Platinum Software posts US$14.5m loss

Platinum Softwarehas posted its eighth straight loss.

The Irvine, California publisher of financial client/server applications has reported a fiscal third-quarter loss of US$14.5 million, compared to a US$1.9 million net loss in last year's third quarter.

Revenues slipped to US$8.4 million, down from US$13.4 million last year.

Platinum laid off 325 employees this quarter and took a US$4.2 million restructuring charge.

The company also agreed to pay US$15 million to settle a class-action lawsuit filed by its shareholders in January 1994 after it was disclosed that the company had inflated its sales figures.

The settlement will be paid in two installments of US$7.5 million in September, and February next year.

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