Ronna Abramson
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Meanwhile, on the expense side, PeopleSoft's research and development spending dropped sequentially by $4.5 million but increased by $12.1 million year over year. However, the numbers told a different story when Schilit recalculated R&D costs to include expenses from Momentum Business Applications, a spinoff that PeopleSoft created to foot the costs of developing its latest software edition, PeopleSoft 8. Including development services funded by Momentum, Schilit found research and development spending declined year over year by $9.7 million in the third quarter, boosting the company's operating results. The problem is, PeopleSoft will not be able to cut R&D spending forever. The company will soon have to start investing more to develop new products because PeopleSoft 8 came out more than two years ago, noted Walravens. "They are on the tail end of a product cycle," Walravens said. Shares of PeopleSoft closed Monday up 11 cents, or 0.6% at $20.10.
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