Infinium Software anticipates that operating results for the second half of fiscal year 2000 will be below expectation.
Based on preliminary results for the third quarter of fiscal year 2000, ended June 30, 2000, total revenues were $21.5 million to $22 million, with a net loss between $8 million and $8.5 million and loss per share ranging from $0.64 to $0.66. The impact of discontinued products included in the third quarter loss per share is $0.04.
The company plans to release its actual results for the third quarter on 31 July, when it will also provide expectations for the fourth quarter.
“Expenses for the third quarter, including one-time marketing expenses in excess of $3 million, were below plan,” said Bob Pemberton, CEO of Infinium. “However, revenues were significantly below expectation, primarily due to a slower recovery in our ERP business and longer than expected sales cycles. In addition, we are experiencing extensive product introduction learning curves related to our new solutions, but continue to expect that our investments will begin to pay off in fiscal 2001.”
“Although these results were not in line with our expectations, we remain confident in our business, the overall market, the demand for our new solutions, and our focus on the execution of our strategic plan,” Pemberton added.
Infinium has more than 2,000 customers worldwide representing manufacturing, gaming and hospitality, healthcare, retail, distribution, and transportation. Founded in 1981, the company is headquartered in Hyannis, Massachusetts.