NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: PROGINET CORPORATION
VSE SYMBOL: PRF.U
NOVEMBER 16, 1998
Proginet Corporation Announces First Quarter Results;
Revenues and Profits Increase
GARDEN CITY, NEW YORK--Proginet Corporation today announced the
financial results from its recently completed first fiscal quarter
ended October 31,1998.
The company achieved quarterly revenues of $1,146,435 compared
with $1,003,463 for the same period the previous year,
representing an increase of 14 percent. New license revenues for
the quarter were $577,694 vs. $466,820 for the comparable period
last year, representing an increase of 23 percent.
The company reported a profit for the quarter of $135,673 or 1
cent per share, compared with a loss of $790,070 or 6 cents per
share in the first quarter last year.
"The company's major software product, SecurPass, is gaining solid
acceptance in both the U.S. and overseas markets. Indirect channel
partners have demonstrated a strong commitment to Proginet's
technology and these channels will continue to play an
increasingly important role in Proginet's growth," commented Kevin
M. Kelly, President and CEO.
The company will hold a conference call on Wednesday, November 18,
1998, at 4:30 EDT to provide investor updates and answer
questions. Please contact Nancy at (516) 248-6253 by 4 p.m. EDT
Tuesday, November 17th to register for Wednesday's conference
call.
Proginet is a Long Island, New York based software development
company that provides mission critical software solutions for
seamlessly integrating IBM mainframes and midrange computers with
Microsoft Windows NT and other distributed client/server
environments. The company's products address the systems
management software market, including security and managed data
transfer. Proginet has established a worldwide user base of more
than 450 companies in 25 countries spanning all industry sectors.
For more information, please visit the Proginet web site at:
proginet.com.
The Vancouver Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this News Release,
which has been prepared by the company. |
