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| Thursday, December 14, 2006 |
Chordiant Software Inc (NASDAQ CHRD)., a maker of software that helps businesses manage their customer relations, said Wednesday its fourth-quarter loss, on a preliminary basis, widened by 53 percent from last year.
Choridant is one of at least 193 companies that have launched internal reviews, or are being investigated by federal regulators for possibly backdating stock option grants. The company said it has concluded its review, and expects to record an additional $8 million in stock-based compensation expenses. Choridant is currently working with auditors to restate financial results for several years, going back to 2001, and reviewing the factors that may have led to the options that incorrectly accounted for.
For the fourth quarter ended Sept. 30, the company expects to post a loss of $8.4 million, widening from a loss of $5.5 million, or 7 cents per share, last year. Excluding stock-based compensation and amortization expenses, the company lost $7.1 million.
Revenue for the quarter is expected to total $21.7 million, up 2 percent from $21.3 million.
Analysts polled by Thomson Financial expected the company to post a loss, on average, of a penny per share on $26.7 million in revenue.
For the full year, the company expects to post a loss of $16 million, narrowed from a loss of $19.5 million, or 26 cents per share, last year. Excluding certain expenses, the company lost $9.2 million.
Revenue for the year is expected to hit $97.5 million, up 16 percent from $83.7 million last year.
Looking forward, the company projected full year income growth, excluding certain expenses, of between 6 percent to 10 percent, on $115 million to $120 million in revenue in fiscal 2007.
Analysts are currently looking for profit of 15 cents per share on $115.8 million in revenue.
Shares of Chordiant were trading at $2.81, down 44 cents, or 13.5 percent, from Wednesday's closing price of $3.25 on the Nasdaq. |
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