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Peregrine Reduces 3 Years of Revenue

March 01, 2003|From Times Staff and Wire Reports

Just days after Peregrine Systems Inc. Chairman John J. Moores and three board members announced their resignations, the San Diego software maker Friday reduced reported revenue for 1999 through 2001 by 38% because of accounting irregularities.

Peregrine originally reported revenue of $1.34 billion. The company, which reduced its sales to $831 million, said it lost $11.36 a share in its fiscal year ended March 31, 2002, $13.32 in fiscal 2001 and $2.12 the previous year. Peregrine originally estimated the restatement would be smaller.

Spokeswoman MeeLin Nakata declined to comment.

Moores is the owner of the San Diego Padres and a self-professed computer nerd who built Peregrine into a corporate powerhouse. He and the other board members announced their resignations Tuesday to clear the air with distrustful creditors as the company tries to emerge from bankruptcy protection.

Creditors believed that Moores and the others were too closely tied to the accounting problems.

Peregrine, which makes software for tracking a firm's equipment, filed for Chapter 11 bankruptcy protection in September. The Justice Department and the Securities and Exchange Commission are probing Peregrine's accounting.

In May, the company began investigating accounting for at least $100 million in sales. In August, Peregrine said it would restate results for 11 quarters and reduce previously reported sales by $250 million.

Peregrine shares, which trade in the so-called pink sheets market, fell 1 cent to 41 cents Friday.

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