Updated from 9:20 a.m. EDT

The carnage in the software industry continued with four companies preannouncing weak second-quarter results in addition to the marquee warnings from both PeopleSoft ( PSFT) and Veritas ( VRTS). Quest Software ( QSFT), meanwhile, stood out as the only software vendor so far to preannounce upside to its quarterly results, with revenue reaching record levels.

Shares of Quest were recently up 70 cents, or 6.3%, to $11.81, reversing a drop of $1.11, or 9.1%, suffered Tuesday. Meanwhile, shares of Ascential Software ( ASCL), Kana Software ( KANA), JDA Software ( JDAS) and FileNet ( FILE) continued their slide following their negative preannouncements after the bell Tuesday.

Ascential shares were recently down $1.74, or 12.4%, to $12.28; shares of Kana were recently down 53 cents, or 25.1%, to $1.58; JDA recently dropped 99 cents, or 8.4%, to $10.86; and FileNet shares recently edged down $5.28, or 18.9%, to $22.65.

Quest, whose software helps companies manage applications and databases, announced that total revenue in the quarter would range from $90 million to $91 million, representing a 27% increase from a year earlier. That's higher than the $88.5 million projected by analysts polled by Thomson First Call. The company said its earnings will reach the high end of previous guidance, which set targets of 4 cents to 6 cents a share on a GAAP basis and 7 cents to 9 cents a share excluding charges. The consensus estimate is 9 cents a share.

Quest also announced that a judge would grant a preliminary injunction blocking the company from selling a product at the center of a suit filed by rival Computer Associates International ( CA). The company said that will not have a material impact on results unless the company determines it should take a special one-time charge related to the litigation.

FileNet, the largest of the group of software disappointers Tuesday, said second-quarter revenue will range from $93 million to $95 million, including software revenue ranging from $32 million to $33 million. Although still up 7% from a year ago, those results fall short of the $100.1 million expected by analysts.

FileNet, which makes enterprise content management software, expects earnings under generally accepted accounting principles to range from 3 cents to 5 cents a share. Analysts were expecting earnings of 11 cents a share excluding charges. FileNet said customers unexpectedly delayed a significant number of purchasing decisions in the quarter -- an excuse repeated in press releases by other software makers.

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