Technology services provider Tanning Technology said it expects second-quarter results to miss previous targets. The Denver-based company, which helps businesses integrate computer systems, estimates that second-quarter revenue will be approximately $11.4 million, compared with its previous forecast of $13 million. Tanning expects to post a pro forma loss of 22 cents per share for the quarter ending June 30. Analysts polled by First Call expected the company to report a loss of 17 cents.
The company will take a charge of $500,000 related to the restructuring of its European operations, which primarily consist of work-force reduction costs of approximately 16 employees. Tanning said while its North American business has picked up, its European business has seen a slowdown. At the end of the quarter, the company said it intends to have between $66 million and $68 million in cash, which is in line with previous estimates.