FrontRange Solutions, the 84%-owned US subsidiary of JSE-listed FrontRange, says it remains committed to achieving a "modest profit" for the year to June 2003.
FrontRange CE Dana Buys says the US subsidiary saw a solid increase in its cash position during its first quarter, increasing its cash reserves by $1.8 million.
Revenue of more than $18 million was marginally down on the same quarter last year and a small loss was incurred, in line with expectations expressed at the presentation of its annual results.
"As it follows the group`s June year-end, the first quarter is traditionally FrontRange Solutions` weakest quarter, and this year also included the launch of its next-generation CustomerIQ software and annual reseller partner conferences in both the US and Europe," Buys says.
"While we remain cautious in our view of the world markets, we remain committed to delivering a modest profit for the full year to June 2003."
Buys says FrontRange no longer includes details such as profit disclosure in its quarterly updates as the JSE requires an audit review for such reporting.
"The company believes that the cost of two additional audit reviews a year is too high to warrant doing this, given the global nature of its business and its aggressive drive to contain costs."
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