Baan has warned it will report losses of between 13 cents and 16 cents a share, blaming reallocation of corporate budgets to fix the millennium bug.
Among the other conditions mentioned by the company include the general global economic downturn and volatility in the market. "As a result, potential customers deferred or delayed IT projects and those that signed deals, decreased their software expenditures, particularly in the US market," explained the company in a statement.
For the third quarter ending 30 September, Baan expects to report revenues of between $190 million and $195 million. It calculates revenues for the first nine months to increase 30 per cent to $600 million. The company plans to announce its final results for the quarter on 28 October.
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