i2 Swings Into the Black

By Renee Boucher Ferguson  |  Posted 2003-08-15 Print this article Print

But the supply chain management software maker's total revenue and license revenues and were down in the second quarter.

Moving just out of the red and into the black, i2 Technologies Inc. announced Thursday its final results for the second quarter, ended June 30. Dallas, Texas-based i2 reported break-even earnings on per-share basis for the second quarter, versus a loss of $2.18 per share for the same quarter last year. However, the supply chain management software makers total revenue and license revenues were down this quarter from the same quarter in 2002. For this second quarter i2 reported total revenues of $122 million, compared to $158 million earned during the same quarter last year.
License revenues totaled $17 million for the second quarter of 2003, versus $162 in the second quarter of 2002.
"We have focused heavily on improving i2s operations, said Sanjiv Sidhu, i2s chairman and CEO, in a statement. "As a result I believe that our products, services and operational organizations are well-equipped to meet the challenges of the marketplace." Challenges indeed. Costs and operating expenses for the second quarter were reported at $119 million—including about $9 million in legal fees related to i2s earnings restatement earlier this summer. In July i2 announced the completion of a company audit that resulted in the restatement of its finances for the past four years. The net effect detailed in i2s audit is the companys total revenue increased in 2002 and decreased for the three years preceding that. In 2002, i2s revenue increased by $386 million. In the three years preceding that, its revenues decreased a total of $746 million. Over the same four-year period shareholders equity was reduced by about $910 million.

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