Feeds

Siebel reports Q4 loss

Sharp sales fall

  • alert
  • submit to reddit

Secure remote control for conventional and virtual desktops

ComputerWire: IT Industry Intelligence

CRM giant Siebel Systems Inc turned in a fourth quarter loss yesterday on the back of a sharp fall in software revenues.

The San Mateo, California-based vendor reported revenues of $394.7m for the quarter ending December 31, down 19.1% on the year. While services, maintenance and other revenues were static, software revenues were off 37.1% at $157.4m.

Operating loss was $67.2m, compared to a profit the previous year of $94.6m. Net loss was $38m, compared to the previous year’s $65.9m profit. On a proforma basis, excluding a $95.9m restructuring charge, the company reported net income of $23.4m, down 64.5% on the year.

For the full year, revenues were down 21.6% to $1.6bn. Operating loss was $94.3m compared to the previous year’s $357.9m profit, while net loss was $35.7m compared to a profit of $254.6m the previous year. On a proforma basis, full year net profit was $130.8m, down 48.6% on the year.

The company also announced that COO Paul Wahl will retire at the end of the first quarter, 2003. His direct reports will now report directly to chairman and CEO Tom Siebel.

Earlier in the day, the company announced it had realigned its stock compensation program in the light of the recent decline in the IT industry. In an SEC filing, the firm said 28 million shares underlying employee stock options had been canceled. The company said this equated to 5% of net potential dilution to stockholders.

The filing also said that Tom Siebel had asked the board to cancel all stock options granted to him during the last four years. This equated to just under 26 million shares, with a fair value of $56.1m. As a result, Siebel’s beneficial ownership of the company was reduced from around 13.5% to around 10.7%.

© ComputerWire

Providing a secure and efficient Helpdesk

More from The Register

next story
The 'fun-nification' of computer education – good idea?
Compulsory code schools, luvvies love it, but what about Maths and Physics?
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
Lords take revenge on REVENGE PORN publishers
Jilted Johns and Jennies with busy fingers face two years inside
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Ex-US Navy fighter pilot MIT prof: Drones beat humans - I should know
'Missy' Cummings on UAVs, smartcars and dying from boredom
Yes, yes, Steve Jobs. Look what I'VE done for you lately – Tim Cook
New iPhone biz baron points to Apple's (his) greatest successes
Sysadmin with EBOLA? Gartner's issued advice to debug your biz
Start hoarding cleaning supplies, analyst firm says, and assume your team will scatter
Edward who? GCHQ boss dodges Snowden topic during last speech
UK spies would rather 'walk' than do 'mass surveillance'
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
Three 1TB solid state scorchers up for grabs
Big SSDs can be expensive but think big and think free because you could be the lucky winner of one of three 1TB Samsung SSD 840 EVO drives that we’re giving away worth over £300 apiece.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.