Cognos turned in a disappointing set of second quarter figures at the same time as it announced its acquisition of Web decision support tools supplier, Interweave.
The supplier?s shares plummeted by more than 30 per cent during trading yesterday, falling $10 11/16 to $22 1/16 on the news, while Midland Walwyn downgraded the stock to reduce from accumulate and Alex Brown cut its rating to buy from strong buy.
Wall Street analysts had anticipated better earnings and were further disappointed by statements from Ron Zambonini, the firm?s president and chief executive, that ?our rate of growth will moderate somewhat for the next few quarters? due to delays in customer buying decisions as they evaluated the impact of the Web.
For its second quarter, ending 31 August, Cognos saw revenues increase by 26 per cent to $58 million, on net profits of $11 million compared with 47.5 million in the year ago quarter.
Sales for the six months also grew 26 per cent to $112.1 million, on net profits of $14.8 million, after a $5 million charge relating to the purchase of Right Information Systems, down from profits of $19.8 million last time.
Meanwhile, as predicted by the VNU Newswire (9 September, 1997), Cognos also announced it had purchased Interweave Software for $13 million in cash and $3 million in liabilities.
The Interweave offering comprises Modeler, which gives users a full view of all available data sources without needing to know where they are located, and Server, which dynamically generates HTML or Java-based Web pages to present the data to the user.
Customers use the data to write an ad hoc query or can select a query from a pre-written list.
Interweave will be integrated into Cognos? PowerPlay data analysis tool and Impromptu query and reporting tool to enable users to access data from different relational databases via the Web.
The product will enable users to drill down from summary data held in Powerplay Web Server to the underlying more detailed data held in the relational databases.
To complete its Web line-up, Cognos has also launched DataMerchant, a set of development tools so users can build and maintain their own electronic commerce applications. The offering is currently in beta and will ship at the end of the year.
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