i2 posts $158 M Q1 revenues

By SiliconIndia   |   Friday, 25 July 2003, 07:00 Hrs
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BANGALORE: i2 Technologies, Inc. (OTC:ITWO) Friday posted first quarter revenues of $158 million compared to $169 million in the fourth quarter of 2002 and $203 million in the first quarter of 2002.

The announcements was made in conjunction with the company's filing of its 2002 Annual Report on Form 10-K.

GAAP earnings of $0.09 per share for the first quarter of 2003, compared to earnings of $0.03 per share in the fourth quarter of 2002 and a loss of ($0.03) per share in the first quarter of 2002. This includes the impact of recognition of restated deferred revenue.

Total revenues included $66 million in contract revenue consisting of $57 million in revenue deferred from earlier periods as a result of the Company's recent restatement and $9 million in revenue attributable to development services projects.

Software license revenues totaled $19 million for the first quarter of 2003 as compared to $22 million in the fourth quarter of 2002 and $26 million in the first quarter 2002.

Total costs and operating expenses for the first quarter were $110 million, including approximately $4 million of audit and legal fees related to the company's re-audits and investigations. Operating income for the quarter totaled $48 million.

License deals were spread across all regions and all major industry sectors, with high tech and consumer goods and retail (CG&R) continuing to be leading industries, the company announced.

The company also announced that it expects to report GAAP preliminary estimated earnings of between a loss of ($0.02) per share and breakeven for the second quarter of 2003, compared
to earnings of $0.09 per share in the first quarter of 2003 and a loss of ($2.18) per share in the second quarter of 2002.

The expects total revenues to be between $114 million and $122 million for the second quarter of 2003, compared to $158 million in the first quarter of 2003 and $162 million in the second quarter of 2002.

Preliminary estimated total costs and operating expenses for the second quarter are expected to be between $117 million and $122 million, including approximately $9 million of audit and legal fees related to the company's re-audits and investigations.

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