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Informix Seeks to Raise Cash, Refinance Leases

May 16, 1997|(Reuters)

Informix Corp., facing plunging sales of its database software products, needs to raise cash and refinance its leases to keep its operations going, the company said in filings with federal regulators. The Menlo Park-based company is the second-largest publisher of database software. Earlier this year, Informix made a huge bet on a jazzy new database product, dubbed Universal Server, aimed at customers in the just-emerging multimedia business. The bet, Informix executives have said, turned out to be misplaced. By focusing its marketing on the new product, Informix neglected its older, better-selling products. It reported a first-quarter loss of $140.1 million, or 93 cents per share, on revenue of $133.7 million. Sales declined 34% in the first quarter. The huge loss slashed Informix's cash supply to $120.6 million from $261 million, the company said. Informix shares were up $2.19 to close at $11.375 on Nasdaq.

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