Taken from Sedar site.
Interesting the earnings from Software Guarantry for the 3 months ending Feb. 28 which aren't included. Looking good.
MICROFORUM, INC. 6050 Tomken Road Mississauga, ON L5T 1X8
Telephone: (905) 670-8000 Facsimile: (905) 670-0844
INTERNET ADDRESS: www.microforum.com e-Mail: info@microforum.com
FOR IMMEDIATE RELEASE FOR IMMEDIATE RELEASE
INVESTOR INFORMATION CORPORATE INFORMATION
The Investor Relations Group Howard Pearl
1-800-444-9214 CEO and President
irg@invrel.com Microforum Inc.
www.invrel.com 905-670-8000
hpearl@mf.com
Toronto, Ontario, Canada, June 1, 1999 – Microforum Inc. (TSE: MCF) reported today a significant
improvement in its results for the fourth quarter and fiscal year ending February 28, 1999. Revenues for the
fourth quarter ending February 28, 1999 increased 345% to $6,774,126 compared to $1,521,348 in the prior
year.
Microforum stated that its fourth quarter results did not include the operations of internet-based Software
Guaranty Inc., which was purchased March 9, 1999 for $3,126,000 based upon a valuation date of November
30, 1998. For the three-month period ending February 28, 1999, Software Guaranty reported revenues of
$909,913 and a net profit of $80,456. Software Guaranty's revenues and earning will be consolidated with
Micorforum's revenues and earnings during the fiscal year ending February 28, 2000.
Revenues for the year ending February 28, 1999 increased 457% to $29,148,575 compared to $5,230,268 in
the prior year. Improved efficiencies of operations and recoveries from discontinued operations resulted in a
significant reduction in losses from over $8.0 million in 1998 to just under $2.9 million in 1999, a reduction of
over $5 million or 64%.
Fourth Quarter February 28
1999 1998
Revenue $6,774,126 $1,521,348
EBITDA $731,449 ($737,014)
Net profit (loss) $539,789 ($4,225,200)
Basic EPS $0.03 ($0.38)
12 months to February 28
1999 1998
Revenue $29,148,575 $5,230,268
EBITDA ($1,975,527) ($2,506,641)
Net profit (loss) ($2,850,468) ($8,011,282)
Basic EPS ($0.17) ($1.01)
-more-
Microforum Announces 457% Annual Revenue Growth
and Record Earnings in Fourth Quarter
MICROFORUM, INC. 6050 Tomken Road Mississauga, ON L5T 1X8
Telephone: (905) 670-8000 Facsimile: (905) 670-0844
INTERNET ADDRESS: www.microforum.com e-Mail: info@microforum.com
“The significant revenue growth reported today confirms that Microforum is capitalizing on its growing
opportunities,” stated Howard A. Pearl, President and CEO of Microforum. "Our revenues and operations put
us in the position to lead a market segment that has just begun to emerge," Mr. Pearl added. "International
Data Corporation expects dramatic growth in the Internet Development Services market from US$7 billion in
1998 to US$44 billion by 2002. Having worked hard to reposition Microforum throughout the year we are now
emerging as one of the leaders in providing e-commerce and Internet solutions to Fortune 1000 companies.
The recently completed $20 million financing will greatly develop and expand our internal operating
infrastructure and allow us to pursue new investment and market opportunities.”
About Microforum
Microforum Inc. (www.microforum.com) is a leading Internet applications and technology services corporation
providing a broad range of electronic commerce and integrated marketing, creative and database services.
Microforum's wholly-owned subsidiaries include Internet Frontier Inc. (www.ifront.com) doing business as
iFront and Software Guaranty (www.softwareguaranty.com), PPL Marketing Services Inc., Marshall Fenn
Communications Inc. and Poste Haste Systems Inc. Internet Frontier Inc. is a Microsoft Certified Solution
Provider Partner providing the proprietary iFrontECS™ e-commerce engine and the CALMS™ on-line credit
approval system. PPL Marketing Services has achieved the prestigious ISO9001 and the Ford Q1 Quality
Certifications.
- 30 -Howard
Pearl
President & CEO
Frank Iadipaolo
CFO & Secretary |
