JetForm preannounces disappointing quarter!
This is a big disappointment. Looks like the boys from CFRA (whatever their name is!) may have been right about this one.
We're down about 16 percent... so far
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JetForm Corporation Announces Preliminary Second Quarter Results for Fiscal 1999
PR Newswire - November 12, 1998 06:19
OTTAWA, Nov. 12 /PRNewswire/ -- JetForm Corporation (Nasdaq: FORMF; Toronto: JFM), the global leader in enterprise workflow and electronic forms solutions, today announced that its results will be below analysts' estimates and management's expectations for the second quarter of fiscal 1999, which ended October 31, 1998.
Management expects revenue for the second quarter of fiscal 1999 to be approximately $31.7 million which represents a 19 percent increase over $26.5 million in the second quarter of fiscal 1998. Net income is expected to be approximately $3.3 million or $0.16 per fully diluted share for the second quarter compared to $1.9 million or $0.11 in the second quarter of fiscal 1998. As a percentage of revenue, net income is expected to be 10 percent compared to 7 percent for the same period last fiscal year. Operating income is estimated to be approximately $3.0 million compared to $3.5 million, for the same period last fiscal year. Cash flow from operations was positive for the quarter.
"Results for the second quarter were disappointing," said John Kelly, President and Chief Executive Officer of JetForm. "The primary cause of the shortfall was lower than expected revenue in our European markets, specifically France and the United Kingdom."
These preliminary results are estimates only and actual results may vary. Finalized results for the second quarter of fiscal 1999 will be reported on or before December 3, 1998. The Company's preliminary results are in accordance with accounting principles generally accepted in the United States.
An analyst conference call to discuss the preliminary results has been scheduled for 9:15 a.m. EST November 12, 1998. Interested participants should call (416) 695-5806 or (1-800) 273-9672, 10 minutes prior to the call.
Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements that are subject to certain risks and uncertainties detailed from time to time in JetForm's reports and filings with securities commissions.
ABOUT JETFORM CORPORATION
JetForm Corporation, headquartered in Ottawa, Canada, is the global leader in electronic forms automation and enterprise workflow, providing solutions that streamline business processes. JetForm's products help organizations reduce costs and increase efficiency across local and wide area networks as well as the Internet. JetForm has offices in the United States, Canada, the United Kingdom, France, Germany, Sweden, China, Singapore, and Australia. For more information on JetForm visit the Company's Web site at jetform.com.
SOURCE JetForm Corporation
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