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O.C. BUSINESS PLUS | ORANGE COUNTY EARNINGS

Epicor's Slump Widens in Third Quarter

November 01, 2000|Dow Jones

Epicor Software Corp., an Irvine maker of electronic business software, reported that its net loss widened in the third quarter on lower revenue, and said Tuesday that it would restate results for the first two quarters to show more red ink.

Epicor lost $12.3 million, or 30 cents a share, for the third quarter, compared with a loss of $9.7 million, or 24 cents a share, for last year's third quarter. Revenue fell 19% to $51.3 million.

The loss for the most recent quarter included charges of about $6.4 million, or 16 cents a share, for write-downs on development costs.

To increase allowances on accounts receivable, Epicor restated its losses for the first two quarters. The revised loss is $14.2 million, or 35 cents share, for the first quarter, up from $8.9 million, or 22 cents a share, previously reported. The second-quarter loss was revised to $8.8 million, or 21 cents share, from $5 million, or 12 cents a share.

Because of the revisions, the company said it is negotiating with its lender to make appropriate changes to its credit agreement in an effort to reclassify $6.1 million of debt from current to long-term debt.

Epicor's stock gained 19 cents to close at $1.97 a share in Nasdaq trading.

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