Hummingbird posts loss, to cut 200 jobs

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TORONTO, Oct 25 (Reuters) - Canadian software developer Hummingbird Ltd. (Toronto:HUM.TO - news) (NasdaqNM:HUMC - news) reported a fourth-quarter loss on Thursday as sales weakened and said it was cutting 200 jobs.

``We understand that in these times of uncertainty it is difficult to predict sales and profitability for the future. It is clear, however, that we have to examine our cost structure,'' Hummingbird chairman and chief executive Fred Sorkin said in a statement.
The company posted a net loss of $3.1 million, or 17 cents a share, for the quarter ended Sept. 30. That compared with net income of $6.2 million, or 33 cents per share, in the same period last year.
The company said it felt its performance in the quarter was ``strong'' in light of the weak economy, but nonetheless it had to cut its workforce ``to improve Hummingbird's financial strength.''
``Global economic weakness and uncertainty continues to impact the software industry as customers delay capital expenditure decisions,'' the firm said in a statement.
Sales for the quarter fell to $48.9 million from $65.5 million a year earlier.
For the year, Hummingbird reported net income of $3.7 million and diluted earnings per share of 20 cents, down from $10.3 million, or 57 cents, last year.
Sales for the year fell 12 percent to $208.0 million from $237.1 million in 2000.
Hummingbird shares closed at C$26.05, up 5 Canadian cents, on Thursday on the Toronto Stock Exchange.
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2001-10-30 -04:00
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