First Quarter results not very appealing.....but expected
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Forecross Corporation Announces First Quarter Results.
For Immediate Release: February 27, 1998
Contact: Patricia A. Jones
(415) 543-1515
San Francisco, California: Forecrossr Corporation (VSE-FRX.U) announced today results for the three months ended December 31, 1997, of $1,504,284 in revenues, up 74% from $866,882 reported in 1996. The Company's net loss amounted to $739,114 (or $.06 per share) in 1997, compared to a loss of $237,154 (or $.02 per share) for the three months ended December 31, 1996.
Operating results (in U.S. dollars) for the quarter ended December 31 include:
Three Months Ended
December 31, 1997
Three Months Ended
December 31, 1996
Revenues
$1,504,284
$866,882
Cost of Revenues
1,301,506
530,410
Operating Expenses
915,755
528,709
Loss from Operations
(712,977)
(192,237)
Other (Expense)
(26,137)
(44,917)
Net Loss
(739,114)
(237,154)
Net Loss per share
(0.06)
(0.02)
Weighted Average Number
of Shares Outstanding
11,758,112
11,528,612
At December 31, 1997, the Company's backlog was $3,395,000.
Kim Jones, President and Chief Executive Officer, said, "The first quarter of fiscal 1998 has continued to reflect the strong revenue growth and significant backlog for our products and services."
"Although our revenues continue to demonstrate rapid growth, our loss and the decrease in our gross margin are a direct result of the year 2000 business not developing to the level anticipated by the Company and the industry in general." Mr. Jones continued, "We expect to benefit from the enhanced infrastructure and products that are in place as the year 2000 market materializes during this 1998 fiscal year."
Founded in 1982 as a high-technology software development laboratory, Forecross Corporation is dedicated to the design and development of innovative conversion software. Clients have included such leading corporations as IBM Corporation, Aetna Life Insurance Company, Brown Brothers Harriman & Company, Charles Schwab & Co., BDM Technologies, Inc., and Bank of America NTSA for its migration software services. Teaming partners include BDM International, Inc., CIBER, Inc., NCR Corporation, SCB Computer Technology, Inc., and Electronic Data Systems Corporation (EDS) for its Complete/2000TM offerings.
On Behalf of the Board of Directors
Kim O. Jones
President & CEO
Forecross Corporation |
