Tibco Software Inc. (Nasdaq: TIBX) posted a third quarter loss of 3 cents a share Thursday, much better than the 6 cents a share First Call was expecting.
Shares in the maker of e-business software closed at 35 3/4 Thursday, below a peak of 41 3/8 reached just after the company debuted in July. Tibco recently got a boost from underwriters starting coverage with bullish ratings.
Revenue for the third quarter ended August 31 was $24 million, a 121 percent increase over the prior year's quarter. Growth during the quarter was attributed to demand for the company's real-time infrastructure software for conducting e-business, said chairman and CEO Vivek Ranadive in a company release.
Excluding non-cash charges relating to stock compensation, Tibco's operating net loss was $1.9 million, or 3 cents a share, compared to $4.4 million, or 9 cents a share in the third quarter of 1998. Including amortization charges relating to stock compensation, Tibco's net loss for the quarter ended August 31 was $3.9 million, or 7 cents a share, compared to a loss of $5.8 million or 12 cents a share, for the third quarter of 1998.
Tibco went public in July, raising about $124 million for the company. Yahoo! and Sun Microsystems both took equity positions in the offering.
As of August 31, Tibco had cash and cash equivalents of $127 million, total assets of $166 million and stockholders' equity of $143 million.
During the quarter, Altavista joined the list of portals that use Tibco's software. Other highlight of the quarter include the introduction of ActiveEnterprise 2.0, the newest version of the company's real-time infrastructure or "plumbing" software suite, and expanded partnerships with Yahoo!, Sun Microsystems, and Oracle Consulting, the company said.