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

To: Jim Oravetz who wrote (522)	6/23/2000 12:50:00 PM
From: Jim Oravetz	Read Replies (1) \| Respond to of 530

JetForm returns to profit, expands sales force by Kristin Goff The Ottawa Citizen, Thursday 22 June 2000 JetForm Corp., which ended its fiscal year on a profitable note, announced yesterday it is reorganizing its management structure and mounting a major expansion of its sales force. Kevin Francis, who took over a month ago as president and chief executive after a career with Xerox Corp., said he intends to double JetForm's sales force of 55 people this year and achieve double-digit revenue growth and a return to overall profitability in fiscal 2001. At the same time, Mr. Francis had bold predictions, suggesting JetForm's revenues -- $94.3 million in its latest fiscal year -- would hit $500 million in three or four years and keep rising. With JetForm's technology and improved focus on sales, "I believe we are capable of becoming a billion-dollar company," he said after the company released its latest earnings report. The fiscal year ended April 30 produced a net loss of $8.1 million, or 41 cents a share. JetForm has attributed much of that difficulty to slow sales last year, as customers focused spending on Y2K- related expenses, forgoing purchases of JetForm software, which automates business operations on the Internet and internal networks. JetForm had a net loss of $29.1 million, or $1.47 a share, on revenues of $114.2 million in the fiscal 1999 year. It ended the latest quarter with earnings of $464,000, or two cents a share, beating analysts' estimates, some of whom called for losses of at least five cents a share. Revenue was $25.1 million, compared with $26.2 million in the year-earlier period. The company lost $31 million, or $1.56 a share, in the fourth quarter of 1999. Mr. Francis warned the next quarter might be about the same or a bit lower than fourth-quarter results as the company implements its strategies. JetForm's share price enjoyed a rocket ride yesterday, but it was unclear how much of that was related to an error by Canada News Wire, which mistakenly released its earnings report before the market closed. JetForm's stock was halted about 3 p.m., after the company notified stock exchanges within about five minutes of the error. Shares started climbing about 2:30 p.m. and gained $1.20, or 16 per cent, reaching $9 when trading was halted for the day. +++++++++++ FORM CEO was briefly on ON24 audio interview a day or two ago. It was not too easy to find the interview there, the audio portion contains short ad's and it was sometimes garbbled. The whole interview only lasts 4 min. Some of it is dedicated to the CEO talking about why he left Xerox (stay in Canada to live). Overall , not much of anything new that is not in print. Jim