Pat,
Check out the lastest from CrossKeys....looks like another warning from our friends up north....
KANATA, ONTARIO--(BUSINESS WIRE)--Feb. 12, 1999--CROSSKEYS
(NASDAQ:CKEYF.O) (TSE:CKY.) CrossKeys Systems Corporation (NASDAQ:
CKEYF; TSE: CKY), a leading supplier of software for telecommunication
service providers, today announced that it will be recording a
one-time charge of Cdn $1.0 million in its third quarter results.
Subsequent to quarter end, the Company has learned that certain
asset balances related to a significant project with one customer have
become impaired as a result of the customer filing for bankruptcy. The
impact of the impairment is approximately Cdn $1.0 million before tax
and approximately Cdn $0.7 million after tax, in accordance with U.S.
GAAP. On a fully diluted earnings per share basis, this charge
translates to Cdn $0.04 or US $0.02.
"CrossKeys has just learned that our customer filed for
bankruptcy," says Steve Spooner, Vice President and CFO. "The
provision we are taking in our income statement was unplanned and
should be viewed as a one-time charge."
The Company plans to release the results for its third quarter of
fiscal 1999 on February 25, 1999.
CrossKeys Systems Corporation (www.crosskeys.com) is a leading
developer of service, network, and element management solutions for
over 170 of the world's telecommunication service providers, helping
them gain a competitive advantage in deregulated markets. CrossKeys
combines a commitment to research and development with experience in
the world's most demanding telecommunication markets to deliver highly
advanced software applications. A partner of Newbridge Networks
Corporation, Compaq, Siemens AG and Ascend Communications, CrossKeys
products help service providers deliver differentiated services,
implement new technologies, and manage multiple vendor networks.
CrossKeys has been ISO 9001 certified since 1995.
CrossKeys Systems Corporation is a public company whose common
shares are listed for trading on NASDAQ (CKEYF) in the United States
and on The Toronto Stock Exchange (CKY) in Canada.
CrossKeys and logo are registered trade marks of CrossKeys
Systems Corporation. All other trade marks are the property of their
respective holders and are acknowledged by CrossKeys Systems
Corporation.
Forward-looking statements in the new release are made pursuant
to the "safe harbor" provisions of the United States Private
Securities Litigation Reform Act of 1995. Investors are cautioned that
such forward-looking statements involve risks and uncertainties,
including, without limitation, risks relating to the Company's
reliance on its strategic partners, continued acceptance of the
Company's products, increased levels of competition, technological
changes, dependence on intellectual property rights and other risks
detailed from time to time in the Company's filings with the United
States Securities and Exchange Commission and other regulatory
authorities.
--30--nmb/ny*
CONTACT: CrossKeys Systems Corporation
John Blackmore, 613/ 599-2300 ext. 8936
E-mail: johnblac@crosskeys.com
Website: www.crosskeys.com
or
CrossKeys Systems Corporation
Shelley Moorhead, 613/ 599-2300 ext. 8336
E-mail: moorhead@crosskeys.com
KEYWORD: NEW YORK
INDUSTRY KEYWORD: TELECOMMUNICATIONS
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