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Sybase results disappoint

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Sybase says its first quarter results will be worse than expected because several large deals with telecoms companies have failed to come through. It expects these deals to go through next quarter and so hasn't changed its guidance on full year turnover and profits.

The database company expects turnover for the quarter ended 31 March 2004 to be between $183m and $185m, rather than the $191m predicted by analysts. Earnings per share will be between 18 cents and 20 cents instead of 24 cents.

John Chen, chairman, CEO and president at Sybase, said in a statement: "We were impacted by several large telecom transactions that did not close this quarter as anticipated, but which we expect to close in future quarters.

"Despite the slippage in Q1, we still see an increase in both revenue and pro forma EPS from the same period last year. We remain positive about our long term strategy and about Sybase meeting the full-year revenue, cash flow and EPS expectations".

In other news Sybase has bought a privately-held security company,XcelleNet, from investment house Francisco Partners for approximately $95.2m. The price may be adjusted due to changes between 31 December 2003 and the close of the deal.

XcelleNet specialises in remote management and mobile device security. It will be integrated into Sybase's iAnywhere product family.

The takeover strengthens Sybase hand in the growing market for mobile security middleware. The deal should close in the second quarter of 2004. The company also brings 2,200 customers to Sybase. ®

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