Client-server and internet application development tools company Unify Corp was yesterday putting a very brave face on the end of a bad first year as a public company. It turned in net losses of $11.8m, or $1.53 per share, including a $2.4m charge for bad debt write-offs and severance costs in the third quarter. That’s up from losses of $938,000 last year. But, according to president and chief executive Reza Mikailli this was slightly ahead of analyst expectations: not according to our calculator it wasn’t. First Call was looking for losses of $0.90 per share before any charges, and that charge would only add about $0.30 more losses per share to leave the company around $0.30 cents shy of the estimates. Revenues for the year to April were 24.2m, a fall of 20% on the year before. for the fourth quarter, net losses were $2.3m, after a $445,000 charge for bad debt write-offs and lay- offs, against profits last time of $389,000, on revenues that fell 39% to $5.3m. Unify’s flagship product family is Vision, and competes against the likes of Forte and Seer. the company had a bad experience in china at the start of the fiscal year, having to write off defaulted payments on two contracts it signed there (CI No 3,096).