accountant, This sure looks encouraging
Legato Systems, Inc. Announces First Quarter 2001 Results
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--April 19, 2001--Legato Systems, Inc. (Nasdaq:LGTO - news), a worldwide leader in enterprise storage management software, today announced financial results for its first quarter 2001.
For the first quarter of 2001, the Company reported revenue of $61.0 million as compared to $58.4 million for the fourth quarter of 2000 and $60.5 million for the first quarter of 2000. Net loss, excluding the merger-related costs (net of tax), was $2.8 million as compared to a net loss of $3.9 million for the fourth quarter of 2000 and a net income of $0.4 million for the first quarter of 2000. Diluted net loss per share for the first quarter of 2001 was $0.03 as compared to a diluted net loss per share of $0.04 for the fourth quarter of 2000 and to break-even results for the first quarter of 2000. Net loss, including merger-related costs, was $10.6 million as compared to a net loss of $13.9 million for the fourth quarter of 2000 and $10.0 million for the first quarter of 2000. Diluted net loss per share was $0.12 as compared to a diluted net loss per share of $0.16 for the fourth quarter of 2000 and diluted net loss per share $0.12 for the first quarter of 2000.
``Legato's first quarter customer activity was impressive despite a less than robust IT spending environment,'' said David B. Wright, Chairman and CEO, Legato Systems. ``As we move into the second quarter, we are encouraged by the anticipated closure rates on some of the larger contracts. Our strategy of putting the customer first continues to be the key to our ongoing success.''
Andy Brown, Legato Systems' Chief Financial Officer stated, ``We are now fully staffed with our hiring objectives met ahead of schedule, especially in the R&D area. With cash and investments increasing by $7.5 million and accounts receivables decreasing during the quarter, Legato continues to exhibit sound fiscal management.'' |
