Lawson reports Q1 loss, appoints new CFO
Lawson Software Inc. posted a first-quarter loss on Tuesday, saying its earnings were weighed down by more than $15 million in pre-tax expenses. The company also announced it has appointed Robert A. Schriesheim, a current member of its board of directors, to serve as executive vice president and chief financial officer.
St. Paul-based Lawson reported a net loss of $15.8 million, or 8 cents per share, for the first quarter. That's compared with a profit of $4.2 million, or 4 cents per share, during the same period last year.
The company attributed the downturn to pre-tax expenses of $15.1 million. The expenses were, in part, tied to acquisition and restructuring costs. Lawson (Nasdaq: LWSN - News) also paid $2.1 million as part of a stock-based compensation plan. Excluding these expenses and costs, the company said its earnings would have reached $4.7 million, or 2 cents per share, for the first quarter.
Despite the downturn in earnings, Lawson reported that its revenue climbed to $161.8 million, up from $87.9 million during the same period last year. The company said the increase was largely driven by its acquisition of Intentia International, and a subsequent revenue consolidation.
Lawson makes business applications for mid-sized businesses.
Published October 3, 2006 by the Minneapolis/St Paul Business Journal
http://biz.yahoo.com/bizj/061003/1355211.html?.v=1
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