| San Francisco, California-Forecross(r)
Corporation (VSE-FRX.U) announces its results for the quarter ended June 30, 1996. Unaudited operating results (in U.S. dollars) for the quarter ending
June 30, 1996 include:
|
Three Months Ended |
|
Nine Months Ended |
|
|
6/30/96 |
6/30/95 |
6/30/96 |
6/30/95 |
Revenues |
$1,114,075 |
$163,577 |
$2,166,075 |
$1,395,656 |
Cost of Revenues |
435,716 |
169,355 |
970,155 |
697,482 |
Income (Loss) from Operations |
345,827 |
(398,858) |
277,142 |
(538,845) |
Other income (Expense) |
2,028 |
6 |
7,133 |
4,055 |
Net Income (Loss) |
347,855 |
(398,852) |
284,275 |
(534,790) |
Net Income (Loss) per share |
0.03 |
(0.04) |
0.03 |
(0.05) |
Weighted Average Numberof Shares Outstanding |
11,456,238 |
10,035,143 |
11,345,988 |
10,742,071 |
* Revenues for 6/30/96 reflect recognition of
$552,000 of fee paid by Gardner Solution 2000, L.L.C. for its exclusive Complete/2000
distributorship covering New York and New Jersey.
Kim Jones, President and Chief Executive Officer, said,
"We are delighted to report our second consecutive profitable quarter. This quarter
marked a number of exciting milestones for Forecross-our first $1,000,000 revenue quarter,
the signing of our first Year 2000 distributor and the first quarter which ended with more
than $2,000,000 in signed contract backlog.
"Forecross is now actively presenting its automated
Complete/2000 solution to prospects with our distribution partners. The solution to the
year 2000 problem is a successful Migration and Forecross Corporation is the world's
leader in fully-automated software Migrations. We are very excited about our future in
this huge new market."
Founded in 1982 as a high-technology software development
laboratory, Forecross Corporation is dedicated to the design and development of innovative
conversion software. Its clients have included such leading corporations as IBM
Corporation, Royal Bank of Canada, Bank of Montreal, Fujitsu Limited, On-Line Software
International, Inc., Pansophic Systems, Inc., Price Waterhouse, Cincom Systems, Inc.,
Kimberly-Clark Corporation, BDM Technologies, Inc. and Bank of America National Trust and
Savings Association. Forecross Corporation's Convert series of products is available
directly to the IS community, optionally packaged with the Corporation's proven
methodologies and services. |
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 Vancouver Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this News Release, which has been prepared
by the Company. |
