Pacific Softworks Reports Net Loss in 2nd Quarter

Pacific Softworks in Newbury Park had a net loss of $404,520 or 12 cents per share on revenues of $647,389 for the three months that ended June 30.

This compares to a loss of $37,582 or 1 cent per share on revenues of $834,122 for the same three months in 1998.

Officials said the latest figures were affected by a substantial increase during the first and second quarters in the company’s research and development expenses to complete its new Web products.

Also, officials said, the company expanded its engineering and project management departments in anticipation of its initial public offering.

On Aug. 6, the company closed its IPO and received about $4.3 million in net proceeds.

The company expects to begin licensing its new Web products this quarter. However, officials do not expect major revenue increases until the fourth quarter or even the first quarter of 2000.