Hyperion Solutions

(HYSL)

said it sees results for its second quarter ended Thursday falling short of expectations and that the next quarter ending in March will also likely miss estimates.

The Sunnyvale, Calif.-based analytical software company estimates it will report second-quarter total revenue of $105 million and earnings of 25 cents to 30 cents a share when it reports Jan. 21. The 12-analyst

First Call

forecast called for 31 cents a share vs. the year-ago 21 cents.

"We underestimated the short-term decline in sales productivity that was caused by merger-related activities, particularly in North America," said John Dillon, Hyperion's president and CEO. Hyperion Solutions merged with

Arbor Software

at the end of August.

He added that for the first time, the company saw customers shift information technology spending to concentrate on Year 2000 issues, which pushed out some of the company's larger transactions.

"While we are taking actions to remedy the situation, the decrease in sales productivity probably will continue into the next quarter," Dillon said.

Hyperion Solutions closed up 21/32 at 17 3/8 with 1.5 million shares traded, and was halted for late composite trading. The stock has more than halved its value since early December amid analyst downgrades and ongoing speculation that the company would miss its quarter. On Monday,

Goldman Sachs

cut the stock to market outperform from recommended and

Needham

downgraded it to buy from strong buy. In early December,

BT Alex. Brown

dropped it to buy from strong buy.

--

Medora Lee

Aspect Telecommunications

(ASPT)

warned its fourth-quarter results will be lower than expected, coming in around 12 cents a share, because of a shortfall in North American business. The 10-analyst prediction called for 21 cents vs. the year-ago 25 cents.

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

Earnings/revenue reports and previews

JDA Software Group

(JDAS)

said it expects to record a fourth-quarter loss of 8 cents to 11 cents a share due to weakness in software licenses. The nine-analyst view called for earnings of 16 cents vs. the year-ago 22 cents. JDA Software said it plans to restate its second-quarter and third-quarter results in response to a new guidance from the

Securities and Exchange Commission

to revise current methods regarding in-process research and development write-offs. The company also announced its CEO, Brent Lippman, resigned. James Armstrong and Frederick Pakis, co-founder and co-chairmen, will return to the company full-time as co-chief executives.

Aehr Test Systems

(AEHR) - Get Report

posted a second-quarter loss of 7 cents a share, narrower than the single-analyst forecast for a loss of 10 cents but below the year-ago profit of 12 cents. The company also said it expects to post lower net sales and gross margins in the second half of 1999 because of pressures in the semiconductor industry.

Dollar Tree Stores

(DLTR) - Get Report

reported its fourth-quarter same-store sales rose 5.2%.

Information Management

(IMAA)

said its fourth-quarter and annual results might fall below expectations because of a delay in purchasing orders. The four-analyst outlook called for earnings of 16 cents a share vs. the year-ago 15 cents.

Mentor Graphics

(MENT)

said its fourth-quarter earnings will surpass the 11-analyst estimate of 17 cents a share. In the year-ago period, the company earned 3 cents.

Walter Industries

(WLT)

posted second-quarter earnings of 25 cents a share, a penny ahead of the five-analyst forecast and 2 cents higher than the year-earlier figure.

Mergers, acquisitions and joint ventures

Anchor BanCorp Wisconsin

(ABCW)

and

FCB Financial

(FCBF)

agreed to merge in a $167 million stock deal.

Tel-Save.com's

(TALK)

new CEO, Gabriel Battista, told

Reuters

the company could double its long-distance customers over the next 18 months after extending its pact to sell services over

America Online

(AOL)

by two years to 2003. As reported earlier, the stock climbed 17.4% to 19 5/8 on news of the extension.

TheStreet.com's

Herb Greenberg

wondered in a

column today how

Salomon Smith Barney

analyst Jack Grubman knew about the extension before Tel-Save issued a release.

TSC

wrote about the departure of former Tel-Save.com chief executive, Daniel Borislow, in a

Nov. 16 story.

Miscellany

Avery Dennison

(AVY) - Get Report

said fraud allegations made by Taiwan's

Four Pillars Enterprise

were unfounded.