Commerce One Inc. late Tuesday announced that sales were down dramatically in the second quarter compared with the same quarter last year, and introduced a major product upgrade.
The business-to-business software developers revenues for the quarter that ended June 30 totaled $27.8 million, compared with $101.3 million for the same quarter last year, and $31.8 million for the quarter ended March 31.
Pro Forma net loss for the quarter came in at $38.4 million, or 13 cents per share, as compared with a loss of $96.7 million or 42 cents per share for the same year-ago period. Last quarter, the Pleasanton, Calif., company posted a net loss of $55.4 million, or 19 cents per share.
The net loss on a GAAP basis was booked at $71.1 million, or 25 cents per share, as compared to a net loss of $2.1 billion, or $9.02 per share, for the same quarter in 2001.
As a result of their losses, Commerce One officials announced plans to institute a reverse one-for-ten stock split, in a move to shore up the stock price. The companys Board of Directors authorized a special stockholders meeting to be held on Sept. 6 to seek approval for the split.
"Our results continue to reflect very limited IT spending across all geographic and vertical markets," said Commerce One Chairman and CEO Mark Hoffman, in a clipped conference call with financial analysts – few had questions for the struggling company. "However, we are seeing growth in the qualified pipeline for our Commerce One 5.0 suite while we build on our foundation in sourcing and procurement by developing our new Web services solutions."
Also yesterday, Commerce One rolled out its Web services integration platform that will leverage the companys experience in XML and standards-based development. As previously reported by eWEEK Online, the platform, Commerce One 6.0, is intended to lower the cost of enterprise application integration and development, as well as enable companies to create composite applications – casting Commerce One squarely in the hotly contested enterprise application integration and application development markets.
The platform, targeted for beta in the fourth quarter, will also be the basis for a new suite of supplier relationship management Web services that will, according to Commerce One, extend value beyond existing sourcing and procurement applications.
"This product focus, combined with careful expense management, comprise the critical building blocks of our future," said Hoffman.