Platinum Software's shares plummeted on Friday following an analyst's fears that it would not hit financial targets for its 1999 fiscal year.
Robert Krugel, a First Albany analyst, reduced his earnings estimates to $0.56 per share from $0.81 and dropped his sales forecast by $18 million due to what he called the "less than smooth" integration of Platinum's Dataworks acquisition, made at the end of last year.
He claimed that the 16 Dataworks staff that have now left the company would have generated license revenues of between $15 million to $20 million and it would take some time to replace them.
As a result, Platinum's shares fell $1.50 or 18 per cent to $7.06 by the close of trading on Friday.
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