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Fortran Corporation Announces Results for Year-End Annual Report 2013

2014-09-17 23:37 ET - News Release

HICKORY, N.C., Sept. 17, 2014 /PRNewswire/ -- Fortran Corporation (OTC Pink: FRTN) a leading communications systems integrator announced financial results for the year-ending June 30th 2013 compared to the same periods 2012.  Financial highlights for the year-end(s) respectively were:


Year-End Annual Report 2013

(in Thousands)

Year-End Annual Report 2012

(in Thousands)

Revenue:

3,361,223

4,184,309

Gross Profits:

(73,433)

390,238

Operating Income:

(28,855)

310,509

"Our acquisitions of CCI-Telecom, Inc., and Wynncom, Inc. for year-ending June 30th resulted in a smaller loss than anticipated with the management team working rapidly to right size the companies," stated Douglas Rink, President and CEO.

He goes on to say, "Fortran's consolidated projections from April 2014 through March 2015 indicates a return to profitability."

About Fortran Corporation

Fortran Corporation is a leading communications system integrator through its subsidiaries, The New Telephone Company, Inc., CCI-Telecom, Inc., B & L Telephone LLC, Fortran Communication, Inc. and Wynncom, Inc.  Fortran Corp. is dedicated to designing, sourcing, implementing and maintaining today's complex communications solutions for business and governments.  Fortran services more than 7,700 clients in 2 states with 4 offices in the southeast.  To learn more, please visit the Fortran Corporation website at www.fortrancorp.com

Disclaimer

The press release is for information purposes only and is not intended to constitute, and should not be construed as, an offer to sell or a solicitation of any offer to buy shares of Fortran corporation in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of such jurisdiction, and the distribution of this communication in jurisdictions may be similarly restricted.  The matters discussed herein may also be affected by risk and uncertainties described from time to time in Fortran Corporation's filings with the OTC Markets News Service.  The company assumes no obligation to update any forward-looking statement.

SOURCE Fortran Corporation

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