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Non-Tech : EARNINGS REPORTING - surprises, misses & more
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To: 2MAR$ who wrote (22)4/23/2000 1:57:00 AM
From: 2MAR$  Read Replies (1) of 762
 
Vitria zooms on first-quarter results

By Debra McGarry, CBS MarketWatch
Last Update: 4:48 PM ET Apr 18, 2000 NewsWatch

SUNNYVALE, Calif. (CBS.MW) --Vitria Technology shares surged 65 percent Tuesday after the e-business platform provider beat Wall Street estimates as sales shot up nearly 300 percent in the first quarter.

The company makes enterprise application integration software. Vitria's BusinessWare suite integrates a company's business information so that it can be shared across the Internet with partners and clients.

Shares (VITR: news, msgs) jumped 11 3/8 to 32 5/8.


The company posted a narrower-than-expected loss of $761,000, or a penny a share, excluding charges, in the first quarter. Analysts had expected a loss of 3 cents, according to First Call.

In the year-earlier quarter, the company lost $1.8 million, or 4 cents, excluding non-cash charges.

Quarterly revenue soared nearly 300 percent to $20.5 million from last year's $5.2 million.

"An important driver underlying this demand was the emergence of the Vitria Business Network and rapid growth in the number of companies building ecommunities based on our technology," said Vitria's president and chief executive JoMei Chang in a statement.

Credit Suisse First Boston analyst Wendell Laidley reiterated a "strong buy" rating on the stock.

Vitria Supports Siebel eBusiness 2000
Siebel Systems and Vitria Partner to Deliver eBusiness Solutions to Communications Industry Leaders Including NorthPoint Communications
biz.yahoo.com
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