Wednesday October 17, 4:49 pm Eastern Time
HNC Software cuts 5 percent of work force
SAN DIEGO, Oct 17 (Reuters) - HNC Software(NasdaqNM:HNCS - news), best known for products that detect credit-card and securities fraud, said on Wednesday its third-quarter pro forma earnings rose, and announced that it has cut its work force by about 5 percent due to deteriorating economic conditions.
The company said its earnings rose to $6.4 million, or 14 cents per share, excluding its spun-off Retek inventory management software business, from $2.7 million and 10 cents per share in the year-earlier quarter.
Analysts expected earnings of 12 to 14 cents per share, with a mean of 13 cents, according to Thomson Financial/First Call. The company warned on Oct. 4 that it expected earnings of 13 cents to 15 cents per share.
Revenues, excluding Retek, rose 15 percent to $59.1 million, from $51.4 million in the year-earlier period.
Shares of HNC closed down $1.26, or 6 percent, to $20.44 Wednesday on the Nasdaq.
biz.yahoo.com |
