Forlink Software(928317 )könnte heute laufen
... Frankfurt 24.03.2006 -> 0,061€
... Nasdaq/OTC 27.03.2006 -> 0,0583€
Katastrophal! Na ja, ich werde sie halten bis ich sie verbrennen kann!
Ich glaube z.Zt. nicht, daß das mit Forlink noch mal was wird. Das Geld habe ich getrost in den Sand gesetzt.
All eure Mühe hat sich bisher nicht richtig ausgezahlt, dabei gehört der Forlink-Thread mit zu den Ältesten und Aktivsten hier. Schade! Vergebliche Liebesmühe!
Ich denke mittlerweile werden uns auch die Zahlen Ende März nicht mehr weiter bringen. Kurzfristig geht's wohl noch weiter runter!
Vor ein paar Tagen hatten wir ja fälschlicherweise 0,007€ als Kurs gehabt, auch wenn das ein Versehen war, schreiten wir langsam in diese Richtung voran!
Cu
Röckefäller
Aber gerade heute ging es ja wieder ein bisschen Aufwärts in NY. Immerhin knapp $14T Umsatz heute bei leicht steigendem Kurs. Ist ein Anfang.
China Aktien, besonders die die in den USA notiert sind, sind gerade wieder in der Anlegergunst gestiegen. Wöchentich neue IPOs. Guckst du hier
http://www.redherring.com/...=16254&hed=IPO+Watch%3a+Winds+of+Fortune
Es ist nur eine Frage der Zeit bis unsere FRLK entdeckt wird.
Ich seh das immmer noch positiv.
Gruß, aonassis
Wie schon gesagt, die Forlink-Aktien können in meinem Depot verfaulen und wenn Sie doch noch steigen sollten und mir vielleicht 100% vergönnt sind, dann werde ich mir den Verlauf noch mal genau angucken und entscheiden, ob sie raußfliegen oder vielleicht noch was drin sein könnte...
Momentan liegt Forlink auf Platz 27 in meinem Depot :(
Cu
Röckefäller
Diridari, Ehrenwort, aonassis, Mr. forlink, Astrid, wenn einer Zeit und Lust hat diese Woche auf Firmenkosten zu kommen, bitte boardmail schicken! Die Einladung sollte "Offiziell" sein, solange ihr irgend etwas mit "Logistik, RFID, DMS, Drucken aus SAP, Digitaldruck (so bis 1000 A4 pro Minute :-) ), ... " zu tun habt kein Problem.
Es ist alles frei auf der Messe (Eintritt, essen, trinken, ...), ich könnte euch auf 6000 Quadratmetern ein wenig von unseren Sachen zeigen und wir könnten uns kennenlernen und sicherlich zurückziehen was "Forlink" betrifft.
:-) drubert
Diese Anlagen stehen typisch bei Banken, Behörden, ...etc. (z.B. beim Druckdienstleister aus Nürnberg für das Finanzamt), wo es z.B. darauf ankommt, zum "Ultimo" viele personalisierte Dokumente in kürzester Zeit zu verschicken. Hat halt in dem Umfeld auch viel mit Rechenzentrum, Maneframe und AFP zu tun.
Habe auch schon aus Sachsen Anhalt ein "Knöllchen" bekommen, was personalisiert (direkt mit Digitalfoto) auf unseren Drucklösungen produziert wurde. Konnte persönlich natürlich darauf verzichten, ... aber was macht man halt nicht alles für seine Kunden :-)
Mit RFID erschließen wir zuzeit ein neues Geschäftsfeld...
:-) drubert
Sollte FRLK, wie von uns allen erhofft, mit den eigenes Software Prdukten Erfolg haben und sich dies auch in den Zahlen wiederspiegeln, dann sollte die aktuelle Marktkapitalisierung von USD 5 Mio wirklich bald der Vergangenheit angehören... Dann geht's mit dem Kurs aufwärts und an die NASDAQ... ok... ich fange an zu träumen ;-)
Warum beschleunigt FRLK den Gang an die NASDAQ nicht? Stichwort Re-Split etc.. OK, in den meisten Fällen bring das dem Aktienkurs nicht viel (eher schadet es ihm...). Hier würde es uns aber weg von den OTC-Spielereien bringen. Im Gegenzug wäre die adminstrativen Kosten sicherlich deutlich höher sein... wurden diese Fragen eigentlich schon mal dem Forlink Management gestellt?
