Microforum Inc. (TSE:MCF) a leading software products and internet solutions
company today commented on its outlook for the third quarter of fiscal 2001,
ended November 30, 2000.
On December 1, 2000, the company announced plans to focus on its core
e-business operations and to discontinue certain non-core operations. The
revenues from the discontinued operations will therefore be excluded from
reported revenues. As a result, reported revenues will be below analyst
expectations.
The company expects to report a loss from continuing operations before
interest, tax, depreciation and amortization in the range of $5.5 to $6.5
million. The loss is expected to include charges aggregating $4.3 to $5.3
million in respect of a higher than usual provision for doubtful accounts
related to the downturn in the economy as well as costs related to the
refocusing of the business.
The company also advises its net loss will include significant charges for
the impairment of goodwill and an accrual for estimated losses of discontinued
operations from November 30, 2000 to the expected disposal dates.
Results for the third quarter will be released on or before January 29,
2001.
About Microforum Inc.
Microforum creates, sells and services exceptional software products and
internet solutions. Toronto-based Microforum has offices in Halifax, New York
and Seattle. Microforum is listed on The Toronto Stock Exchange (TSE: MCF). For
more information, please visit www.microforum.com.
Forward-Looking Statements
Investors should take note that certain statements in this press release
are forward-looking and may not give full weight to all of the potential risks
and uncertainties. These forward-looking statements include statements that are
subject to risks and uncertainties. Forward-Looking statements are subject by
their nature to risks and uncertainties, and actual results, actions or events
could differ materially from those set forth in the forward-looking statements.
Any forward-looking statements speak only as of the date made. The company is
not undertaking to update any information in the foregoing reports until the
effective date of its future reports required by the securities laws.
Martha Cass, Senior Director, Corporate Communications, Microforum Inc., (416)
467-4015, 1-866-467-4055,
marthac(at)microforum.com; Or Meg Sintzel, Genoa Communications Inc.,
(416) 962-3300, msintzel(at)genoainc.com
____________________________________________________________
(c)2001 Market News Publishing Inc. All rights reserved. |
