Financial Daily from THE HINDU group of publications
Saturday, Oct 30, 2004
Financial Daily from THE HINDU group of publications Saturday, Oct 30, 2004 |
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Info-Tech
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Financial Performance Corporate Results - Software i2 Tech Q3 income down to $111 m Our Bureau
Bangalore , Oct. 29 I2 TECHNOLOGIES Inc reported revenues of $111 million for the third quarter ended September 30, compared to $117 million recorded during the third quarter 2003. While licence revenue stood at $17 million, development services revenue amounted to $8 million. According to a company release, contract revenue at $29 million for the quarter, down from $31million in the same quarter last year, reflects amounts deferred as a result of the company's July 2003 restatement and is not typically associated with the current business and cash collections. Net income applicable to stockholders for the third quarter totalled $17 million ($7 m). Total costs and operating expenses were $90 million, which included approximately $3 million of legal expenses related to the class action and derivative litigation settlement and the ongoing governmental investigations as well as $2 million of costs associated with the contract revenue recognised. In addition, there was a reduction to the company's restructuring accrual of approximately $7,00,000. Customer wins for the quarter include General Motors and Kia Motors America, South Africa's AngloGold and China's BAO Steel, Avnet, Galileo Avionica, and Mexico-based Distribuidora Flexi. "We continue to make progress toward our goals of achieving operating profitability and long-term growth," Mr Sanjiv Sidhu, CEO, i2, was quoted as saying in a release. Cash and investments decreased by $64 million. i2 finished the quarter with $281 million in total cash and investments. The company used approximately $37 million of cash for the repurchase of $40 million in aggregate principal amount of the i2's outstanding convertible debt during the quarter.
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