| San Francisco, California: Forecross® Corporation
(VSE-FRX.U) announced today results for the three months ended December 31, 1997, of
$1,504,284 in revenues, up 74% from $866,882 reported in 1996. The Company’s net loss
amounted to $739,114 (or $.06 per share) in 1997, compared to a loss of $237,154 (or $.02
per share) for the three months ended December 31, 1996. Operating results (in U.S. dollars) for the quarter ended December 31
include:
|
Three Months Ended
December 31, 1997 |
Three Months Ended
December 31, 1996 |
Revenues |
$1,504,284 |
$866,882 |
Cost of Revenues |
1,301,506 |
530,410 |
Operating Expenses |
915,755 |
528,709 |
| Loss from Operations |
(712,977) |
(192,237) |
Other (Expense) |
(26,137) |
(44,917) |
Net Loss |
(739,114) |
(237,154) |
Net Loss per share |
(0.06) |
(0.02) |
Weighted Average Number
of Shares Outstanding |
11,758,112 |
11,528,612 |
At December 31, 1997, the Company’s backlog was
$3,395,000.
Kim Jones, President and Chief Executive Officer, said,
"The first quarter of fiscal 1998 has continued to reflect the strong revenue growth
and significant backlog for our products and services."
"Although our revenues continue to demonstrate rapid
growth, our loss and the decrease in our gross margin are a direct result of the year 2000
business not developing to the level anticipated by the Company and the industry in
general." Mr. Jones continued, "We expect to benefit from the enhanced
infrastructure and products that are in place as the year 2000 market materializes during
this 1998 fiscal year."
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 IBM Corporation,
Aetna Life Insurance Company, Brown Brothers Harriman & Company, Charles Schwab &
Co., BDM Technologies, Inc., and Bank of America NTSA for its Migration software services.
Teaming partners include BDM International, Inc., CIBER, Inc., NCR Corporation, SCB
Computer Technology, Inc., and Electronic Data Systems Corporation (EDS) for its Complete/2000TM
offerings. |
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. |
