Lawson Software swings to loss in Q1, revenues miss the Street
Shares of Lawson Software, Inc. (Nasdaq: LWSN) are under pressure after the small cap software company reported after Thursday’s close that it swung to a loss in its first fiscal quarter of 2009. An increase in income taxes, lower interest income from lower investment balances and lower yields on investments all served to drag down the bottom-line. Currency fluctuations also had a negative impact of nearly $0.02 on net earnings per share.
Revenues missed the Street, as the top line only increased 2% due to a 17% decline in license fees and a 3% decline in consulting revenues.
The firm issued revenues for the fiscal second quarter below the Street and earnings lower to above the consensus.
Shares gave up 10%, or $0.66, to $5.75 in pre-market trading. For detailed price information and news stories on Lawson Software, click LWSN.
