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Santa Cruz sees Q1 below estimates, OK with year
SANTA CRUZ, Calif., Jan 12 (Reuters) - Software maker Santa Cruz Operation Inc. said on Wednesday it expects first-quarter earnings to fall below analysts' expectations, partly due to delays caused by customer concerns over year 2000 computer problems.
But Santa Cruz (NasdaqNM:SCOC - news), known as SCO, also said it expects earnings and revenues to rebound in the second quarter, and it is comfortable with analysts' estimates that it will earn 60 cents per share for fiscal 2000.
It sees diluted earnings for the first quarter, ended Dec 31, of 6 cents to 8 cents per share. Wall Street analysts polled by First Call/Thomson Financial anticipate 14 cents per share.
For the first quarter, the company expects to report revenues of $52.5 million to $54.5 million, compared with $52.7 million in the first quarter of fiscal 1999. SCO expects net income for the first quarter of $2.5 million to $3.2 million, compared with $3.1 million a year earlier.
``During calendar 1999, Y2K issues had a large impact on SCO's business with results that were both positive and negative,'' said SCO President and Chief Executive Doug Michels. "Earlier in 1999, Y2K remediation resulted in increased upgrade business, but also delayed the roll-out of new systems.
``During the quarter ended December 31, 1999, we found that our resellers were increasingly occupied with Y2K preparation, resulting in further delays of new projects. In addition we saw a higher-than-expected percentage of major customer orders delayed until after year-end. These factors led to lower-than-expected server business revenues.''
SCO expects that Y2K issues will have little further impact on its business and expects that most installations deferred during the first quarter will be implemented during the remainder of fiscal 2000.
``We remain comfortable with analysts' earnings estimates of 60 cents (per share) for the fiscal year 2000,'' said Michels. For fiscal 1999 the company earned 46 cents per diluted share.
SCO, a provider of UNIX server operating systems, plans to announce first-quarter results on Jan. 18.