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.
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.
"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.