Proginet Corporation Announces Second Quarter Results
Revenues and Profits Increase
Receive Approval For Normal Course Issuer Bid
GARDEN CITY, N.Y.--(BUSINESS WIRE)--Feb. 5, 1999--Proginet Corporation (VSE:PRFu.V - news) today announced the financial results from its recently completed second fiscal quarter ended January 31, 1999.
Revenues were $1,227,864 for the second quarter, up 10% from the same period last year when revenues were $1,116,236. New license revenues for the quarter were up over 30% compared to last year.
The company reported a profit of $203,693 or 1.5 cents per share, compared to a loss of $556,000 or 4 cents per share in the comparable quarter last year. Results for the quarter were better than expected, reflecting improvement in both revenue growth and expense control. On a six-month basis, Proginet reported a profit of $339,366 compared to a loss of $1,347,826 for the same period last year.
For the first time, more than 50% of Proginet's new license revenue was attributed to SecurPass, the company's flagship security software product. ''The security password synchronization market continues to expand and Proginet's SecurPass is well positioned to capitalize on this market opportunity'' said Kevin M. Kelly, President and CEO of Proginet Corporation.
Proginet Corporation today also announced that the Vancouver Stock Exchange has accepted its filing of a Notice of Intention to Make a Normal Course Issuer Bid in respect to 300,000 shares of common stock. Proginet will use the brokerage firm of CIBC Wood Gundy Securities Inc. of West Vancouver to be its broker for the execution of the bid. The bid will commence of February 12, 1999 and will continue until the earlier of the date on which 300,000 shares have been acquired and February 12, 2000.
The company will hold a conference call on Tuesday, February 16,1999, at 4:30 EDT to provide investor updates and answer questions. Please contact Kerri at (516) 248-3371 by 12 p.m. EDT Tuesday, February 16, 1999 to register for Tuesday's conference call.
Proginet's flagship product, SecurPass, provides integration of security systems from Microsoft (NASDAQ:MSFT - news), IBM (NYSE:IBM - news), Computer Associates (NYSE:CA - news) and Novell (NASDAQ:NOVL - news), as well as integration with UNIX environments provided by Sun Microsystems (NASDAQ:SUNW - news), Hewlett-Packard (NYSE:HWP - news) and IBM. Corporations that connect their networks to the Internet have a greater level of exposure to intrusion from outside and within. Tighter control of the many different security systems in an organization is required to combat this exposure. SecurPass provides this control by helping these different security systems work as one. |
