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Pegasystems shares slide after 2Q report

Tue, 08/10/2010 - 8:05am
The Associated Press

Shares of Pegasystems Inc. tumbled Tuesday after the business software maker posted second-quarter adjusted earnings below Wall Street's expectations.

The company late Monday posted a net loss of $8.2 million, or 22 cents per share, down from net income of $11.2 million, or 30 cents per share, in the same period a year earlier.

Adjusted earnings were 10 cents per share in the latest quarter. These excluded foreign exchange losses and acquisition charges of $9.5 million for Chordiant Software Inc.

Revenue rose 29 percent to $82.2 million from $63.9 million. Adjusted revenue totaled $85.8 million.

Analysts, on average, were expecting a profit of 16 cents per share on revenue of $85 million, according to a poll by Thomson Reuters. The estimates exclude unusual items, but include stock-based compensation expenses.

The company forecast full-year earnings of 30 cents per share and adjusted earnings of $1.02 per share. Analysts expect earnings of 84 cents per share.

Shares fell $5.14, or 17 percent, to $24.51 in morning trading. Earlier, the stock hit a 52-week low of $24.16.

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