SAN FRANCISCO, CA: Forecross® Corporation (VSE-FRX.U)
announced today results for the three months ended March 31, 1997, of $2,121,228 in
revenues, up 67% from $1,266,677 reported in 1997. The Company's net loss amounted to
$360,751 (or $.03 per share) for the three months ended March 31, 1998, compared to a gain
of $22,423 (or $.00 per share) for the three months ended March 31, 1997. Operating
results (in U.S. dollars) for the three and six months ended March 31 include:
|
Three Months
Ended
March 31, 1998 |
Three Months
Ended
March 31, 1997 |
Six Months
Ended
March 31, 1998 |
Six Months
Ended
March 31, 1997 |
Revenues |
$2,121,228 |
$1,266,677 |
$3,625,512 |
$2,133,559 |
Cost of Revenues |
1,388,529 |
576,961 |
2,690,035 |
1,107,371 |
Operating Expenses |
1,020,010 |
643,450 |
1,935,765 |
1,172,159 |
| Loss from Operations |
(287,311) |
46,266 |
(1,000,288) |
(145,971) |
Other (Expense) |
(73,440) |
(23,843) |
(99,577) |
(68,759) |
Net Loss |
(360,751) |
22,423 |
(1,099,865) |
(214,730) |
Net Loss per share |
(0.03) |
(0.00) |
(.09) |
(.02) |
Weighted Average #
of Shares Outstanding |
11,763,612 |
12,449,227 |
11,760,469 |
11,621,398 |
At March 31, 1998, the Company's backlog was $2,510,000.
Kim Jones, President and Chief Executive Officer, said,
"The second quarter of fiscal 1998 once again reflects the strong revenue growth and
significant backlog for our products and services."
"While our revenues continue to demonstrate rapid growth
advancing 41% over first quarter revenues, the expansion of our gross margin from 13% to
35% is a key to the second quarter numbers. This improvement is a direct result of the
completion of our planned expansion of year 2000 resources." Mr. Jones continued,
"This margin expansion is further reflected in the reduction in operating expenses as
a percent of revenue from 61% in the first quarter to 48% in the second quarter. We expect
to continue to benefit from the enhanced infrastructure and products that are in place as
the year 2000 market materializes during this 1998 fiscal year."
Revenues in the second quarter (3/31/98) were $2,121,228
versus the first quarter (12/31/97) of $1,504,384. Gross margin was $732,699 and $689,716
in the second and first quarter of fiscal 1998, respectively. The gross margin percentage
was 35% in the second quarter and 13% in the first quarter.
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. AASKI Technologies, Ltd. (Group West), TRW, Inc. (BDM International), CIBER,
Inc., Information Sciences Group, Inc., NCR Corporation, and SCB Computer Technology,
Inc., are among the Forecross Complete/2000™ teaming partners.
On Behalf of the Board of Directors,
Kim O. Jones
President and CEO
Forecross Corporation |
