10/1/2003 -- ProsoftTraining.com (Nasdaq: POSO), known for its Certified Internet Webmaster (CIW) certification program, reported a profit for its fourth quarter 2003 -- the first profitable quarter for the company in two years.

Although revenues for the fourth quarter of fiscal year 2003, ending July 31, were $2.76 million compared to $4.34 million in the previous year's fourth quarter, net income for the same time period was $0.16 million, compared to a net loss of $9.77 in the same quarter last year.

"The turnaround strategy we established earlier this calendar year has resulted in profitability and has positioned us for continued improvement in our consolidated results going forward," Robert G. Gwin, Prosoft's chairman and CEO, commented in a released statement:

The strategy referred to above was implemented after the company failed to find a buyer for some or all of its assets last year.

Although the quarter was profitable, revenues for fiscal year 2003 were $12.02 million, compared to $17.92 million for the previous year. The company did reduce its net loss to $2.31 million, compared to $42.46 million for fiscal 2002.

The company's cash balance at July 31, 2003, was $1.57 million, compared to $1.63 million for the previous quarter.

Its earnings from certification dropped to $2,596,000 from $3,850,00 the year before. For the three months ending July 31, certifications revenue was $660,000, compared to $1,082,000 during the same quarter the previous year.

The bulk of the company's revenue comes from content: $9,339 for fiscal 2003, compared to $13,542 in 2002.

As for the future, Gwin said, "We are focused on maintaining profitability and generating revenue growth. Although we are actively pursuing new sources of revenue, we remain well positioned to benefit from an improvement in the economy because of the value of our content library and the tremendous leverage we have created in our business model. In addition, administrative expenses will be further reduced by several efficiency improvements, including the planned relocation of our product development activities from Santa Ana, Calif. to Phoenix, Ariz. at the end of the first fiscal quarter."

Prosoft also announced that its request for continued listing on the Nasdaq SmallCap Market would be considered by a Nasdaq-designation Listing Qualifications Hearing Panel on Oct. 2, 2003. At press time, the stock was listed at $0.53, with a 52-week high of $0.66.

For more information, visit http://Prosofttraining.com. -Becky Nagel