Business Services Industry
First Quarter Results Announced by Proginet Corporation
Business Wire, Nov 16, 1999
GARDEN CITY, NY--(BUSINESS WIRE)--Nov. 16, 1999--
Proginet Corporation (VSE:PRFu.V) today announced the results of its first fiscal quarter ending October 31, 1999. The company reported quarterly revenues of $731,539 compared with $1,146,435 for the same period last year, with a projected loss for the quarter of $328,372 or $.02 per share, compared with a $.01 gain per share in 1998.
The expected drop in new license revenues accounted for the revenue decline, resulting from the "Y2K lockdown" identified by industry analysts as the reason for year-end delays in enterprise software purchasing. In anticipation of the resumption of purchasing in early 2000, Proginet has retained the services of a sales telemarketing firm, which has already raised the level of lead opportunities.
Proginet Corporation is a New York-based software development company that provides mission-critical software solutions for integrating IBM (NYSE:IBM) mainframes and midrange computers with Microsoft NT (NASDAQ:MSFT) and other client/server environments, Computer Associates (NYSE:CA), Novell (NASDAQ:NOVL), Sun Microsystems (NASDAQ:SUNW), Hewlett Packard (NYSE:HWP) and others. Many of the world's largest corporations and government agencies use industry-leading software developed or owned by Proginet Corporation.
Proginet has been listed on the Vancouver Stock Exchange since 1995.
For more information on Proginet, please visit the Proginet web site at http://www.proginet.com.
(c)1999 Proginet Corporation, Proginet is a trademark of Proginet Corporation. All other brands or product names are trademarks or registered trademarks of their respective holders.
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