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May 29, 1998 III
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FORECROSS CORPORATION ANNOUNCES SECOND QUARTER RESULTS
For Immediate Release: May 29, 1998
Contact: Patricia A. Jones
(415) 543-1515
SAN FRANCISCO, CA: Forecrossr Corporation (VSE-FRX.U) announced today results for the three months ended March 31, 1997, of $2,121,228 in revenues, up 67% from $1,266,677 reported in 1997. The Company's net loss amounted to $360,751 (or $.03 per share) for the three months ended March 31, 1998, compared to a gain of $22,423 (or $.00 per share) for the three months ended March 31, 1997. Operating results (in U.S. dollars) for the three and six months ended March 31 include:
Three Months
Ended
March 31, 1998
Three Months
Ended
March 31, 1997
Six Months
Ended
March 31, 1998
Six Months
Ended
March 31, 1997
Revenues
$2,121,228
$1,266,677
$3,625,512
$2,133,559
Cost of Revenues
1,388,529
576,961
2,690,035
1,107,371
Operating Expenses
1,020,010
643,450
1,935,765
1,172,159
Loss from Operations (287,311)
46,266
(1,000,288)
(145,971)
Other (Expense)
(73,440)
(23,843)
(99,577)
(68,759)
Net Loss
(360,751)
22,423
(1,099,865)
(214,730)
Net Loss per share
(0.03)
(0.00)
(.09)
(.02)
Weighted Average #
of Shares Outstanding 11,763,612
12,449,227
11,760,469
11,621,398
At March 31, 1998, the Company's backlog was $2,510,000.
Kim Jones, President and Chief Executive Officer, said, "The second quarter of fiscal 1998 once again reflects the strong revenue growth and significant backlog for our products and services."
"While our revenues continue to demonstrate rapid growth advancing 41% over first quarter revenues, the expansion of our gross margin from 13% to 35% is a key to the second quarter numbers. This improvement is a direct result of the completion of our planned expansion of year 2000 resources." Mr. Jones continued, "This margin expansion is further reflected in the reduction in operating expenses as a percent of revenue from 61% in the first quarter to 48% in the second quarter. We expect to continue to benefit from the enhanced infrastructure and products that are in place as the year 2000 market materializes during this 1998 fiscal year."
Revenues in the second quarter (3/31/98) were $2,121,228 versus the first quarter (12/31/97) of $1,504,384. Gross margin was $732,699 and $689,716 in the second and first quarter of fiscal 1998, respectively. The gross margin percentage was 35% in the second quarter and 13% in the first quarter.
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 Aetna Life Insurance Company, Brown Brothers Harriman & Company, Charles Schwab & Co., BDM Technologies, Inc., IBM Corporation and Bank of America NTSA for its migration software services. AASKI Technologies, Ltd. (Group West), TRW, Inc. (BDM International), CIBER, Inc., Information Sciences Group, Inc., NCR Corporation, and SCB Computer Technology, Inc., are among the Forecross Complete/2000T teaming partners.
On Behalf of the Board of Directors,
Kim O. Jones
President and CEO
Forecross Corporation
The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or
accuracy of this News Release, which has been prepared by the Company.
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Last modified: Friday, May 29, 1998.
Forecross and Complete/2000 are registered trademarks of the Forecross Corporation.
Copyright c 1996, 1997, 1998 Forecross Corporation
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