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Verticalnet misses revenue targets

E-business software company Verticalnet Software said Friday that second-quarter revenue and earnings will come in below target. The company expects to report $6 million to $6.2 million in revenue when it posts financial results July 24. It expects to post a pro-forma loss, which would exclude non-cash expenses, discontinued operations and other non-recurring items, of $4.1 million to $4.3 million, or a 4-cent-per-share loss. Analysts estimate the company will report $7.6 million in revenue and a penny per share pro-forma loss, according to First Call. If the company's estimates are on target, it will have trimmed its losses compared to the same quarter last year, but revenues will be lower.

The company, reeling from the double blow of a collapsed market for e-marketplaces and lagging demand for business software, recently bought back stock and approved a reverse stock-split to boost its below-a-dollar share price. Verticalnet Chief Executive Kevin McKay said in a statement that he could not predict when business would pick up but the company has many potential customers.