Manugistics posts surprise loss
Stock falls on news; CFO quits
By Barbara C. Costanza, CBS MarketWatch
Last Update: 3:26 PM ET Sep 15, 1999 Earnings Surprises
ROCKVILLE, Md. (CBS.MW) -- Shares of Manugistics tumbled Wednesday afternoon after the company posted a surprise second-quarter loss and announced its chief financial officer resigned.
The software products company (MANU: news, msgs) reported a net loss of $3.4 million, or 13 cents a share, compared to the net loss of $6 million, or 23 cents a share, in the year-ago period. Revenue dropped to $33.8 million from $52.9 million. Analysts polled by First Call expected a profit of 2 cents a share.
The company said Peter Repetti resigned as the company's chief financial officer to pursue other opportunities.
"While I am disappointed in our second quarter performance, my belief in the value of this franchise has increased based upon the strength of our solutions, the domain expertise of Manugistics employees and the significant value that we provide for our clients," said Greg Owens, president and chief executive officer.
As previously announced, three new executives joined the management team -- Terry Austin, executive vice president of electronics and high technology; Rich Bergmann, executive vice president of global sales and services; and Jeff Jeter, senior vice president of global marketing.
Shares (MANU: news, msgs) fell 1 5/8 to 11 1/8 in recent trading.
hmmm....I wondered why my portfolio was down 8 grand when I finally got home tonight.... |
