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Results Restated

May 04, 2000|Reuters

MicroStrategy Inc. said its first-quarter 1999 results were restated downward to a net loss of 5 cents per share, contrasted with a profit of 2 cents. Revenue for the period was restated to $29.3 million, from $35.8 million.

The Vienna, Va.-based maker of customer management software maker had said previously that it would revise results for certain quarters in the 1997, 1998 and 1999 fiscal years to address certain software arrangements it had with customers that should have been accounted for. Earnings for its second quarter of 1999 were restated to nil from a profit of 4 cents. Diluted earnings per share for its third quarter of 1999 were revised to a loss of 17 cents per share, contrasted with a profit of 4 cents per share. Diluted earnings for its fourth quarter are revised to a loss of 22 cents per share, contrasted with a profit of 4 cents per share.

MicroStrategy shares have been hammered, in part because of an announcement by the Securities and Exchange Commission that it had launched a formal investigation into the restatement. Shares fell 81 cents to close at $24.75 on Nasdaq.

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