Forecross Announces 2nd Quarter 2001 Results
Revenue Increased and Backlog Increased
May 21, 2001
Contact: Pat Dittmar (Pat@forecross.com)
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SAN FRANCISCO, CA: Forecross® Corporation
(OTCBB: FRXX), a legacy to web and XML implementation solution company, announced today
its operating results for the quarter ended March 31, 2001.
Second quarter revenues increased 81% to $926,190 as compared to $512,816 for the
corresponding period in 2000. Revenues for the six months ended March 31, 2001 decreased
to $1,397,771 from $1,929,721 in the comparable period in 2000, primarily reflecting the
elimination of year 2000 project revenue. Net losses were $193,758 (or $0.01 per share)
and $793,236 (or $0.05 per share) for the three and six months ended March 31, 2001 as
compared to net losses of $1,029,364 (or $0.08 per share) and $1,063,950 (or $0.08 per
share) for the three and six months ended March 31, 2000, respectively.
At March 31, 2001, the Company's backlog was $1,129,000 as compared with $2,001,000 at
March 31, 2000. A contract signed earlier this month brings the backlog to $3,825,000 as
of May 7, 2001.
"We believe this increase in revenues reflects increased activities in our
market," commented Bernadette C. Castello, Chief Financial Officer. "We are
happy to note that in just the past few weeks, our backlog has gone from $1.1 million
dollars to $3.8 million."
Operating results for the quarter ended March 31, 2001 include:
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Three Months Ended |
Six Months Ended |
Mar. 31, 2001
(Unaudited) |
Mar. 31, 2000
(Unaudited) |
Mar. 31, 2001
(Unaudited) |
Mar. 31, 2000
(Unaudited) |
| Revenue |
$926,190 |
$512,816 |
$1,397,771 |
$1,929,721 |
| Cost of Revenue |
373,590 |
216,266 |
777,791 |
768,318 |
| Operating Expenses |
702,768 |
1,208,855 |
1,321,579 |
1,966,440 |
| Income (Loss) from Operations |
(150,168) |
(912,305) |
(701,599) |
(805,037) |
| Other Expense |
(43,590) |
(117,059) |
(90,037) |
(258,913) |
| Net Loss |
(193,758) |
(1,029,364) |
(793,236) |
(1,063,950) |
| Net Loss per Share |
(0.01) |
(0.08) |
(0.05) |
(0.08) |
| Weighted Average Number of Shares Outstanding |
15,053,380 |
13,617,328 |
15,053,380 |
13,006,449 |
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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