Once proud computer-aided design company Computervision Corp, still struggling with the complex re-structuring deal it announced in July (CI No 3,210), has posted a $17.6m loss in its third quarter compared with net income of $13.1m in the same quarter last year. Revenues for the quarter were $51.1m, including $42.2m from its software business and $8.9m from the hardware services business it sold to CVSI Inc during the quarter (CI No 3,210). Revenues shrank 58.5% down to $51.1m, although last year’s figures included a $27m software order from a major customer. Revenues for the nine months were down nearly 40% to $217.3m, with losses of $111.3m after non-recurring charges of $52m related to the re-structuring. President and chief executive officer Kathleen Cote said the company’s third quarter was traditionally a weak quarter, but admitted that the company still had work to do to complete the re-structuring and reduce costs. The Bedford, Massachusetts-based company is half way through negotiating a new line of credit, and has an agreement for a $14.5m bridge credit facility with Foothills Capital Corp, some of it being used to repay an existing $8.5m bridge loan. The bridging loan is part of a $47.5m credit deal currently under negotiation with Foothills.
