Starbase cuts Q1 outlook, blames economy
July 17, 2001 4:47:00 PM ET
SANTA ANA, Calif., July 17 (Reuters) - Starbase Corp. (SBAS), which develops software for corporate information systems, cut its outlook for fiscal 2002 due to the weak economy and delayed purchases by customers.
For the first quarter of fiscal 2002, Starbase expects to post a pro forma net loss, excluding special items, of $6.5 million and $7 million. It expects to return to profitability on a pro forma basis in the third quarter, one quarter later than previously expected.
Wall Street analysts had expected the company to post a first-quarter loss of 2 cents a share, according to research firm Thomson Financial/First Call.
First-quarter revenues will be in the range of $12 million to $12.1 million, compared with $7.0 million a year ago. It said it also cuts its full-year fiscal 2002 revenue outlook to to between $62.4 million and $66.6 million. It did not provide its previous forecast, or year ago comparisons.
"The company continues to see strong demand for its full range of products and services, although the current economic environment has resulted in delayed purchase decisions by both new and existing customers," the company said in a prepared statement. REUTERS
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