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Sybase profits decline to $22.6 m

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CIOL Bureau
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EMERYVILLE: Database software maker Sybase Inc. on Thursday posted a

second-quarter pro-forma earnings that declined from year-ago levels and said it

remained committed to hitting its earnings target for the year.

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Emeryville, California-based Sybase said pro-forma operating earnings

declined to $22.6 million, or 24 cents per diluted share - excluding various

charges related to restructuring and its purchase of New Era of Networks - from

$23.6 million, or 25 cents, last year.

The company posted a net loss of $39.5 million, or 42 cents a share, compared

with last year's net profit of $13.4 million, or 14 cents per diluted share. On

July 2, the firm said its pro-forma operating earnings would meet Wall Street's

average forecast of 23 cents a share, as compiled by Thomson Financial/First

Call.

Second-quarter revenues of $234.4 million squeaked by last year's sales of

$234.1 million, but fell short of Wall Street's consensus forecast for $264.8

million.

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"Although we expect the market to recover slowly for the remainder of

the year and into 2002, Sybase is committed to managing our business and meeting

our full-year 2001 pro forma EPS target of $1.10 to $1.20," said John Chen,

Sybase chairman, president and chief executive, in a statement.

According to Thomson Financial/First Call, analysts' 2001 consensus estimate

is for per-share earnings of $1.13 on sales of $1.1 billion.

The No. 4 database software vendor in June closed its purchase of New Era of

Networks Inc. The acquisition is central to the company's plan to expand its

e-business offerings. Sybase shares finished Thursday's regular session 10 cents

higher at $15.25 and were unchanged in after-hours trade on Instinet.

Since May 22 - the first day the company's stock began trading on the New

York Stock Exchange - Sybase shares have declined nearly 14 percent and

under-performed rival database software maker Oracle Corp by 22 per cent.

(C) Reuters Limited 2001.

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