Sybase ( SY) warned Friday that first-quarter results will fall short of estimates because several telecom deals failed to close, but it affirmed full-year guidance.

Shares of Dublin, Calif.-based Sybase recently dropped $1.99, or 9.5%, to $18.89 on the warning.

The software maker said it expects to earn 18 to 20 cents on revenue ranging from $183 million to $185 million in its just-completed fiscal first quarter. That falls short of the 24 cents a share on $191.1 million in revenue expected by analysts polled by Thomson First Call.

Under generally accepted accounting principles, earnings will range from 14 cents to 16 cents a share, Sybase said.

"We were impacted by several large telecom transactions that did not close this quarter as anticipated, but which we expect to close in future quarters," Sybase Chairman and CEO John Chen said in a press release.

Chen reiterated the company's guidance for fiscal year 2004, with pro forma earnings expected to range from $1.08 to $1.10 a share and GAAP earnings expected to range from 92 cents to 94 cents a share. Chen also reaffirmed expectations that full-year cash flow provided by operations will be around $170 million. The company previously said revenue would go up 4% to 6%, reaching between $809 and $825 million.

Analyst estimates currently sit at $1.09 a share in earnings on $811.4 million in revenue for fiscal 2004.