Portal Software (PRSF) was down 24.6% in preopen Island trading after the company warned it would post a first-quarter pro forma loss of 19 to 21 cents a share, vs. analysts' estimates of a profit of 1 cent a share.

The e-business software company earned 2 cents a share in the year-ago period. Portal Software said it plans to take "aggressive cost cutting measures" including a reduction in workforce, facilities consolidations and asset write-offs.