SeeBeyond Shares Slip on Outlook - TheStreet

Shares of software company

SeeBeyond Technology

(SBYN)

were down 7.6% Monday morning after the company said its second-quarter loss would be wider than expected.

SeeBeyond expects to report a loss of 23 cents to 24 cents a share for the quarter, including restructuring charges totaling 8 cents a share. The company previously had expected to lose 14 cents to 16 cents a share.

Excluding the charge, the company expects a loss of 15 cents to 16 cents a share. Analysts expect a loss of 7 cents a share. The company reported a loss of 5 cents a share in the prior-year period.

"As market conditions remain challenging, we did not see an improvement in spending levels for integration technology during the second quarter," said Jim Demetriades, founder and chief executive of SeeBeyond. "However, based on our clear product differentiation with the SeeBeyond Integrated Composite Application Network (SeeBeyond ICAN) Suite 5.0 and our ongoing efforts to control costs, we feel optimistic about our prospects for the second half of 2003."

The company expects revenue of $28 million to $29 million. Analysts expect revenue of $36.6 million. The company reported total sales of $33.67 million in the second quarter last year.

Second-quarter international revenue is expected to be 40% of overall revenue. In addition, SeeBeyond expects to report second-quarter license revenue of $7.0 million to $7.5 million.

Separately, the Monrovia, Calif.-based company said its president responsible for North American sales, Paul J. Hoffman, will be leaving the company to pursue other interests.

Recently, shares of the company were down 17 cents at $2.08.