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Non-Tech : EARNINGS REPORTING - surprises, misses & more -- Ignore unavailable to you. Want to Upgrade?

To: 2MAR$ who wrote (498)	1/21/2001 11:49:08 PM
From: 2MAR$	Read Replies (1) \| Respond to of 762

VIGN ( $7.5...ouch) Meets Earning Views, Cuts Outlook NEW YORK (Reuters) - Shares of Web content management company Vignette Corp. (NasdaqNM:VIGN - news) on Thursday lost nearly 38 percent of its value after posting fourth-quarter results that met Wall Street estimates but cutting its outlook for the first quarter. The shares fell $4-11/16 to close at $7-13/16, Nasdaq's biggest loss of the day in percentage terms. During the session, it hit $6-25/32, a 52-week low for the stock. Greg Peters, chairman, president and chief executive, said the slowdown was the result of concerns and cutbacks in information technology spending by U.S. companies. He said that during December, about 90 deals, worth nearly $50 million, were pushed back and had not closed yet. Three of those deals are no longer on the table, Peters said. ``We wouldn't have normally expected to close all of that business in Q4,'' he said in a conference call. ``But that business, as a percentage of an overall mix, was significantly higher than in previous quarters.'' Vignette said it expected first-quarter revenues to fall to about $100 million and expects a core loss of 1 cent a share, instead of the one cent a share profit analysts polled by First Call/Thomson Financial had expected. Core losses exclude other income from nonoperating activities and charges for the amortization of deferred stock compensation, intangibles and purchased in-process research and development. Jeff Van Rhee, equities and enterprise Internet software analyst with PMG Capital, had expected the company to generate about $122.5 million. For the year 2001, the company expects to report revenues of $500 million and core earnings of 9 cents a share. Analysts had expected the company to earn 11 cents a share and on $597 million in revenue. In response to the lowered revenue outlook, Austin, Texas-based Vignette will lay off about 350 people, or 15 percent of its worldwide workforce, consolidate facilities and take a $45 million to $55 million charge in the first quarter. The company said it expected the restructuring measures to save about $100 million over the next year. Van Rhee said that like several other analysts, he recently lowered his rating on the stock to long-term buy. Peters said the company is expected to grow 36 percent this year. For the fourth quarter, Vignette said it earned $649,000, or nil per share, on a core basis, compared with a core loss of $2.7 million, or 2 cents a share, for the same quarter of 1999. Analysts on average had expected the company to break even this quarter. The company said revenues grew 203 percent to $123.9 million from $40.9 million in the year-ago period. Including all items, the company said, it lost $138.7 million, or 60 cents a share in the fourth quarter, compared with a loss of $5.6 million, or 3 cents a share, the previous year. For all of the year 2000, Vignette also broke even on a core basis per share, compared with a loss of 13 cents for the year 1999. Its net loss for 2000, however, came to $2.59 per share, compared with a loss of 28 cents per share in 1999. Revenues for the year rose to $366.7 million from $89.2 million. Email this story - View most popular \| Printer-friendly format Earlier Stories