Altris Software Inc, the document management software company, has announced further losses and with its stock already thrown off the NASDAQ exchange, it looks as if the San Diego-based company could be sliding into bankruptcy. The delayed first- quarter results for the three months to March show a net loss of $2.8m, a substantial increase from last year’s first quarter loss of $1.6m, while revenues continued downwards, falling 25% to $3.0m. Since it became mired in a $10m downward revision of its revenue figures earlier this year, not much has gone right for Altris. In March it was sued for its financial misadventures, following which it was de-listed from the Nasdaq exchange in April. Several senior management figures have left or been shown the door and its latest software offering had to be pulled at the last minute due to performance problems. New CEO Roger Erickson said that recent cost-cutting exercises (i.e. wide spread redundancies) would be more fully realized in the quarter through June, but Altris is almost out of time. Its short-term liabilities exceeded its cash and debts receivable by nearly three to one in March, since when there has been no news of further financing and with only $1m of cash left in the bank, Altris must be living day-to-day. The company did not return calls.