Gruß,
EHRENWORT
Und natürlich ist mir klar, daß das Risiko mit OTC-Werten enorm hoch ist, sonst hätte ich nicht in Forlink investiert. Hohes Risiko, hohe Chance auf Verluste und Gewinne.
Die Anzahl der Positionen wird sogar noch verringert.
Ich bin gegen eine ReverseSplit. Bringt meist nichts für den Aktionär außer Verluste. Da bin ich total dagegen, aber ich seh's schon so kommen...
Wie schon gesagt, Forlink kann in meinem Depot ruhig verfaulen, da hab ich weit bessere Werte im Depot, aber sollte wirklich mal der Aufschwung kommen, so werde ich warscheinlich nicht so lange die Nerven, wie Ihr bei Forlink behalten!
Cu
Röckefäller
http://www.forlink.com.cn/solution/ForLIS.html?chinaruliu
http://www.all56.com/list0.php?docid=67029
Bald ist es wieder soweit (morgen!?)! Hier gibt es deshalb alle relevanten Daten für das Geschäftsjahr 2004 von Forlink Software!
Q4 2004 (3 month):
total net sales = $ 2,665,436
Sales to customer A (Beijing Mobile) = $ 2,138,716
Net sales without customer A = $ 526,720
156net ( 17,8% Forlink)
Q4 2004: $ 82,890
2004 (12month): $ 445,972
2004 (12 month):
total net sales = 10,166,733
Sales to customer A (Beijing Mobile) = 9,002,191 (89%)
Net sales without customer A = 1,164,542
Momentaner Stand:
2005 ( 9 month )
total net sales = $ 5,387,345
Sales to customer A (Beijing Mobile) = $ 2,370,432
Net sales without customer A = $ 3,016,913
Customer B (156net) = $755,215
Redi ;-)
Ist echt ärgerlich wenn man kein Chinesisch sprechen oder lesen kann. Dadurch entgeht einem viel, womit sich die Firma (FRLK) so beschäftigt.
Die Spannung steigt ....
Gruß, aonassis
http://flash.softhouse.com.cn/webpage/flash/...id=319&flag=visitcount
Gruß, aonassis
:-)
drubert
Gruß, Ehrenwort
Q1 muß besser aussehen-inkl. ForLis umsätze.
das ganze scheint doch noch eine weile zu dauern bis:
It is our goal to apply for NASDAQ listing in the future when the listing requirements are met.
Form 10KSB for FORLINK SOFTWARE CORP INC
--------------------------------------------------
31-Mar-2006
Annual Report
Item 6. Management's Discussion and Analysis or Plan of Operation.
GENERAL
Statements contained herein that are not historical facts are forward-looking statements as that term is defined by the Private Securities Litigation Reform Act of 1995. Although we believe that the expectations reflected in such forward looking statements are reasonable, the forward looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected. We caution investors that any forward looking statements made by us are not guarantees of future performance and that actual results may differ materially from those in the forward-looking statements. Such risks and uncertainties include, without limitation: well-established competitors who have substantially greater financial resources and longer operating histories, regulatory delays or denials, ability to compete as a start-up company in a highly competitive market, and access to sources of capital.
The following discussion and analysis should be read in conjunction with our financial statements and notes thereto included elsewhere in this Form 10-KSB. Except for the historical information contained herein, the discussion in this Form 10-KSB contains certain forward-looking statements that involve risks and uncertainties, such as statements of our plans, objectives, expectations and intentions. The cautionary statements made in this Form 10-KSB should be read as being applicable to all related forward looking statements wherever they appear in this Form 10-KSB. The Company's actual results could differ materially from those discussed here.
