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NEW YORK (Reuters) - Business-to-business software company i2
Technologies Inc. warned on Tuesday that its second-quarter results will be
lower than expected because of "difficult" market conditions.
For the second quarter, Dallas-based i2 anticipates reporting a loss of about
12 cents a share, excluding a $25 million-to-$27 million, or 4-cent-a-share,
bad debt charge. The company took the charge primarily because of
conditions "surrounding dot.com and public marketplace customers," i2 said
in a statement.
Analysts on average were expecting i2 (ITWO: Research, Estimates) to post
a loss of 6 cents a share, according to Thomson Financial/First Call.
"Obviously, we're really disappointed in the numbers," Greg Brady, i2's chief
executive, said on a conference call with analysts on Tuesday morning. "I2
doesn't understand how to miss a number."
The net loss excludes a restructuring
charge of $33 million-to-$35 million,
or 5 cents a share, as well as other
adjustments. Without the additional
charge and various other
adjustments, i2 expects to report a
net loss per share for the second
quarter of about $2.10 to $2.12 a
In addition, i2 said it expected revenue in the range of $235 million-to-$240
million, down from previously lowered expectations of between $275 million
and $300 million. Analysts on average had predicted i2 would generate $282
million for the second quarter, according to First Call.
"It's a huge miss," Brendan Barnicle, an analyst with Pacific Crest
Securities, said. "To miss two quarters in a row after you'd already lowered
the bar that low is very, very disappointing."
Shares of i2, which makes software that lets companies share their inventory
and planning data with suppliers over the Web, were down 1.59 percent, or
35 cents, at $17.87 on heavy morning trade on the Nasdaq. The stock was
among the most actively traded issues. The U.S. markets closed at 1:00
p.m. ET Tuesday and are closed for July 4.
The news prompted brokerage firm Merrill Lynch to cut its mid-term stock
rating on the software firm to neutral from accumulate.
Dependency on big deals
i2's big shortfall is a clear demonstration of the effects of the company's
dependency on large deals, said Steve Bowen, an analyst with First
Although the average price of i2's customer deals has fallen to $1 million in
the second quarter compared with $1.8 million in the first quarter, Bowen said
i2 was clearly finding the transition hard to make.
"Clearly the difficulties of transitioning from selling large, multimillion deals to
smaller deals is taking some time," Bowen said. "Even though they're
making some headway, it requires more sales activity to hit the larger
numbers we're accustomed to."
The news comes as even more of a surprise given comments from i2
executives during the second quarter. In May, at i2's eDay analyst
conference in New York, Brady said the estimates issued by the company
for its second quarter were "conservative." And since then, analysts have
widely expected the company to meet or beat their lowered estimates.
"I think the thing that's most disappointing is that it clearly caught
management by surprise," Pacific Crest's Barnicle said. "They've been trying
to get things back in line throughout the last 90 days, but apparently they
weren't able to do enough of this fast enough."
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