Intergraph Corp has reported third-quarter results that fell short of Wall Street estimates as revenue fell 9.9%. The Huntsville, Alabama-based maker of graphics systems posted a net loss of $45.5m, or $0.93 per share on revenue of $228.5m. For the year-ago period, the loss was $27.2m. Excluding one-time restructuring charges of $21m, the loss amounted to roughly $0.45 per share – still far worse than the $0.22 loss expected by First Call analysts.
Intergraph pinned the decline in revenue on flagging sales in its hardware business. Orders for systems during the quarter totaled $155m, down 10% year-over-year, the company said. Order backlog at the end of the quarter was $216m, up from $207m a year ago. The restructuring charges stemmed from cost-cutting moves which included the elimination of 400 jobs. For the nine-month period, net loss was $75.2m on revenue down 4.3% at $746.1m, compared to net income of $1.3m, or $0.03 per share, last year.
