Re: Phoenix International Ltd. files civil complaint against former employee
Thursday July 15, 5:28 pm Eastern Time
Phoenix sees Q2 loss of $0.17 dil shr
ORLANDO, Fla., July 15 (Reuters) - Phoenix International Ltd. Inc., which delivers client/server core banking application software, said Thursday it expects to report a second-quarter loss of about $1.4 million, or $0.17 per diluted share.
First Call analysts' consensus estimate had expected a profit of $0.02 per share. In the year-ago period, the company posted total revenues of $5.67 million with a net profit of $0.06 per share.
The Orlando, Fla.-based company said in a statement that it expects revenue for the quarter to total about $6.0 million.
The company's Chairman and Chief Executive Bahram Yusefzadeh noted the temporary slowdown in business activity in the industry as banks delay their software purchase decisions while they address Year 2000 issues.
Phoenix said it expects decision deferrals related to the year 2000 will continue into the fourth quarter of 1999, with sales of core application software returning to more normal levels by the end of the year.
Yusefzadeh said Phoenix has been the target of a series of defamatory, negative and false allegations posted on Internet message boards since early 1999. He said the allegations have continued to cause a delay in its sales cycles.
On July 14, Phoenix filed a civil complaint in the United States District Court for the Middle District of Florida, Orlando Division, against a former employee the Company believes is responsible for a significant number of these Internet message board postings.
Phoenix's stock was last at 6-1/2, up 1/8 on the day before it was halted on Nasdaq.
biz.yahoo.com
|
