Veramark Projects Sales Decline for Quarter
PITTSFORD, N.Y.--(BUSINESS WIRE)--March 28, 2000--Veramark Technologies, Inc. (Nasdaq:VERA - news) today announced that sales for the first quarter ending March 31, 2000, are expected to be significantly below the level for the same period last year. As a result, the Company anticipates an operating loss in excess of $2 million for the quarter.
David G. Mazzella, Veramark President and CEO, commented, ``This unexpected decline in sales occurred over several product lines and several customers including the Company's largest customer, Lucent Technologies. We are evaluating the reasons for the decline in sales and are taking steps to reverse it.'
Mr. Mazzella concluded, `Notwithstanding the decline in first quarter, we anticipate an increase in Veramark's revenues over the remainder of this year and a return to profitability by year-end. Our balance sheet also remains strong with no debt and over $5.4 million in cash.``
Veramark Technologies, Inc. is engaged in the design, production and servicing of telecommunications management and billing systems for users and providers of telecommunications services in the global market.
The forward looking statements contained in this release are estimates by the Company's management of future performance and are subject to a variety of risks and uncertainties that could cause actual results to differ materially from management's current expectations. |
