Siebel Systems ( SEBL), which agreed to a $5.85 billion buyout offer from Oracle ( ORCL) last month, said that it will better Wall Street's third-quarter revenue expectations.

The software maker on Wednesday said it expects third-quarter revenue of $346 million, compared with the $311 million expected by analysts polled by Thomson First Call.

The company did not give earnings or net income guidance for the quarter, because, CFO Ken Goldman said, he has not yet determined the correct tax rate. Wall Street expects the company to earn a per-share profit of 2 cents.

License revenue, a long-time problem area, improved by 7% year over year to $112 million, while maintenance revenue was up 6% to $125 million with strong renewals.

CEO George Shaheen said in a call with analysts that the better-than-expected quarter was more a result of increased management focus on the deal pipeline and new leadership in several geographical areas, than any macro changes or product breakthroughs.

The company also said that it incurred about $12 million in pretax restructuring and other charges in the third quarter primarily related to costs associated with an ongoing restructuring plan.

Excluding the charges, operating margin and operating income for the third quarter of 2005 are expected to be about 13% of total revenues and roughly $46 million, respectively.

The all-cash deal, expected to close in early 2006, will bring Siebel's long-suffering investors $10.66 a share. The stock has traded only lightly recently, closing the regular session unchanged at $10.31 a share, although it lost a penny in after-hours action.

Siebel will report final third-quarter results after the closing bell on Oct. 26.

Shares of Oracle were recently up a penny to $12.18 after hours.

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