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UPDATE: BMC falls on 2Q warning

BMC Software (Nasdaq: BMCS) tumbled 6 9/16 to 63 7/16, or 9 percent Thursday, after it said it sees second quarter net income a little less than some analysts anticipated.

On Wednesday, the maker of mainframe and client-server software said it expects to report fiscal second quarter earnings of $101 million to $106 million, or 40 to 42 cents per share, excluding amortization of goodwill and intangible assets. According to Zack's Investment Research, forecasts range from 37 cents to 45 cents per share.

Second quarter revenue will be between $410 million and $415 million, in line with analyst estimates, BMC said. North America business rose more than 50 percent, but international license revenue gained only in the low to mid-teens on a percentage basis.

Delays in closing some large European contracts hurt BMC's bottom line, said Max Watson, president, CEO and chairman. The company topped estimates in the previous quarter.

Watson said he's comfortable with analysts' consensus estimate for the fiscal third quarter ending December. First Call's survey of 10 Wall Street firms predicts a third quarter profit of 54 cents per share for BMC.

Shares of BMC fell 1 1/4 in Wednesday's regular trading prior to the earnings warning. Of 28 Wall Street firms surveyed by Zack's, 16 rate BMC the equivalent of a "moderate buy", 10 recommend it as a "strong buy", and two have "hold" advisories on the stock.>