San Francisco, California: The Forecross®
Corporation (VSE-FRX.U) announced today results for year ended September 30, 1996 of
$2,399,672 in revenues, up 65% from $1,455,080 reported in 1995. The Company’s net
loss amounted to $461,046 (or $.04 per share) in 1996, nearly half of the $842,766 (or
$.08 per share) it incurred for the year ended September 30, 1995.
Operating results (in U.S. dollars) for the
quarter ended September 30, 1996 include:
|
Fiscal Year Ended
September 30, 1996 |
Fiscal Year Ended
September 30, 1995 |
| Revenues |
$2,399,672 |
$1,455,080 |
| Cost of Revenues |
1,536,989 |
626,317 |
| Operating Expenses |
1,194,588 |
1,633,809 |
| Loss from Operations |
(331,905) |
(805,046) |
| Other income (Expense) |
129,141 |
37,720 |
| Net Loss |
(461,046) |
(842,766) |
| Net Loss per share |
(0.04) |
(0.08) |
| Weighted Average Number of Shares Outstanding |
11,371,430 |
10,345,256 |
Kim Jones, President and Chief Executive
Officer, said, "Fiscal 1996 proved to demonstrate rapid growth of our Migration
software and services and reflects the continued success generated from our
Complete/2000™ product offering. With the latest development of new methodologies/
strategies to improve the performance of our products/services/operations, we expect the
Company to experience phenomenal growth during fiscal year 1997.
At September 30, 1996, the Company’s
backlog was $1,700,000.
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. |
