Mar 26, 2003 (07:03 PM EST)
Manugistics Closes Out A Tough Year
Read the Original Article at InformationWeek
Like so many high-tech vendors that are getting hammered by the downtrodden economy, Manugistics Group Inc. had a tough year.
The second-largest supply-chain management software vendor on Thursday reported a net loss of $212.2 million on revenue of $272.4 million for the fiscal year ended Feb. 28. That compares with a net loss of $115.2 million on revenue of $319.9 million for the previous fiscal year.
Manugistics' fourth-quarter net loss was $111.4 million, more than four times the $25.1 million net loss in the year-ago quarter and $26.0 million in the previous quarter. Its fourth-quarter loss includes a one-time charge of $96.3 million.
Despite the losses, Manugistics chairman and CEO Greg Owens says the company continues to boost its market presence. The company pointed to 11 new customers, including AT&T, Federated Systems Group, and Hershey Foods.
Still, Manugistics says it will continue to consolidate its U.S. operations, which will likely include a further reduction in the number of employees. The company had cut its workforce by 7.4% since November to 1,133 by the end of the fourth quarter.