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Microforum Reports 576% Revenue Increase for Second Quarter
Toronto, Ontario, Canada October 28, 1998 -
Microforum, Inc. (TSE--MCF) a Microsoft Certified Developer of
E-Commerce solutions and marketing communications company reported
a record revenue increase of $6,065,94, for its Second Quarter ending
August 31, 1998 compared to revenues of $1,052,295 for the same period
of the previous year. The 576 per cent increase in revenue reflects the
successful efforts of management to cross-market the products and
services of the operating companies. In addition to the revenue increase
experienced by the company, operating loses from consolidated operations
were reduced by 85 per cent from $2,849,784 during the Second Quarter of
1997 to a loss of $414,875 for the Second Quarter of the current fiscal year.
2nd Quarter Aug 31
1998
1997
Revenue, from continuing
operations
C$7,117,389
C$1,052,295
Net loss
($414,875)
($2,849,784)
Basic EPS
($0.03)
($0.50)
6 months year-to-date
1998
1997
Revenue, from continuing
operations
C$13,315,237
C$2,664,417
Net loss
($307,689)
($3,590,387)
Basic EPS
($0.02)
($0.63)
"We're securing tremendous opportunities to present the new Microforum to
major companies across North America with our broadened line of creative
and marketing services that enhance our E-Commerce initiative," says Eric
H. 'Rick' Winston, President & CEO. "Our prospects are turning into clients
as they recognize that Microforum can be a one stop supplier for both
Internet solutions and business services."
Microforum's Second Quarter results also reflect an increase of 341 per
cent in Gross Profit. "This increase reflects the ongoing commitment of the
Microforum team to complete our business on time while delivering the
highest quality of professional service to our customers as contracted,"
added Mr. Winston.
During the quarter, Microforum announced it had entered into an
E-Commerce development and hosting alliance with StorageTek of Canada,
a subsidiary of Storage Technology Corp. (NYSE: TSE) to support REX, an
online data back-up service. "Microforum's expertise in E-commerce,
software distribution and Internet marketing techniques compliments
StorageTek's REX back-up service strategy," said Craid McLellan, REX
Business manager, StorageTek Canada.
Additional business opportunities closed by Microforum's group of
companies in the 2nd Quarter included a multi-million dollar media and
creative services contract by Marshall Fenn Communications for new client,
Player's Island Casino in Louisiana, a turnkey Contest & Incentive Program
by PPL Marketing Services including the design, implementation and
administration for a major Canadian trust company and the successful
execution of five educational roadshows across Canada for Merisel, Inc.
In September of 1998, Microforum successfully hosted an E-Commerce
seminar tailored specifically to retail and distribution channel executives.
Speakers from Microsoft, Canada, The Business Depot Ltd, Beamscope
Canada, Inc. and StorageTek Canada contributed to the outstanding
success of this event. In line with the Company's E-Commerce efforts to
move into the United States, the Company conducted it's initial Technical
Briefing Session with Microsoft in Chicago during the 2nd Quarter.
Microforum, Inc. is an integrated E-Commerce Solution Provider and
Marketing Communications company. Through its wholly owned
subsidiaries, Microforum provides unique, end-to-end E-Commerce,
Marketing and Communications solutions which expand worldwide
distribution revenues for corporations in virtually every industry.
On Behalf of the Board,
Eric H. ''Rick'' Winston
President & CEO
Frank Iadipaolo
Chief Financial Officer and Secretary
The Toronto Stock Exchange has neither approved nor disapproved the information
contained herein. |
