DALLAS -(Dow Jones)- I2 Technologies Inc. lowered its guidance for the first quarter, citing the uncertain economy and purchase delays by customers. The company may also cut 10% of its employees to reduce costs.
In a press release Monday, the company said it expected to earn 2 cents a share for the first quarter ended March 31, compared to 4 cents a share a year ago, both on a diluted pro forma basis.
A Thomson Financial/First Call survey of 40 analysts produced a mean earnings estimate of 5 cents a share for the company's first quarter.
As reported in January, the company's chief financial officer said during a teleconference he expected first-quarter pro-forma earnings of 6 cents a diluted share on revenue of $361 million. Pro forma earnings exclude items and charges.
The company now expects to report revenue of about $355 million, up from $186 million a year ago.
The company is taking measures to reduct its cost structure by 5% to 10%, including employee cuts.
As a result, the company expects to take a restructuring charge in the second quarter
