Stock in Compuware Corp. plunged 17.7 percent Friday after the Detroit software and IT services giant said its financial results for its second fiscal quarter ended Sept. 30 would miss expectations.
Compuware said some of its customers had deferred technology spending decisions in the face of global economic uncertainty.
Compuware said it now expects fiscal 2009 second quarter total revenue of approximately $268 million, based on software license revenues of approximately $42 million, maintenance revenue of approximately $124 million and professional services revenue of approximately $102 million. The company expects earnings per share of approximately 8 cents for the second quarter.
According to MarketWatch.com, analysts polled by FactSet Research had expected the company to earn 15 cents a share on revenue of $308.8 million.
"The current economic volatility has certainly extended buying cycles for businesses around the globe and unfortunately had a negative impact on the quarter," said Compuware president and COO Bob Paul. "Despite this difficult environment, I remain very optimistic about Compuware's future. I continue to believe that we will achieve our financial guidance for the year. Our fundamentals are rock-solid, and the ongoing progress in Compuware's transformation efforts will focus the company even more around delivering quantifiable value to customers."
Compuware will host a conference call Thursday, Oct. 23 to discuss final financial results for the company's second quarter. The call will take place at 5 p.m. Eastern time. To listen in, parties from the United States should call (800) 230-1092. For international access, the conference call number is (612) 332-0107.
A conference call replay will also be available. The United States replay number will be (800) 475-6701, and the international replay number will be (320) 365-3844. The replay passcode will be 957228.
Additionally, investors can listen to the conference call on the Web by clicking on the investor relations section of www.compuware.com.
E-Mail Story
Print Story
