Profit Slips at Tibco Software

Options expenses hurt results.
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Third-quarter profit slipped at Tibco Software (TIBX) as options expenses took a bite out of results.

The business software maker said late Thursday that net income fell to $11.3 million, or 5 cents a share, from $13.8 million, or 7 cents a share, a year earlier.

The latest quarter included $3.5 million in employee stock-based compensation expense.

Excluding items, profit rose to $15.5 million, or 7 cents a share. A Thomson First Call survey of analysts was expecting 6 cents a share.

Revenue rose to $120.4 million from $105.9 million. First Call was expecting $121.1 million.

Following the announcement, shares of Tibco were off 64 cents, or 7.2%, in after-hours trading to $8.25 on Instinet.