CE Software Inc.
— makers of QuicKeys and QuickMail — reported disappointing financial results for its fourth financial quarter and its fiscal year 2001. Additionally, the company announced a refinancing of its real estate holdings to help provide some working capital to allow current projects to come to fruition.
CE Software reported a net loss of US$468,000, or $0.32 per share, for the fourth quarter — on paltry revenues of $318,000. For the same quarter the previous year, the company reported a net loss of $53,000 on revenues of $653,000.
For the year, CE Software reported a net loss of $1,213,000, or $0.93 per share, on revenues of $1,547,000. The previous year’s net loss was $484,000 on revenues of $3,055,000.
CE Software president John S. Kirk said that his company’s declining revenues were compounded by a declining economy.
“For the fiscal year 2002, we have made changes to reduce our expenses while, we are continuing the development on our e-mail software and we are placing a heavy concentration on the development efforts for our desktop productivity product, QuicKeys, as well as new products,” said Kirk.
CE Software has received a bank commitment to refinance its West Des Moines, Iowa-based headquarters for a maximum of $650,000. Kirk said that the refinancing will allow the company to plow more than a half million dollars into developing current projects and bringing them to market.