Close
  • Latest News
  • Big Data and Analytics
  • Cloud
  • Networking
  • Cybersecurity
  • Applications
  • IT Management
  • Storage
  • Sponsored
  • Mobile
  • Small Business
  • Development
  • Database
  • Servers
  • Android
  • Apple
  • Innovation
  • Blogs
  • PC Hardware
  • Reviews
  • Search Engines
  • Virtualization
Read Down
Sign in
Close
Welcome!Log into your account
Forgot your password?
Read Down
Password recovery
Recover your password
Close
Search
Menu
Search
  • Latest News
  • Big Data and Analytics
  • Cloud
  • Networking
  • Cybersecurity
  • Applications
  • IT Management
  • Storage
  • Sponsored
  • Mobile
  • Small Business
  • Development
  • Database
  • Servers
  • Android
  • Apple
  • Innovation
  • Blogs
  • PC Hardware
  • Reviews
  • Search Engines
  • Virtualization
More
    Home Development
    • Development
    • Networking

    BEA Shares Drop on Forecast Warning

    By
    Darryl K. Taft
    -
    February 23, 2007
    Share
    Facebook
    Twitter
    Linkedin

      Shares of BEA Systems fell more than 9 percent a day after the middleware maker warned that its first-quarter revenue projections fell short of estimates.

      BEA, of San Jose, Calif., on Feb. 22 said it expects revenue to come in between $350 million and $364 million, while analysts forecast revenue of $364.7 million.

      The company also said its fiscal fourth-quarter sales were $391.8 million, up 15 percent from a year ago. However, the company said it was not giving earnings results due to an ongoing internal probe of past stock-option accounting practices.

      Earlier in February, BEA announced a voluntary internal review of BEAs historical stock option grants, which has been conducted by the Audit Committee of BE s Board of Directors with the assistance of independent legal counsel, Simpson Thacher & Bartlett LLP.

      “The outcome of that review will require us to change our accounting treatment of certain stock option grants, which will have a material adverse effect on our results of operations for certain historic periods and may have a material adverse effect on our results of operations for the fourth quarter, fiscal year and certain subsequent periods,” BEA said in a statement.

      /zimages/6/28571.gifClick here to read more about BEAs SOA efforts.

      “Following the review, the Audit Committee and the Board of Directors expressed their continued confidence in the leadership and integrity of BEA chairman and chief executive officer Alfred Chuang and the current Executive Leadership Team,” the statement said.

      The findings of the internal review showed various stock irregularities, causing key BEA executives to re-price their options and, in some cases, pay back the company for gains made on options.

      The executive involved include BEA co-founder Chuang; BEA co-founder William Coleman; BEAs former chief financial officer and current executive vice president of business planning and corporate development; and Mark Dentinger, BEAs executive vice president and chief financial officer.

      Meanwhile, “AquaLogic and BEA s SOA [service-oriented architecture] services continued to drive new customer opportunities this quarter,” Chuang said in a statement.

      “Led by our enterprise service bus and business process management products, AquaLogic revenue grew rapidly, represented 25 percent of fourth-quarter license revenue and exceeded $110 million in license revenue in its first full fiscal year on the market. AquaLogic is driving key SOA wins in competitors accounts, because AquaLogic can seamlessly coexist with our customers existing systems and because customers own benchmarks demonstrate that AquaLogic delivers the goods.”

      /zimages/6/28571.gifCheck out eWEEK.coms for the latest news, reviews and analysis in programming environments and developer tools.

      Darryl K. Taft
      Darryl K. Taft covers the development tools and developer-related issues beat from his office in Baltimore. He has more than 10 years of experience in the business and is always looking for the next scoop. Taft is a member of the Association for Computing Machinery (ACM) and was named 'one of the most active middleware reporters in the world' by The Middleware Co. He also has his own card in the 'Who's Who in Enterprise Java' deck.

      MOST POPULAR ARTICLES

      Android

      Samsung Galaxy XCover Pro: Durability for Tough...

      Chris Preimesberger - December 5, 2020 0
      Have you ever dropped your phone, winced and felt the pain as it hit the sidewalk? Either the screen splintered like a windshield being...
      Read more
      Cloud

      Why Data Security Will Face Even Harsher...

      Chris Preimesberger - December 1, 2020 0
      Who would know more about details of the hacking process than an actual former career hacker? And who wants to understand all they can...
      Read more
      Cybersecurity

      How Veritas Is Shining a Light Into...

      eWEEK EDITORS - September 25, 2020 0
      Protecting data has always been one of the most important tasks in all of IT, yet as more companies become data companies at the...
      Read more
      Big Data and Analytics

      How NVIDIA A100 Station Brings Data Center...

      Zeus Kerravala - November 18, 2020 0
      There’s little debate that graphics processor unit manufacturer NVIDIA is the de facto standard when it comes to providing silicon to power machine learning...
      Read more
      Apple

      Why iPhone 12 Pro Makes Sense for...

      Wayne Rash - November 26, 2020 0
      If you’ve been watching the Apple commercials for the past three weeks, you already know what the company thinks will happen if you buy...
      Read more

      eWeek has the latest technology news and analysis, buying guides, and product reviews for IT professionals and technology buyers. The site’s focus is on innovative solutions and covering in-depth technical content. eWeek stays on the cutting edge of technology news and IT trends through interviews and expert analysis. Gain insight from top innovators and thought leaders in the fields of IT, business, enterprise software, startups, and more.

      Facebook
      Linkedin
      RSS
      Twitter
      Youtube

      Advertisers

      Advertise with TechnologyAdvice on eWeek and our other IT-focused platforms.

      Advertise with Us

      Menu

      • About eWeek
      • Subscribe to our Newsletter
      • Latest News

      Our Brands

      • Privacy Policy
      • Terms
      • About
      • Contact
      • Advertise
      • Sitemap
      • California – Do Not Sell My Information

      Property of TechnologyAdvice.
      © 2021 TechnologyAdvice. All Rights Reserved

      Advertiser Disclosure: Some of the products that appear on this site are from companies from which TechnologyAdvice receives compensation. This compensation may impact how and where products appear on this site including, for example, the order in which they appear. TechnologyAdvice does not include all companies or all types of products available in the marketplace.

      ×