San Francisco, California—Forecross®
Corporation (VSE-FRX.U) announces that it has restated its results for the quarter ended
June 30, 1996.
Unaudited operating results (in U.S. dollars)
for the quarter ended June 30, 1996 include:
|
Three Months Ended |
Nine Months Ended |
|
6/30/96 |
6/30/95 |
6/30/96 |
6/30/95 |
| Revenues |
$662,075 |
$163,577 |
$1,714,075 |
$1,395,656 |
| Cost of Revenues |
435,716 |
169,355 |
970,155 |
697,482 |
| Operating Expenses |
332,532 |
393,080 |
918,778 |
1,237,019 |
| Loss from Operations |
(106,173) |
(398,858) |
(174,858) |
(538,845) |
| Other income (Expense) |
2,028 |
6 |
7,133 |
4,055 |
| Net Loss |
(104,145) |
(398,852) |
(167,725) |
(534,790) |
| Net Loss per share |
(0.01) |
(0.04) |
(0.01) |
(0.05) |
Weighted Average Number
of Shares Outstanding |
11,456,238 |
10,035,143 |
11,345,988 |
10,742,071 |
Kim Jones, President and Chief Executive
Officer, said: "As a result of an amendment to the Company’s first Year 2000
distributor agreement, which was originally signed during the quarter ended June 30, 1996,
Forecross has elected to restate the operating results as previously reported in order to
more accurately reflect the terms of the amended agreement."
Accordingly, revenue recognized under the
distributor agreement for both the three and nine months ended June 30, 1996, has been
reduced from the $552,000 previously reported to $100,000. Net income for both periods has
been reduced by $452,000, resulting in a net loss of $104,145 and $167,725 for the three
and nine months ended June 30, 1996, respectively.
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. |
