SAGA Systems Inc, the Reston, Virginia-based middleware spin-off of German giant Software AG, has reported third-quarter net income down 41.9% at $3.9m on revenue down 17.7% at $51.8m. Earnings per share for the quarter fell 38.1% to $0.13, meeting the consensus estimate of analysts surveyed by First Call. Revenue from software license fees fell 28.6% in the quarter to $15.6m. Maintenance fees dipped 5.9% to $20.8m and services revenue dropped 19% to $15.4m. The company attributed the revenue slide to ongoing customer concerns over Y2K priorities. For the nine-month period, net income declined 21.1% to $14.5m on revenue down 10% at $161.3m, while earnings per share fell 20.7% to $0.46.
