Forecross Corporation Announces Third Quarter 2000 Results
Gross Margins Increased; Losses Decreased
August 10, 2000
Contact: Pat Dittmar (Pat@forecross.com)
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SAN FRANCISCO, CA: Forecross® Corporation
(OTCBB: FRXX), a legacy to web and XML implementation solutions company, announced today
its operating results for the quarter ended June 30, 2000.
Third quarter revenues increased to $993,567 as compared to $903,123 for the corresponding
period in 1999. Revenues for the nine months ended June 30, 2000, increased to $2,923,288
from $2,623,656 in the comparable period in 1999. Net losses were $29,765 (or $0.00 per
share) and $1,395,715 (or $0.10 per share) for the three and nine months ended June 30,
2000, as compared to net losses of $542,744 (or $0.04 per share) and $1,878,556 (or $0.16
per share) for the three and nine months ended June 30, 1999.
At June 30, 2000, the Company's backlog was $1,862,000, as compared with $783,000 at June
30, 1999, an increase of $1,079,000.
"The entire backlog consists of services related to our newly XML-enabled legacy
migration products, and our L2X SmartXMLSM technology that provides legacy to web data
exchange without middleware. As large enterprises begin to understand the huge positive
impact XML will have on their ability to compete, timeliness to market, and bottom lines,
they are increasingly looking to integrated second-generation solutions such as L2X,"
commented Bernadette C. Castello, Chief Financial Officer. "We believe that our
improved operating efficiency, new and expanding marketing activities and state of the art
XML offerings will put us in a good position to take advantage of this growing
market."
Operating results for the quarter ended June 30, 2000 include:
|
Three Months Ended |
Nine Months Ended |
June 30,
2000
(unaudited) |
June 30,
1999
(unaudited) |
June 30,
2000
(unaudited) |
June 30,
1999
(unaudited) |
| Revenues |
$993,567 |
$903,123 |
$2,923,288 |
$2,623,656 |
| Cost of Revenues |
202,682 |
559,683 |
971,000 |
1,899,400 |
| Operating Expenses |
802,842 |
735,779 |
3,071,282 |
2,204,624 |
| Income (Loss) from Operations |
(11,957) |
(392,339) |
(1,118,994) |
(1,480,368) |
| Other (Expense) |
(17,008) |
(150,405) |
(275,921) |
(397,388) |
| Net Loss |
$ (29,765) |
$(542,744) |
$(1,395,715) |
$(1,878,556) |
| Net Loss per share |
$ (0.00) |
$ (0.04) |
$ (0.10) |
$ (0.16) |
| Weighted Average Number of Shares Outstanding |
15,050,905 |
12,191,944 |
13,620,528 |
12,021,611 |
About Forecross
Founded in 1982 as a high-technology software development laboratory, Forecross
Corporation is dedicated to the design and development of innovative software to re-deploy
and sustain legacy applications on the Internet. Clients have included such leading
corporations as Aetna Life Insurance Company, Brown Brothers Harriman & Company,
Charles Schwab & Co., IBM Corporation and Bank of America NTSA for its re-deployment
software and services. Teaming partners of Forecross Corporation include KPMG Consulting,
Hitachi Data Systems, TRW, Inc. (BDM International), CIBER, Inc., SCB Computer Technology,
Inc., and Sapiens Americas (a subsidiary of Sapiens International). |
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On Behalf of the Board of Directors,
Bernadette C. Castello
Senior Vice President and CFO
Forecross Corporation
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Except for historical information contained herein, the matters set
forth in this release are forward-looking statements that are dependent on certain risks
and uncertainties, including such factors, among others, as market acceptance, market
demand, pricing, changing regulatory environment, changing economic conditions, risks in
new product and service development, the effect of the company’s accounting policies
and other risk factors detailed in the Company’s SEC and BCSC filings.
The U.S. Securities and Exchange Commission 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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