OVERVIEW
We are a leading provider of software solutions and information technology services in China (the "PRC" or "China"). We focus on providing Enterprise Application Integration (EAI) solutions for large companies in the telecom, finance, and logistics industries. In May 2004, we launched For-online, which delivers enterprise applications and services over the Internet to Small and Medium-sized Enterprises (SMEs) in China. For-online is quickly becoming an important new channel for delivering and distributing our products and services to more customers.
On August 28, 2001, we completed the acquisition of Beijing Slait Science & Technology Development Limited Co. ("Slait"). Slait was engaged in the development and sale of network software systems and provision of enterprise application system integration services for telecommunication companies and network services providers in China. Slait was also engaged in the sale of computer hardware. Subsequent to the acquisition, the principal activities of Slait were gradually shifted to Forlink Technologies Co., Ltd. ("FTCL"). On February 13, 2004, Slait was officially dissolved in accordance with relevant PRC regulations. FTCL is the major operating company of the Group in Beijing.
We have derived, and believe that we will continue to derive, a significant portion of our revenues from Beijing Mobile Communication Company, a subsidiary of China Mobile. Since 1998, we have been developing and maintaining BOSS (Business Operation Support System) for the carrier. BOSS is an integrated software platform and it is developed in stages to accommodate the carrier's increasing subscribers and service offerings. We are currently developing and maintaining phase two of BOSS.
Although we are an important strategic IT partner of Beijing Mobile, we do not have long-term contracts with the carrier. All of our agreements with the carrier are for short-term projects or sales of third-party hardware. While we feel that our significant relationships with Beijing Mobile will likely provide additional sales agreements in the future, Beijing Mobile is not contractually bound to purchase any products or services from us. Loss of this customer could hurt our business by reducing our revenues and profitability.
During the fiscal years ended December 31, 2001, 2002, 2003, 2004 and 2005, sales to Beijing Mobile Communication Company were $4,097,560, $ 8,229,159, $8,999,662, $9,002,191, and $4,122,370, respectively, accounting for 80%, 88%, 96%, 89% and 70%, of our revenue for these periods, respectively.
We believe that there are opportunities for us to expand into new business areas and to grow our business both internally and through acquisitions. On March 20, 2005, Beijing Forlink Kuanshi Technologies Limited ("BFKT") was established as a limited liability company by BFHX and two individuals, Mr. Jianqiu Fang and Mr. Bizhao Zhong. BFHX, Mr. Fang and Mr. Zhong hold 70%, 10% and 20% of the fully paid up capital of BFKT, respectively. BFKT will provide software and operation support to IPTV (Internet Protocol Television) operators. We believe this investment will enable us to capitalize in the fast growing IPTV market in China by leveraging our technological expertise.
On October 24, 2005, Forlink entered on a definitive agreement to acquire a 17.5% equity interest from China Liquid Chemical Exchange Company Limited ("CLCE"), a limited liability company in PRC. Under the terms of the agreement, Forlink deployed the "For-online Electronic Trading System", a proprietary, integrated software solution, to support the Exchange's operations, including, but not limited to, online trading, online billing and payment, user authentication, customer care, in exchange for the 17.5% equity interest. This investment will increase our return in this fast growing market.
REVENUES
Our business includes Forlink brand "For-series" software system sales such as
ForOSS, ForRMS, For-Mail and their copyright licensing, and "For-series" related
system integration, which consists of hardware sales and other related services
rendered to customers. The following table shows our revenue breakdown by
business line:
Year Ended December 31,
----------------------------
2005 2004
----------------------------
Sales of For-series software $2,545,383 $2,029,069
as a percentage of net sales 43% 20%
For-series related system integration $3,366,940 $7,971,041
as a percentage of net sales 57% 80%
As indicated in the foregoing table, sales of For-series software as a percentage of net sales increased from 20% in 2004 to 43% in 2005. For-series related system integration as a percentage of net sales decreased from 80% in 2004 to 57% in 2005. These changes were mainly attributable to our strategy of increasing software sales and reducing low profit margin hardware projects. And the decreased sales of For-series related system integration was also attributable to increased competition in the system integration market.
