PeopleSoft reports sharp drop in Q3 income

Citing 'a year of transition,' software vendor PeopleSoft yesterday said its revenues and net income were down 88% for the third quarter.

Citing "a year of transition," software vendor PeopleSoft yesterday said its revenues and net income were down for the third quarter ended September 30.

Net income for the vendor of enterprise resource planning (ERP) software plummeted 88% to $US5.2 million from $44.2 million year on year. Net income per share fell from 17 cents one year ago to 2 cents this quarter.

The company's revenues fell 13% for the third quarter to US$303.1 million, down from $351.3 million in the third quarter of 1998, PeopleSoft said in a statement. The company did not elaborate on the poor results, merely saying it had been a year of transition for both the company and the ERP industry.

While the company's revenues from services grew slightly, its revenues from license fees plummeted to 48.8 million from 147.3 million the year earlier.

Revenues from international operations increased 8% to $59.4 million or 20% of total revenues for the third quarter of 1999, compared to $55.0 million or 16% of total revenues for the same quarter of the prior year, the company said.

PeopleSoft, based in Pleasanton, California, can be found on the World Wide Web at http://www.peoplesoft.com.

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