FlexiInternational Software Predicts Whopping Shortfall

Also, Evans Systems cancels merger plans with Duke & Long Distributing.
Author:
Publish date:

FlexiInternational Software

(FLXI)

, which develops and markets financial and accounting software, warned it sees a first-quarter loss of about 32 cents a share on revenue of about $4.2 million. The three-analyst

First Call

estimate called for a loss of 13 cents vs. the year-ago profit of 3 cents. The company blamed the expected shortfall on a slowdown in software-licensing spending due to Y2K concerns.

In other postclose news (earnings estimates from First Call; earnings reported on a diluted basis unless otherwise specified):

Earnings/revenue reports and previews

Cincinnati Financial

(CINF) - Get Report

said its

Cincinnati Insurance

unit expects in the second quarter to record $5.2 million in catastrophe losses due to severe weather.

Mergers, acquisitions and joint ventures

Evans Systems

(EVSI) - Get Report

said it canceled plans to merge with privately held

Duke & Long Distributing

. Evans said the companies could not agree on terms and ran into difficulties trying to treat the transaction as a pooling of interests.

Miscellany

Alaska Airlines

(ALK) - Get Report

said it had to cancel dozens of flights because of a union-organized sickout.

Illinois Power

(ILN)

said that if it receives an approval letter from the

Nuclear Regulatory Commission

on time, it plans to initiate the restart of its Clinton nuclear plant late April 25.

Sports Authority

(TSA)

said its chairman, Jack Smith, resigned to devote himself full-time to other interests.