i2 Technologies Inc. tumbles on lower Q2 and FY outlook
Shares of i2 Technologies, Inc. (Nasdaq: ITWO) continued to tumble Wednesday after the supply chain services provider announced preliminary second quarter results below analysts’ estimates and re-evaluated its the full-year outlook.
For the three months ended June 30, the Dallas, T.X.-based company said it expects to report total revenues of $64 million to $65 million. Three analysts polled by Thomson Financial were expecting revenue of $67.27 million for the second quarter.
I2 Technologies says approximately $11 million of its revenue was from software solutions, while $31 million was generated from services revenue and $22 million was generated from maintenance revenue.
The company says expects to record total bookings of $75 million for the quarter; including two supply chain leader agreements that were up for renewal during the quarter and $0.5 million of platform technology bookings. Software solutions bookings are expected to be approximately $18 million in the quarter.
i2 Technologies expects to record GAAP diluted earnings per share of approximately $0.02 per share for the quarter. Three analysts polled by Thomson Financial were expecting non-GAAP earnings of $0.25 per share for the second quarter.
The company also announced it no longer anticipates achieving its full-year outlook. i2 said it now currently expects significantly lower platform technology bookings, slower than expected growth in supply chain management bookings and a greater proportion of subscription/recurring bookings for the remainder of fiscal year 2007.
Three analysts polled by Thomson Financial expect annual earnings of $1.28 per share on revenues of $284 million.
I2 previously expected year-over-year growth in revenue for 2007 and GAAP diluted earnings per share in the range of $0.90 to $1.10.
i2 Technologies plans to announce final second quarter results on August 6. Shares of i2 tumbled 12.19%, or $2.07, to $14.91 Wednesday afternoon.