Generally, we offer our products and services to our customers on a total-solutions basis. Most of the contracts we undertake for our customers include revenue from hardware and software sales and professional services.
SOURCES OF REVENUE
Hardware Revenue
Revenues from sales of products are mainly derived from sales of hardware. Normally, the hardware that we procure is in connection with total-solutions basis system integration contracts.
Service Revenue
Service revenue consists of revenue for the professional services we provide to our customers for network planning, design and systems integration, software development, modification and installation, and related training services.
Software License Revenue
We generate revenue in the form of fees received from customers to whom we issue licenses for the use of our software products over an agreed period of time.
COST OF REVENUE
Our costs of revenue include hardware costs, software-related costs and compensation and travel expenses for the professionals involved in the relevant projects. Hardware costs consist primarily of third party hardware costs. We recognize hardware costs in full upon delivery of the hardware to our customers. Software-related costs consist primarily of packaging and written manual expenses for our proprietary software products and software license fees paid to third-party software providers for the right to sublicense their products to our customers as part of our solutions offerings. The costs associated with designing and modifying our proprietary software are classified as research and development expenses as such costs are incurred.
OPERATING EXPENSES
Operating expenses are comprised of selling expenses, research and development expenses and general and administrative expenses.
Selling expenses include compensation expenses for employees in our sales and marketing departments, third party advertising expenses, as well as sales commissions and sales agency fees.
Research and development expenses relate to the development of new software and the modification of existing software. We expense such costs as they are incurred.
TAXES
According to the relevant PRC tax rules and regulations, FTCL and BFHX, which are entities recognized as New Technology Enterprises operating within a New and High Technology Development Zone, are entitled to an Enterprise Income Tax ("EIT") rate of 15%.
Pursuant to approval documents dated September 23, 1999 and August 2, 2000 issued by the Beijing Tax Bureau and the State Tax Bureau, respectively, FTCL, which is recognized as a New Technology Enterprise, was eligible for a full exemption from EIT for the fiscal years 1999, 2000, 2001 and 2002. FTCL also became eligible for a 50% EIT reduction at the rate of 7.5% for the fiscal years 2003, 2004 and 2005.
Pursuant to an approval document dated January 19, 2004 issued by the State Tax Bureau, BFHX, which is recognized as a New Technology Enterprise, is eligible for full exemption from EIT for the fiscal years 2004, 2005 and 2006.
Hong Kong profits tax is calculated at 17.5% on the estimated assessable profits of FTHK for the period.
The EIT rates for FTCD, BFKT, QJT and XKT range from 15% to 33%. No provision for EIT was made for BFKT, QJT and XKT as they had not commenced operations during the year.
Revenue from the sale of hardware procured in China together with the related system integration is subject to a 17% value added tax. Although sales of software in China are subject to a 17% value added tax as well, companies that develop their own software and have the software registered are generally entitled to a value added tax refund. If the net amount of the value added tax payable exceeds 3% of software sales, the excess portion of the value added tax is refundable upon our application to tax authority. This policy is effective until 2010. Changes in Chinese tax laws may adversely affect our future operations.
FOREIGN EXCHANGE
Our functional currency is US$ and our financial records are maintained and the financial statements prepared in US$. The functional currency of FTHK is HK$ and the financial records are maintained and the financial statements prepared in HK$. The functional currency of Slait, FTCL, BFHX and FTCD is Renminbi (RMB) and the financial records are maintained and the financial statements are prepared in RMB.
Foreign currency transactions during the year are translated into each company's denominated currency at the exchange rates ruling at the transaction dates. Gains and losses resulting from foreign currency transactions are included in the consolidated statement of operations. Assets and liabilities denominated in foreign currencies at the balance sheet date are translated into each company's denominated currency at year-end exchange rates. All exchange differences are dealt with in the consolidated statements of operations.
The financial statements of our operations based outside of the United States have been translated into US$ in accordance with SFAS 52. We have determined that the functional currency for each of the Company's foreign operations is its applicable local currency. When translating functional currency financial statements into US$, year-end exchange rates are applied to the consolidated balance sheets, while average period rates are applied to consolidated statements of operations. Translation gains and losses are recorded in translation reserve as a component of shareholders' equity.
The value of the RMB is subject to changes in China's central government policies and to international economic and political developments affecting supply and demand in the China Foreign Exchange Trading System market. Since 1994, the conversion of RMB into foreign currencies, including USD, has been based on rates set by the People's Bank of China, which are set daily based on the previous day's interbank foreign exchange market rates and current exchange rates on the world financial markets. Since 1994, the official exchange rate generally has been stable. In July 2005, the Chinese government announced that it will no longer peg its currency exclusively to USD but will switch to a managed floating exchange rate based on market supply and demand with reference to a basket of currencies yet to be named by the People's Bank of China, which will likely increase the volatility of RMB as compared to USD. The exchange rate of RMB to USD changed from RMB8.28 to RMB8.11 in late July.
Exchange rates between US$, HK$ and RMB had minimal fluctuations during the periods presented. The rates ruling for 2005 and 2004 are US$1: HK$7.75: RMB8.11 and US$1: HK$7.75: RMB8.28, respectively.
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
We prepare our consolidated financial statements in accordance with generally accepted accounting principles in the United States of America. The preparation of those financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. On an on-going basis, we evaluate our estimates and judgments, including those related to revenues and cost of revenues under customer contracts, bad debts, income taxes, investment in affiliate, long-lived assets and goodwill. We base our estimates and judgments on historical experience and on various other factors that we believe are reasonable. Actual results may differ from these estimates under different assumptions or conditions. We believe the following critical accounting policies affect the more significant judgments and estimates used in the preparation of our consolidated financial statements.
Revenue Recognition
We generally provide services under multiple element arrangements, which include software license fees, hardware and software sales, provision of system integration services including consulting, implementation, and software maintenance. We evaluate revenue recognition on a contract-by-contract basis as the terms of each arrangement vary. The evaluation of the contractual arrangements often requires judgments and estimates that affect the timing of revenue recognized in the statements of operations. Specifically, we may be required to make judgments about:
- whether the fees associated with our products and services are fixed or determinable;
- whether collection of our fees is reasonably assured;
- whether professional services are essential to the functionality of the related software product;
- whether we have the ability to make reasonably dependable estimates in the application of the percentage-of-completion method; and
- whether we have verifiable objective evidence of fair value for our products and services.
We recognize revenues in accordance with the provisions of Statements of Position, or SOP, No. 97-2, "Software Revenue Recognition", as amended by SOP No. 98-9, "Modification of SOP 97-2, Software Revenue Recognition, with respect to Certain Transactions", Staff Accounting Bulletin, or SAB, 104, "Revenue Recognition". SOP 97-2 and SAB 104 require among other matters, that there be a signed contract evidencing an arrangement exists, delivery has occurred, the fee is fixed or determinable, and collectibility is probable.
Revenue from provision of system integration services and other related services are recognized when services are rendered in stages as separate identifiable phases of a project are completed and accepted by customers.
Revenue from software sales is recognized when the related products are delivered and installed and collection of sales proceeds is deemed probable and persuasive evidence of an arrangement exists.
Software license revenue is recognized over the accounting periods contained in the terms of the relevant agreements, commencing upon the delivery of the software provided that (1) there is evidence of an arrangement, (2) the fee is fixed or determinable and (3) collection of the fee is considered probable. Under certain arrangements, the Company capitalizes related direct costs consisting of third party software costs and direct software implementation costs. These costs are amortized over the term of the arrangement.
In the case of maintenance revenues, vendor-specific objective evidence, or VSOE, of fair value is based on substantive renewal prices, and the revenues are recognized ratably over the maintenance period.
In the case of consulting and implementation services revenues, where VSOE is based on prices from stand-alone sale transactions, and the revenues are recognized as services are performed pursuant to paragraph 65 of SOP 97-2.
The sale of computer hardware is recognized as revenue on the transfer of risks and rewards of ownership, which generally coincides with the time when the goods are delivered to customers and title has passed, pursuant to SAB 104.
Remote hosting services, where VSOE is based upon consistent pricing charged to customers based on volumes and performance requirements on a stand-alone basis and substantive renewal terms, are recognized ratably over the contract term as the services are performed. The remote hosting arrangements generally require the Company to perform one-time set-up activities and include a one-time set-up fee. This one-time set-up fee is generally paid by the customer at contract execution. The Company determined that these set-up activities do not constitute a separate unit of accounting, and accordingly, the related set-up fees are recognized ratably over the term of the contract.
We consider the applicability of EITF 00-3, "Application of AICPA Statement of SOP 97-2 to Arrangements That Include the Right to Use Software Stored on Another Entity's Hardware", to the hosting services arrangements on a contract-by-contract basis. If we determine that the customer has the contractual right to take possession of our software at any time during the hosting period without significant penalty, and can feasibly run the software on its own hardware or enter into another arrangement with a third party to hast the software, a software element covered by SOP 97-2 exists. When a software element exists in a hosting services arrangement, we recognize the license, professional services and hosting services revenues pursuant to SOP 97-2, whereby the fair value of the hosting service is recognized as revenue ratably over the term of the hosting contract. If we determine that a software element covered by SOP 97-2 is not present in a hosting services arrangement, then we recognize revenue for the hosting services arrangement ratably over the term of the hosting contract pursuant to SAB 104.
Income Taxes
We account for income taxes in accordance with SFAS No. 109 "Accounting for Income Taxes". Under SFAS No. 109, deferred tax liabilities or assets at the end of each period are determined using the tax rate expected to be in effect when taxes are actually paid or recovered. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized.
Allowance for Doubtful Accounts
We record an allowance for doubtful accounts based on specifically identified amounts that the Company believes to be uncollectible. We have a limited number of customers with individually large amounts due at any given balance sheet date. Any unanticipated change in one of those customer's credit worthiness or other matters affecting the collectibility of amounts due from such customers, could have a material affect on the results of operations in the period in which such changes or events occur. After all attempts to collect a receivable have failed, the receivable is written off against the allowance.
Goodwill
SFAS 142, Goodwill and Other Intangible Assets, requires that goodwill be tested for impairment on an annual basis (December 31 for us) and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. These events or circumstances could include a significant change in the business climate, legal factors, operating performance indicators, competition, sale or disposition of a significant portion of a company. Application of the goodwill impairment test requires judgment, including the determination of the fair value of a company. The fair value of a company is estimated using a discounted cash flow methodology. This requires significant judgments including estimation of future cash flows, which is dependent on internal forecasts, estimation of the long-term rate of growth for our business, the useful life over which cash flows will occur, and the determination of our weighted average cost of capital. Changes in these estimates and assumptions could materially affect the determination of fair value and/or goodwill impairment for a company.
Recent Accounting Pronouncements
SFAS No. 151, "Inventory Costs", is effective for fiscal years beginning after June 15, 2005. This statement amends the guidance in ARB No. 43, Chapter 4, "Inventory Pricing", to clarify the accounting for abnormal amounts of idle facility expense, freight, handling costs, and wasted material (spoilage). The adoption of SFAS No. 151 is expected to have no impact on our consolidated financial statements.
SFAS No. 123 (Revised 2004) ("SFAS No. 123R"), "Share-Based Payment," issued in December 2004, is a revision of FASB Statement 123, "Accounting for Stock-Based Compensation" and supersedes APB Opinion No. 25, "Accounting for Stock Issued to Employees," and its related implementation guidance. The Statement focuses primarily on accounting for transactions in which an entity obtains employee services in share-based payment transactions. SFAS No. 123R requires a public entity to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). That cost will be recognized over the period during which an employee is required to provide service in exchange for the award. On March 29, 2005, the SEC issued Staff Accounting Bulletin No. 107 ("SAB No. 107"), which provides the Staff's views regarding interactions between SFAS No. 123R and certain SEC rules and regulations and provides interpretations of the valuation of share-based payments for public companies.
