| 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, 2001. Third quarter revenues increased to $1,696,000 as compared to $994,000 for
the corresponding period in 2000. The increase is primarily attributable to the
recognition of all remaining year 2000 deferred revenue ($557,000), related to expired
distributor contracts under which the Company has no remaining duties or obligations.
Revenues for the nine months ended June 30, 2001 were $3,094,000 as compared to $2,923,000
in the comparable period in 2000.
Before giving effect to recognizing the deferred revenue, net
losses were $7,000 (or $0.00 per share) and $800,000 (or $0.05 per share) for the three
and nine months ended June 30, 2001, respectively. After giving effect to the deferred
revenue, net income for the three months ended June 30, 2001 was $550,000 (or $0.04 per
share) as compared to a net loss of $66,000 (or $0.00 per share) for the comparable period
in 2000. Also, after giving effect to the deferred revenue, net losses for the nine months
ended June 30, 2001 and 2000 were $243,000 (or $0.02 per share) and $1,130,000 (or $0.08
per share), respectively.
At June 30, 2001, the Company's backlog was $3,375,000, as
compared to $993,000 at September 30, 2000 and $1,862,000 at June 30, 2000.
"I am pleased to report that even without the
extraordinary Y2K-related revenue, we achieved an increase in total revenue and a drop in
net loss this quarter as compared to June 2000," commented Bernadette C. Castello,
Chief Financial Officer. "Total operating expenses also decreased, reflecting
continued improvements in our operations."
Operating results for the quarter ended June 30, 2001
include:
|
Three Months Ended |
Nine Months Ended |
Jun. 30, 2001
(Unaudited) |
Jun. 30, 2000
(Unaudited) |
Jun. 30, 2001
(Unaudited) |
Jun. 30, 2000
(Unaudited) |
| Revenue |
$1,695,834 |
$ 993,567 |
$3,093,605 |
$2,923,288 |
| Cost of revenue |
409,209 |
202,682 |
1,187,000 |
971,000 |
| Operating expenses |
701,561 |
839,232 |
2,023,139 |
2,805,672 |
| Income (loss) from operations |
585,064 |
(48,347) |
(116,534) |
(853,384) |
| Other expense |
(35,259) |
(17,008) |
(125,297) |
(275,921) |
| Before Non-recurring Revenue |
| Net (loss) |
(7,195) |
(66,155) |
(800,431) |
(1,130,105) |
| Net (loss) per share |
(0.00) |
(0.00) |
(0.05) |
(0.08) |
| After Non-recurring Revenue |
| Net income (loss) |
549,805 |
(66,155) |
(243,431) |
(1,130,105) |
| Net loss per share |
0.04 |
(0.00) |
(0.02) |
(0.08) |
| Weighted average shares outstanding |
15,503,380 |
15,050,905 |
15,233,380 |
13,620,528 |
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 & Company, IBM Corporation and Bank of America NT&SA.
Teaming partners of Forecross Corporation include KPMG Consulting, Hitachi Data Systems,
TRW, Inc. (BDM International), CIBER, Inc. and SCB Computer Technology, Inc. |
