Pacific Softworks Says Net Loss Was Expected

Pacific Softworks Inc., in Newbury Park, said its revenues and net loss for the third quarter that ended Sept. 30 were in line with company forecasts.

Revenues for the three-month period were $535,453, compared with $664,329 for the same quarter last year.

The company reported a loss of $872,405, or 20 cents per share, compared with a loss of $156,719, or 5 cents a share, a year earlier.

During the third quarter, the company completed an initial public offering of just over 1 million units, consisting of both common shares and warrants, priced at $5.25 per unit. Total proceeds of the offering were $5 million.

The company is continuing to develop its Web products, with the first shipments expected early next year. Revenue from the sales is expected to begin in the first and second quarters of 2000.