Proginet Corporation Announces Profitable Fiscal Year-End.GARDEN CITY, N.Y.--(BUSINESS WIRE)--Aug. 19, 1999-- Proginet Corporation (VSE See DOS/VSE. VSE - Virtual Storage Extended : PRFu.V) announced financial results (unaudited) for the fiscal year and the fourth quarter ended July 31, 1999. For the 1999 fiscal year, Proginet's net income showed a dramatic $2.2 million swing into the plus column with earnings of $263,692, or $.02 per share, versus a prior fiscal year loss of $1,930,112, or $.15 per share. Revenues increased over fifteen percent to $4,208,275 from $3,644,926. This improved profitability was accompanied by a positive cash flow of approximately $1 million. Proginet also reported fourth quarter revenues of $792,081, a five percent increase compared to the same quarter in 1998. For the quarter the company had an operating loss of $133,981, compared to an operating loss of $485,000 for the fourth quarter last year. "We are pleased with Proginet's financial turnaround from last year's significant loss to an exciting period of expansion and steady growth, which we attribute directly to our SecurPass(TM) product," stated Kevin M. Kelly, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Proginet. "SecurPass is Proginet's most successful product to date in terms of license revenues, earning well-deserved recognition from analysts and industry players alike, particularly in the e-commerce arena." Mr. Kelly added, "We also have high expectations for our recently launched CyberFusion(TM) product, which enables the secure, reliable use of the Internet . . . a must for any e-commerce company. We expect CyberFusion will take its place alongside SecurPass as a major revenue generator." Proginet Corporation will hold a conference call on Tuesday, August 24, 1999 at 4:30 p.m. EDT to provide investor updates and respond to questions. Please call Nancy Gluck at (516) 248-6253 by 5 p.m. EDT Monday, August 23, 1999 to register for this conference call. Proginet Corporation develops software that integrates products from Microsoft (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :MSFT MSFT Microsoft (stock symbol) MSFT Movimento Sociale Fiamma Tricolore (Italy) MSFT Multi-Stage Fitness Test MSFT Master of Science in Family Therapy MSFT Macalester Students for Fair Trade ), IBM (NYSE NYSE See: New York Stock Exchange :IBM), Novell (NASDAQ:NOVL NOVL Novell, Inc. (stock abbreviation, AMEX) ), 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. Headquartered in Garden City, NY, Proginet has distributors throughout the world. Proginet is listed on the Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). under the stock symbol (VSE:PRF PRF abbr. prolactin-releasing factor .U). 1999 Proginet Corporation. Proginet, SecurPass and CyberFusion are trademarks of Proginet Corporation. All other brands or product names are trademarks or registered trademarks of their respective holders. The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion