QuickMail maker CE Software Inc. has announced a 1 for 100 reverse stock split, and has changed its trading symbol from CESW to CESF. The decision came at the company’s annual shareholder’s meeting on February 28th.
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CE Software makes collaborative software tools like QuickMail, QuickConference, InOut Tracker, and the automation utility QuicKeys. CE Software’s new stock symbol, CESF, is trading on the OTC Bulletin Board (OTCBB).
The stock news follows several quarters of tepid financial announcements from CE Software. For the company’s first quarter of fiscal 2003, it reported a net loss of US$162,000 on revenues of $348,000. The preceding quarter CE had reported a net profit of $2,000 on revenues of $318,000. The company refinanced its West Des Moines, Iowa headquarters in order to fund product development during the same quarter.
CE Software President John S. Kirk explained that each shareholder will receive 1 share for their existing 100 shares under the plan. Fractional shares will be paid in cash at the rate of $25. So, for example, if a shareholder had 140 shares, they’d receive one new share of the company and $10 in cash.