Software and tools vendor Inprise, formerly Borland International, posted a smaller-than-expected loss in the third quarter.
Inprise losses were 3 cents per share in the third quarter, ended September 30, compared to earnings of 29 cents per share in last year's third quarter. Analysts' expectations, as reported by First Call/Thomson Financial, predicted a 10 cent loss per share in this year's third quarter.
The net loss was $US1.42 million compared to a profit in the third quarter of 1998 of $16.4 million. The company also posted a third quarter operating loss of $5 million. Last year in the same quarter, Inprise had an operating loss of $33,000.
Sales force reorganised
Inprise revenue dropped to $45.7 million, a 5 per cent loss from third quarter 1998 revenue of $48 million.
Inprise announced this month that it had reorganised its sales force into four regions and appointed John Walshe as its new CEO. Meanwhile, Dale Fuller is serving as interim president and CEO after the resignations of its chairman and CEO, and its chief financial officer and vice president last April.
The company's restructuring is an attempt to return to profitability, Walshe said in a statement. In the third quarter, Inprise also began shipping Delphi 5, the latest version of the company's development tool for Windows.
Inprise formalised a licensing agreement with Hewlett-Packard last September. The company also announced plans to create rapid application development tools for the Linux operating system.
The company's earning report was released after the close of the Nasdaq Stock Market on Friday, October 29, when Inprise's shares closed at $3.50 per share. http://www.inprise.com