non-GAAP, in analyzing and assessing the overall business performance, for making operating decisions and for forecasting and planning future periods. The Company considers the use of non-GAAP financial measures helpful in assessing its current financial performance and prospects for the future. While the Company uses non-GAAP financial measures as a tool to enhance its understanding of certain aspects of its financial performance, the Company does not consider these measures to be a substitute for, or superior to, the information provided by GAAP financial measures. Consistent with this approach, the Company believes that disclosing non-GAAP financial measures to the readers of its financial statements provides such readers with useful supplemental data that, while not a substitute for GAAP financial measures, allows for greater transparency in the review of its financial and operational performance. In assessing the overall health of its business during the first quarter 2009 and 2008, the Company excluded items in the following general categories, each of which are described below:

Stock-based Compensation The Company believes that because of the variety of equity awards used by companies, varying methodologies for determining stock-based compensation and the assumptions and estimates involved in those determinations, the exclusion of non-cash stock-based compensation enhances the ability of management and investors to understand the impact of non-cash stock-based compensation on our operating results. Further, the Company believes that excluding stock-based compensation expense allows for a more transparent comparison of its financial results to previous periods. In addition, the Company prepares and maintains its budgets and forecasts for future periods on a basis consistent with this non-GAAP financial measure.

Earnings Before Interest, Taxes, Depreciation and Amortization. The press release contains references to EBITDA and Adjusted EBITDA and provides reconciliations of EBITDA and Adjusted EBITDA to Net income (loss) on the face of the attached statements of operations. The Company’s management believes that EBITDA is used by investors and analysts as an alternative to GAAP measures when evaluating the Company’s performance in comparison to other companies. In order to fully assess the Company’s financial operating results, management believes that EBITDA is an appropriate measure of evaluating the Company’s operating performance, because it eliminates the effects of financing and accounting decisions. This measure is also significant to institutional


The following information was filed by Enherent Corp (ENHT) on Friday, May 15, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Ticker: ENHT
CIK: 1045560
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-09-229171
Submitted to the SEC: Mon Nov 09 2009 2:51:44 PM EST
Accepted by the SEC: Mon Nov 09 2009
Period: Wednesday, September 30, 2009
Industry: Computer Programming Services

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