Altris Software Inc, the San Diego, California-based document management software company has warned it expects to report third quarter net losses of $2.5m, from profits of $492,000 reported at the same time last year. The company that is currently in the process of launching its Altris EB document management suite (CI No 3,259) will report revenues of around $5.9m, just $100,000 higher than the previous year. For the nine months to September 30 the company expects losses of some $1.4m on turnover of $19.6m, compared to a profit of $2m and revenues of $18m at the same time last year. Altris, a result of the merger last year between Alparel Inc and Trimco Group Plc, is attributing its poor performance, among other things, to a charge of $1.1m for potential bad debt. The company says international revenues are always slower in the third quarter owing to people taking their annual holidays, but admits it didn’t expect things to be this bad in the third quarter, especially in Europe. Delays in a transition to the new Altris EB product and customer decision hold ups have also contributed, according to Altris. The company believes it will be able to get itself out of hot water as EB gains attention and sales, but says it needs to expand its sales force to maintain its business plan and direction.
