Datalogix posts $8 million loss
A software maker that may soon be acquired by Oracle today posted an $8 million loss on revenues of $49.2 million for the fiscal year ended June 30.
According to its annual report filed today with the Securities and Exchange Commission, the results amount to a 70 cents per share loss.
Datalogix, which makes client-server manufacturing applications, blamed the results on the combination of lower than expected license revenues for its principal client-server manufacturing applications, the cost of setting up reserves to meet product warranties, and other costs.
The company said it expects revenues to continue to decline at least through the first half of fiscal 1997 and anticipates a loss of about $2 million for the quarter that ended September 30.
Datalogix also said it appointed Richard J. Willemin to the post of Chief Financial Officer. In addition to his financial responsibilities, Willemin will facilitate the transition with Oracle, which signed a letter of intent to acquire Datalogix for $8 per share in cash on September 24. The merger is awaiting regulatory and shareholder approval.
In 1995, revenue had risen by 14 percent from $43.2 million during fiscal 1995. The company also received a $3.5 million income tax benefit although the company still posted a $5.3 million loss.