SAN FRANCISCO, CA: Forecross® Corporation
(OTCBB: FRXX), a legacy to web and XML implementation solutions company, announced today
its operating results for the three months ended December 31, 2001. First quarter revenues
were $1,074,000 as compared to $472,000 for the corresponding period in 2000. The
Company’s net loss income was $48,000 (or $0.00 per share) for the three months ended
December 31, 2001 as compared to a net loss of $599,000 (or
$0.04 per share) for the three months ended December 31, 2000.Operating results for the quarter ended December 31, 2001 include:.
|
Three Months Ended |
December 31, 2001
(Unaudited) |
December 31, 2000
(Unaudited) |
| Revenue |
$1,074,190 |
$471,581 |
| Cost of revenue |
426,306 |
404,201 |
| Operating expenses |
577,683 |
618,811 |
| Income (loss) from operations |
70,201 |
(551,431) |
| Other (expense) |
(22,620) |
(46,447) |
| Net (loss) |
47,581 |
(599,478) |
| Net (loss) per share |
0.00 |
(0.04) |
| Weighted average shares outstanding |
16,853,380 |
15,053,380 |
Migration services revenue for the period contributed
$980,000 as compared to $255,000 a year ago. Revenue from consulting totaled $95,000 as
compared to $75,000 in 2000, and revenue from the amortization of deferred year 2000
distributor licenses, fees and maintenance was $0 for the current period compared to
$141,000 a year ago. Backlog was $1,689,000 at December 31, 2001, as compared to
$1,402,000 at December 31, 2000.
Gross margin was $648,000 and $67,000 for the three months
ended December 31, 2001 and 2000, respectively. Gross margin percentages were 60% and 14%
for these periods.
"We are pleased with our progress this quarter from an
operational perspective, and continue to focus on increasing our customer base,"
commented Bernadette C. Castello, Senior Vice President and Chief Financial Officer.
About Forecross
Founded in 1982 as a high-technology software development laboratory,
Forecross Corporation is
dedicated to the design and development of innovative conversion software. Clients have
included such leading corporations as Aetna Life Insurance Company, Brown Brothers
Harriman & Company, Charles Schwab & Co., BDM Technologies, Inc., IBM Corporation
and Bank of America NTSA for its migration software services. Teaming partners of
Forecross Corporation include Allen Systems Group, Inc., CIBER, Inc., and SCB Computer
Technology, Inc. |
