ASX Full Year Prediction
Released 1 June 2001
Prophecy International advises that revenue for 2000/2001 is expected
to be below plan, and likely to lead to a loss for the year. The
lower than expected revenue is due primarily to delays in purchasing
decisions of a number of the company's current major sales opportunities
which may cause these sales to fall into the next financial year,
a reflection of a general slow down in the Information Technology
Prophecy has embarked on a program to reposition itself as a provider
of rapid to market tailored software solutions and the positive
effect of this refocus is expected to be seen in the next financial
year. Full year expenditure is expected to be below budget, and
the company's cash position remains healthy. Full results are expected
to be announced in August .
Mr Bruce Lakin, the newly appointed Chief Executive Officer of
the Prophecy Group has a mandate to grow the company dramatically
over the next three years and to lead the expansion of Prophecy
focussing on the markets with the best potential for the products.
Mr Lakin will shortly be announcing specific re-organisation plans
to achieve this objective.
The Board sees major growth opportunities in the US market and
Bruce will be based in the Denver office from July to drive the
expansion plans in the northern hemisphere.
Prophecy's core business is to provide products and services which
deliver dramatic savings both in time and cost to major software
development projects. Utilising its rapid application assembly technology
e-Foundation and fast track development methodologies, enterprises
can approach major development projects without the normal high
risk, high cost concerns associated with traditional development
approaches. The Board believes the potential for our products and
services is very large.
The planned release in Quarter 1 of financial year 2001/2002 of
our rapid application assembly technology based on the widely accepted
Java language further enhances our prospects of significant growth
in the year. This technology enables businesses to develop 100%
Java software applications without the need for high cost and scarce