Here's 4th qtr pres release.....
Proginet Corporation Announces Fourth Quarter Results
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Garden City, NY - August 14, 1998 - Proginet Corporation today announced the financial
results (unaudited) from its recently completed fourth fiscal quarter ended July 31, 1998.
Revenues were $1,013,892 for the fourth quarter, compared to $769,342 for the previous
quarter. For the full year period revenues were $3,902.932 v. $3,860,364. Proginet results
were essentially break even with a loss for the quarter of $37,755, or $.00 per share, compared
to a loss of $918,833, or $.07 per share, for the comparable period last year (excluding one
time charges) on a full year basis. The company reported a loss of $2,012,000 for the full year,
as compared to a loss of $2,246,112 for the same period last year, including a one-time tax
adjustment of $841,664.
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Consistent with the company1s plan to emphasize the selling and distribution of its software
products through third party partners, Proginet entered into two new partnerships in the
quarter, including Schumann AG and Counsul Risk Management. With the increased emphasis
on both indirect sales and telesales, Proginet has been successful in closing new license revenues
on five continents, including Australia, South Africa, Europe, Asia, and North America. New
license revenue opportunities are expected to continue, in all markets that Proginet serves.
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As announced at the end of last year, Proginet had been involved in a contract dispute with a
customer in Europe. Subsequent to the closing of the recent fourth quarter, this dispute has
been settled, with a one-time payment to Proginet in the amount of $525,000. Proginet has no
future obligations related to this payment and the agreement provides for the potential of a
future relationship with this organization.
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The company will hold a conference call on Wednesday, August 19, 1998, at 4:30 EDT to
provide investor updates and answer questions. Please call Kathleen at (516)-248-3371 by 5
p.m. EDT Tuesday, August 18th to register for Wednesday1s conference call.
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