Jun 25, 2003 (01:06 PM EDT)
Manugistics Still Facing Tough Times
Read the Original Article at InformationWeek
Manugistics Group Inc., which has struggled financially in the tough economy, is struggling still.
The second-largest supply-chain management software vendor on Wednesday reported a net loss of $18.5 million on revenue of $65.6 million for its first quarter ended May 31. That compares with a net loss of $27 million on revenue of $74.6 million the same quarter a year ago.
Its adjusted net loss for the first quarter was $3 million, which excludes amortization of intangibles and acquired technology and one-time impairment restructuring charges.
The company reported $19.9 million in software revenue, compared with $24.5 million the same period last year. It reported $42.97 million in services and support in its first quarter of 2003; support and services revenue for the same quarter in 2002 was $47.07 million.
In a statement, Manugistics chairman and CEO Greg Owens said the company will continue to manage costs during the summer. Manugistics will "maintain our sharp focus on business execution, to improve our bottom-line performance as we continue to expand business across our global client base," he said.
Earlier this week, Jeremy Coote joined the company as president. For more than 10 years, Coote was with SAP Americas, serving as president in his last position there. Before that, he served as general manager of Siebel North America.
For the quarter ending Aug. 31, Manugistics expects total revenue to range from $61 million to $62 million and to report an operating loss of approximately $5.0 million on a GAAP basis. Adjusted operating income in the second quarter is expected to be similar to this quarter.