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Ariba Restates Most of Results

The software company has problems with accounting, expenses and options.
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Ariba

(ARBAE)

announced that it has restated or adjusted all but one of its quarterly statements. The company came public in 1999.

The software company, another Internet-bubble era flameout, cited accounting problems, questionable partnerships and executive awards,

Reuters

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reported.

The adjustments result in:

A net loss increase by $9.8 million in fiscal year 2000 and $14.1 million in fiscal year 2001;

A decrease in net loss by $22.1 million in fiscal year 2002;

An increase in net loss of $2 million in the first quarter of fiscal year 2003.

The restatement is expected to increase Ariba's projected fiscal second-quarter loss by 2 cents a share, to 18 to 20 cents.