bp,
Re. BAANF, here goes:
FOCUS - Baan expects third quarter loss
AMSTERDAM, Oct 12 (Reuters) - Business software firm Baan
Company BAANF.O said on Monday it expected to drop into the
red in the third quarter as weak economic conditions and market
volatility hit its sales.
"The decision-making for licence revenues was negatively
impacted by the world economic situation. This caused a delay in
around two dozen transactions, primarily in the third quarter,"
Baan's Chief Executive Tom Tinsley told Reuters in a brief
interview.
Baan said it expected to make a loss of $0.13 to $0.16 per
share in the three months to September 31 and revenues in the
range $190 to $195 million.
When Baan released its second quarter figures in July, it
declined to give a full-year forecast, but said it was "not
uncomfortable" with analysts' consensus of full year revenues of
around a $1 billion. In the first half, Baan's net revenues
totalled $410 million.
Baan shares plunged at the opening in Amsterdam. The stock
fell by over 30 percent to 22.30 guilders ($12.01), its lowest
level since April 1996. The AEX index, meanwhile, rose by some
five percent.
Baan said it had been hit by decreased software expenditure,
notably in the United States. It added it expected the trend to
continue until economic conditions improved and companies
completed their solutions to the millennium problem.
Tinsley said the effects were likely to drag on for Baan for
several quarters.
"Over the next several quarters there will be a conservatism
in the industry. The phenomenon we saw in the third quarter is
basically tied to a set of global economic issues which go
beyond our own company," he said.
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Basically, someone else has been eating BAANF's lunch. The losers always blame the economic conditions etc etc.
Ibexx
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