JetForm Announces Preliminary First Quarter Results for Fiscal Year 2001
Solid Year Over Year Product and Maintenance Revenue Growth; Actions Taken to Correct Decline in U.S Commercial
and Consulting Revenues
OTTAWA - August 9, 2000 -- JetForm Corporation (Nasdaq: FORM; TSE: JFM), today announced preliminary results for
its first quarter of fiscal 2001, which ended July 31, 2000.
Revenues for the first quarter of fiscal year 2001 were approximately $22.0 million (CDN), compared to $23.0 million in
the first quarter of fiscal 2000. Operating loss for the quarter was $4.3 million compared to an operating loss of $1.0
million for the same period last year which also included a gain of $1.8 million on the sale of an investment. Net loss for
the quarter was $4.4 million or $0.22 per share (fully diluted 20.0 million shares) compared to net loss of $630,000 or
$0.03 per share (fully diluted 19.9 million shares) in the first quarter of fiscal 2000.
Based on preliminary unaudited results, on a year over year basis, product revenues from Asia Pacific grew 78 per cent,
North American government product revenue grew 37 per cent, European product revenue grew 7 per cent and North
American financial services grew by 3 per cent. On a year over year basis, maintenance and support revenue grew by 25
per cent in North America and 16 per cent in Europe and professional services revenue in Europe grew 41 per cent.
However, in the first quarter of fiscal year 2001, on a year over year basis North American professional services revenue
decreased 71 per cent and North American commercial revenue decreased 17 per cent. JetForm ended the quarter with
a cash balance of $29.5 million and days sales outstanding (DSO) of 140.
"I have taken action to correct our unsatisfactory results in North America which were caused by inadequate sales and
services coverage," said Kevin Francis, president and chief executive officer of JetForm. "We are pleased with our growth
in Asia, Europe and our North American government operations." snip<>
Last post for me, bye FORM.
Jim |
