Gentia has issued a profits warning, claiming it will not hit analysts? expectations for its first fiscal quarter because of delays in closing several deals due to the Year 2000 (Y2K) problem.
The online analytical processing (Olap) software supplier, formerly known as Planning Sciences, now expects to generate revenues of between $6-6.5 million compared with sales of $5.9 million in the same quarter last year.
It also anticipates widening losses of between $3-3.5 million, including a $500,000 severance charge, compared with losses of $2.6 million last time. It is scheduled to release its final figures on 22 April.
Paul Rolph, Gentia?s chairman and chief executive, said: "We completed several deals during the first two weeks of April, which we originally expected to close during the first quarter. As a result, we anticipate that revenues for the first quarter will fall below our original expectations."
"While we continue to be impacted by the diversion of IT funds to Y2K issues, our pipeline suggests that we will achieve revenue growth during 1999," he concluded.
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