Application connectivity firm FTP Software Inc has continued its run of poor results, reporting a first-quarter net loss of $3.8m on revenue that fell nearly 50% to $10.9m. It marks the North Andover, Massachusetts company’s ninth consecutive quarter with a bottom line written in red. The loss was pared significantly, though, from the year-ago quarter’s net loss of $11m. FTP is still trying to find its sea legs after last summer’s restructuring into three business units and the subsequent firing of 300 workers, or nearly 40% of its workforce (CI No 3,207). But the company says it’s making progress in repositioning itself and expanding market awareness of itself. FTP expects to post modest revenue growth in both the second and third quarters and hopes to post a modest profit in the year-ending quarter. No quarterly consensus estimates were available, but analysts surveyed by First Call are looking for a loss of $0.23 per share for the year.
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