* Sees fourth-quarter adjusted earnings $0.42-$0.44/shr vs
* Sees fourth-quarter revenue $310 mln-$318 mln vs est
* Third-quarter adjusted earnings $0.27/share vs est $0.27
* Third-quarter revenue $255 mln vs est $259.8 mln
Sept 20 Business software maker Tibco Software
reported lower-than-expected revenue and forecast
fourth-quarter results below estimates on expected lower revenue
from its services segment.
The company forecast fourth-quarter adjusted earnings of 42
to 44 cents per share on revenue of $310 million to $318
Analysts on average were expecting 47 cents per share on
revenue of $326.7 million, according to Thomson Reuters I/B/E/S.
The company expects services revenue, which accounted for
about 59 percent of its total last year, to be hit by currency
The company's revenue from time-based maintenance and
services will also be affected by five fewer days in the quarter
this year, it said.
"We are looking at services (currency) headwind of about 5
percent, and the number of days change is about another 5
percent on services," CFO Sydney Carey said on a conference
Third-quarter net income rose to $26.1 million, or 15 cents
per share, from $23.5 million, or 14 cents per share, a year
Excluding one-time items, the company earned 27 cents per
share. Third-quarter revenue rose 11 percent to $255 million.
Analysts on average had expected the company to earn 27
cents per share on revenue of $259.8 million, according to
Thomson Reuters I/B/E/S.
Revenue came in at the lower end of the company's
expectations as part of it got deferred, Ranadivé said.
Tibco makes software to coordinate business processes and
manage workflow and competes with companies like Progress
Software Corp and bigger vendors like Oracle.
It removed its U.S. head of sales in June as it restructured
its business in its biggest market.
"We really are focusing our attention on the Americas
because I wasn't satisfied with the way we executed," the CEO
He said it could be three to six months before the company
hires a new regional sales head for the United States.
Last month, a German magazine reported that SAP,
world's biggest maker of business software, failed to reach its
internal profit target in the first half of the year and told
staff to rein in costs to meet the full-year goal.
Shares of Palo Alto, California-based Tibco, which have gained
16 percent since the company announced its business
reorganization plans on June 28, closed at $29.86 on the Nasdaq