Software integration shop
lowered first-quarter earnings and revenue guidance Monday, saying several contracts failed to close by March 31.
The Monrovia, Calif., company expects to lose 4 cents or 5 cents a share on revenue of $36 million to $37 million. It had previously expected to break even or earn 1 cent a share on revenue of $42 million to $44 million. Analysts had been expecting the company to break even on revenue of $40.4 million.
The company said several deals didn't close with prospective customers who were managing new procurement processes in accordance with Sarbanes-Oxley. "In addition, while we remain confident in our technology leadership, we were disappointed by overall sales execution and are acting swiftly to address the weaknesses in certain geographic regions," SeeBeyond said.
The stock, which has fallen about 30% since the start of 2004 and 13% this year, was halted in after-hours trading.