Compuware Expects Lower Earnings
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DETROIT (AP) _ Compuware Corp. expects to report lower earnings than Wall Street expects for the first quarter of its fiscal year, mainly due to a seasonal downturn, the computer software company said Wednesday.
Farmington Hills-based Compuware said it will report earnings of 5 cents or 6 cents per share based on revenue in the range of $239-$341 million for the three-month period that ended June 30.
A consensus of Wall Street financial analysts surveyed by Thomson Financial/First Call was that Compuware would report earnings of 7 cents per share.
``The seasonality in our business was more pronounced than usual and the technology spending environment remains difficult,″ said Compuware president Joe Nathan, in a statement.
Compuware will release its first quarter financial results on July 16.
During the first quarter of fiscal 2002 Compuware reported earnings of $446 million or 12 cents a share, excluding special items.
Last month, Compuware said in a filing with the Securities and Exchange Commission that it had cut more than 1,000 employees through May 31 as part its restructuring plan. That represented about 9 percent of its global work force.
In midday trading Wednesday on the Nasdaq Stock Market, Compuware shares were down a penny a share at $4.40.
On the Net:
Compuware Corporation, http://www.compuware.com