The figures were further undermined by costs associated with the investigation into Ariba’s accounts, which led to a massive restatement earlier this month.
Sales were $59.3m in the quarter ending March 31, up 3.3% on the year. Ariba made an operating loss of $52.1m, compared to a $152.3m loss last year. Net loss was $51.6m, compared to a $151.5m loss a year ago. The figures included a $49m charge for amortization of goodwill and other intangibles, and $7m in expenses for the accounting investigation, $5m higher than expected.
For the year to date, sales were up 7.9% to $121m. Net loss so far was $110.2m, compared to a loss of $306.7m last year.
Earlier this month, Sunnyvale California-based Ariba restated 11 quarters of results after a lengthy investigation into its accounting practices. The restatement meant its accumulated deficit as of December 31, 2002 was increased by $3.8m to $4.24m. At the time, the firm said the restatement had no impact to its cash balances for any period.
Yesterday’s results showed the firm’s accumulated deficit to be $4.29m. Ariba’s cash, cash equivalents and investments currently stand at $232.2m. It also has listed restricted cash of $30.2m.
Source: Computerwire