SFAS No. 123(R) permits public companies to adopt its requirements using one of two methods:
(1) A "modified prospective" method in which compensation cost is recognized beginning with the effective date (a) based on the requirements of SFAS No. 123(R) for all share-based payments granted after the effective date and (b) based on the requirements of SFAS No. 123 for all awards granted to employees prior to the effective date of SFAS No. 123(R) that remain unvested on the effective date.
(2) A "modified retrospective" method which includes the requirements of the modified prospective method described above, but also permits entities to restate based on the amounts previously recognized under SFAS No. 123 for purposes of pro forma disclosures either (a) all prior periods presented or (b) prior interim periods of the year of adoption.
This statement is effective for the beginning of the first annual reporting period that begins after June 15, 2005, therefore, we will adopt the standard in the first quarter of fiscal 2006 and plan to use the modified prospective method. SFAS No. 123(R) also requires the benefits of tax deductions in excess of recognized compensation cost to be reported as a financing cash flow, rather than as an operating cash flow as required under current literature. This requirement will reduce net operating cash flows and increase net financing cash flows in periods after adoption.
At this time we do not believe that the adoption of SFAS No. 123(R) will materially impact our consolidated operating results, nor will there be any impact on our future consolidated cash flows.
SFAS No. 153, "Exchanges of Nonmonetary Assets - an amendment of APB Opinion No. 29", is effective for fiscal years beginning after June 15, 2005. This statement addresses the measurement of exchange of nonmonetary assets and eliminates the exception from fair value measurement for nonmonetary exchanges of similar productive assets in paragraph 21(b) of APB Opinion No. 29, "Accounting for Nonmonetary Transactions", and replaces it with an exception for exchanges that do not have commercial substance. The adoption of SFAS No. 153 is expected to have no impact on our consolidated financial statements.
In March 2004, the EITF reached a consensus on Issue No. 03-01, "The Meaning of Other-Than-Temporary Impairment and Its Application to Certain Investments" (EITF 03-01). EITF 03-01 provides guidance on other-than-temporary impairment models for marketable debt and equity securities accounted for under SFAS No. 115, "Accounting for Certain Investments in Debt and Equity Securities" (SFAS No. 115), and non-marketable equity securities accounted for under the cost method. The EITF developed a basic three-step model to evaluate whether an investment is other-than-temporarily impaired. The FASB issued proposed FSP EITF 03-1-a in September 2004, which delayed the effective date of the recognition and measurement provisions of EITF 03-01. In November 2005, the FASB issued FSP FAS 115-1 and 124-1 ("FSP") which nullifies the guidance in EITF 03-1 for determining whether impairment is other-than-temporary. However, it carries forward many of the provisions of EITF 03-1. The guidance of the FSP is effective to reporting periods beginning after December 15, 2005. We do not expect the adoption of the FSP to have material impact on its financial position and results of operations.
CONSOLIDATED RESULTS OF OPERATIONS
Year Ended December 31, 2005 Compared to Year Ended December 31, 2004
Net sales.
Our net sales decreased 41% to $5,912,323 in 2005, from $10,000,110 in 2004. Sales of For-series software increased 25% to $2,545,383 in 2005, from $2,029,069 in 2004. Sales of For-series related system integration decreased 58% . . .
Gruß
Bow
war m.M. geprägt von der entwicklung und implementierung von ForLis-die margen sollten hier hoch sein.
frlk wächst aber zumindest vom personal:
2004:
As of December 31, 2004, we have 203 employees, of which 191 are full-time. Approximately 120 of our full-time employees are software and information technology specialists engaged in research and development, maintenance and support activities; the remaining staffs are sales, marketing and administrative personnel.
2005:
As of December 31, 2005, we have 270 employees, of which 260 are full-time. Approximately 200 of our full-time employees are software and information technology specialists engaged in research and development, maintenance and support activities. The remaining employees are sales, marketing and administrative personnel.
geduld wird hier schon auf die probe gestellt!!
