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Gold/Mining/Energy : Jetform-FORM -- Ignore unavailable to you. Want to Upgrade?

To: Jim Oravetz who wrote (427)	9/9/1999 12:26:00 PM
From: Jim Oravetz	Read Replies (1) \| Respond to of 530

DJ JetForm Expects To Break Even In Current Fiscal Yr OTTAWA (Dow Jones)--JetForm Corp. (FORM) expects to break even in fiscal 2000, which ends next April 30, and to achieve "significant" profitability in fiscal 2001, John Kelly, president and chief executive, told the company's annual meeting. For fiscal 1999, the software company had a loss of C$29,135,000 or C$1.47 a share on revenue of C$114,212,000. Kelly told the meeting that fiscal 1999 was a "tough" year for JetForm, but he said the company was able to maintain "a strong balance sheet." He attributed the fiscal 1999 setback mainly to the Year 2000 computer problem that he said "stalled" a number of JetForm's contracts. The company's annual report said "The effect of the Y2K lockdown phenomenon on JetForm has been to significantly reduce licensing revenues from our workflow solutions due to customers postponing large deals and curtailing new IT (information technology) solutions until after Jan. 1, 2000." Kelly told the meeting the Y2K problem will continue to have an impact on JetForm over the next couple of quarters. In response to the situation, he said JetForm has reduced its operating costs and laid off some employees. He said JetForm, on a cash flow basis, is now in a break-even position. Despite the fiscal 1999 setback, Kelly said JetForm has greater opportunities now than at any time in its history, because of its advanced technology. The annual report said "Our greatest opportunity was, and continues to be, the dramatic emergence of business on the Internet. We are moving into this space, transforming Jetform into an Internet company with a powerful suite of Internet solutions to help organizations automate key Web-based business processes." JetForm's major customers include government agencies and financial institutions.