Network Associates, which last month warned that it would not meet analysts expectations for the first quarter, said Year 2000 and increasing sales cycles also would result in lower revenue for the second quarter of this year.
Chief executive and president, Bill Larsen, said the company would limit distributor orders in the second quarter of 1999 to enable the realignment of the company's weeks of inventory in its distribution channels to be more consistent with revised future revenue expectations.
For the first quarter ended 31 March, 1999, Network Associates met analysts' revised estimates, with net income of $26.24 million or $0.10 per share, compared to net income of 32.7 million or $0.24 per share for the same quarter a year ago.
Revenue for the quarter was $245.1 million compared to $226 million for the first quarter of 1998.
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