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Technology Stocks : LEGATO SYSTEMS LGTO

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To: gmccon who wrote (670)	1/22/2000 12:41:00 PM
From: Edwarda	Read Replies (2) of 1138

Obviously you did miss it. From the press release: The Company is restating results for the third quarter of 1999 to reflect an adjustment concerning one contract that decreased revenue in the third quarter from $71.7 million to $65.9 million. The Company believes that this revenue will be recorded in the first and second quarters of 2000. As a result of this adjustment, earnings per share in the third quarter is reduced from $0.18 to $0.14. "During the last few days, in connection with the audit of the Company's 1999 results, Legato was informed by its auditors that one contract recorded as revenue in the third quarter should be recorded as revenue in 2000," said Stephen C. Wise, Legato's chief financial officer. "In spite of solid revenue and earnings growth," commented Louis C. Cole, Legato's president and chief executive officer, "we are very disappointed that results for the fourth quarter fell short of expectations." The shortfall in fourth quarter revenue resulted primarily from the Company's determination, in consultation with its auditors during the last few days in connection with the 1999 audit, that revenue from two contracts signed during the fourth quarter should be recognized during 2000.

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