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Thursday March 29, 6:30 pm Eastern Time
Versata warns of weak Q1, to cut staff by 30 pct
OAKLAND, Calif., March 29 (Reuters) - Software provider Versata Inc. (NasdaqNM:VATA - news) warned on Thursday that its
first-quarter loss will be wider than expected due to slower technology spending. It also announced plans to reduce staff by 30
percent, and the appointment of an interim chief executive.
In addition, the Oakland, Calif. company said it will not file a form 10-K with the Securities and Exchange
Commission (SEC) until after the company completes an inquiry into certain transactions from 2000 that may not
have met its revenue recognition policy.
Versata said Doug Roberts will replace former CEO John Hewitt, but gave no explanation for Hewitt's departure.
Versata said it now expects first-quarter revenues in the range of $10.0 million to $11.5 million, compared to the
$16 million to $17 million it had previously announced. The company expects a first-quarter pro forma loss per share
of 41-45 cents, excluding non-cash charges, compared to the previously announced pro forma loss per share
estimate of 24-27 cents. Wall Street analysts on average had expected a loss of 25 cents, according to Thomson
Financial/First Call.
Versata announced a series of cost-cutting actions taken to realign the company's expenses with a business plan
geared to the changing economy, including a 30-percent reduction in employee force, the realignment of the
marketing and sales divisions, and other expense management initiatives.
Versata said it expects the restructuring to result in annual cost savings of $20 million. The company expects to take a charge of $5.5 million to $7.0 million for
restructuring and other non-recurring expenses.
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