Hi all from N.B. Canada
Here's some good news.
newswire.ca
Microforum announces 457% annual revenue growth and record earnings in fourth quarter
TORONTO, June 1 /CNW/ - Microforum Inc. (TSE: MCF) reported today a
significant improvement in its results for the fourth quarter and fiscal year
ending February 28, 1999. Revenues for the fourth quarter ending February 28,
1999 increased 345% to $6,774,126 compared to $1,521,348 in the prior year.
Microforum stated that its fourth quarter results did not include the
operations of internet-based Software Guaranty Inc., which was purchased March
9, 1999 for $3,126,000 based upon a valuation date of November 30, 1998. For
the three-month period ending February 28, 1999, Software Guaranty reported
revenues of $909,913 and a net profit of $80,456. Software Guaranty's
revenues and earning will be consolidated with Microforum's revenues and
earnings during the fiscal year ending February 28, 2000.
Revenues for the year ending February 28, 1999 increased 457% to
$29,148,575 compared to $5,230,268 in the prior year. Improved efficiencies
of operations and recoveries from discontinued operations resulted in a
significant reduction in losses from over $8.0 million in 1998 to just under
$2.9 million in 1999, a reduction of over $5 million or 64%.
<<
Fourth Quarter February 28
1999 1998
Revenue $6,774,126 $1,521,348
EBITDA $731,449 ($737,014)
Net profit (loss) $539,789 ($4,225,200)
Basic EPS $0.03 ($0.38)
12 months to February 28
1999 1998
Revenue $29,148,575 $5,230,268
EBITDA ($1,975,527) ($2,506,641)
Net profit (loss) ($2,850,468) ($8,011,282)
Basic EPS ($0.17) ($1.01)
>>
''The significant revenue growth reported today confirms that Microforum
is capitalizing on its growing opportunities,'' stated Howard A. Pearl,
President and CEO of Microforum. ''Our revenues and operations put us in the
position to lead a market segment that has just begun to emerge,'' Mr. Pearl
added. ''International Data Corporation expects dramatic growth in the
Internet Development Services market from US$7 billion in 1998 to US$44
billion by 2002. Having worked hard to reposition Microforum throughout the
year we are now emerging as one of the leaders in providing e-commerce and
Internet solutions to Fortune 1000 companies. The recently completed $20
million financing will greatly develop and expand our internal operating
infrastructure and allow us to pursue new investment and market
opportunities.''
About Microforum
Microforum Inc. (www.microforum.com) is a leading Internet applications
and technology services corporation providing a broad range of electronic
commerce and integrated marketing, creative and database services.
Microforum's wholly owned subsidiaries include Internet Frontier Inc.
(www.ifront.com) doing business as iFront and Software Guaranty
(www.softwareguaranty.com), PPL Marketing Services Inc., Marshall Fenn
Communications Inc. and Poste Haste Systems Inc. Internet Frontier Inc. is a
Microsoft Certified Solution Provider Partner providing the proprietary
iFrontECS(TM) e-commerce engine and the CALMS(TM) on-line credit approval
system. PPL Marketing Services has achieved the prestigious ISO9001 and the
Ford Q1 Quality Certifications.
Howard Pearl
President & CEO
Frank Iadipaolo
CFO & Secretary
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For further information: INVESTOR INFORMATION - The Investor Relations
Group, 1-800-444-9214, irg@invrel.com, www.invrel.com; or CORPORATE
INFORMATION - Howard Pearl, CEO and President, (905) 670-8000,
hpearl@mf.com; or www.microforum.com
MICROFORUM INC. has 67 releases in this database.
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