FORM - OTTAWA, Ontario (CBS.MW) -- JetForm shares took off like a rocket Wednesday on news that the Canadian software firm is unveiling new technology to allow customers to send and receive business forms via wireless devices.
Shares of JetForm (FORM: news, msgs) were up 17.6 percent, or 81 cents, to $5.38 in early trading in New York. The stock was also doing well in Toronto Stock Exchange trading.
The new solution, to be included with the company's ReachForm product, is being unveiled at JetForm's annual meeting later today in the Canadian capital. According to the company, it will enable ReachForm to "detect and treat microbrowsers on cellular phones the same way it does Web browsers on PCs."
It comes at a good time for the electronic forms company. Although it holds an 80 percent market share in the industry, JetForm has struggled to reach and maintain profitability over the last few years.
While it was in the black during the 1998 fiscal year, JetForm lost $20 million in fiscal 1999 and $5.5 million in fiscal 2000, in the process trimming more than 100 employees.
In August, the company reported a first-quarter 2001 loss of 4.5 million Canadian dollars, or 22 cents a share, with revenue falling to $22.1 million from $23 million.
At the time, CEO Kevin Francis (who came on board from Xerox Canada in May) said in a press release that he has "already taken action to correct our unsatisfactory results in our North American commercial and professional services units, which were caused by inadequate sales and services coverage." |
