Wednesday October 17, 6:10 pm Eastern Time
Commerce One CFO says "too difficult" to predict
breakeven
NEW YORK, Oct 17 (Reuters) - The chief financial officer of Commerce One Inc.
(NasdaqNM:CMRC - news) said on Wednesday it was ``too difficult'' to predict when the
business-to-business software company would break even and that its software revenues
would be flat for the
next couple of quarters.
CFO Peter Pevere said Commerce One, which makes online marketplace software, had previously said it would break even in the second quarter of 2002.
But speaking on its third quarter financial earnings call on Wednesday, Pevere backtracked. ``It's too difficult to project the exact timing of our break even,'' he told analysts.
Pevere said revenues from software, maintenance and network services would be flat with the third quarter, or around $16 million.
Meanwhile, the consulting portion of Commerce One's services revenues, will decline by around 55 percent to 65 percent from the fourth quarter to the first quarter 2002, Pevere said.
Pevere added that Commerce One, which closed the quarter with $348 million in cash, did not expect to burn more than $30 million in cash in the first quarter. He said the company would end the full year 2002 with no less than $150 million in cash.
Earlier, Commerce One reported a third quarter net loss of $119 million, or 45 cents a share compared with a loss of $61 million or 37 cents a share in the prior year. The report of the loss came two days after Commerce One said it was cutting 46 percent of its staff. Revenues fell to $81 million from $113 million in the year-ago period.