After warnings that it would have a disappointing fiscal fourth quarter, Dutch software giant Baan had to report even worse than expected news, when it announced its results yesterday.
The enterprise resource planning (ERP) software supplier reported a net loss of $294.7 million for the quarter ending 31 December, 1998, or $1.45 a share, compared to a profit of $29.1 million in the same period the previous year.
In January, Baan issued a warning of an expected loss of around $250 million. (see VNU Newswire 20 January) Sales for the quarter were $131 million, compared to $215.6 million the year before.
Baan said most of the loss could be blamed on its restructuring programme, while the increased shortfall from its January warning was due to the worsening nature of the ERP market generally.
The restructuring programme has seen Baan shed more than 1,000 jobs, out of a total workforce of over 5,000, in the past few months, as well as the sale of some subsidiaries and internal reorganisations.
?We believe we are ready to meet the short-term challenges without additional restructuring-related headcount reductions,? said Baan president Mary Coleman, in a statement.
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