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LEARMONTH & BURCHETT POSTS HEAVY LOSSES

Learmonth & Burchett Management Systems Plc is concentrating very hard on its quarter on quarter growth for the fiscal year ended April 30th because the year on year comparatives make such unpleasant reading. Based in Houston, Texas after clearing out of the UK last year, LBMS provides Process Management products to companies like Texaco Group and Northwest Airlines. Its leading product is Process Engineer now in vs. 7.0. Net losses for the year were $16.3m up from losses last time of $0.8m on revenues that fell a massive 46.9% to $21.9m. Product license and service revenues took an enormous dive in the early part of the year, but since then the company has had a board reshuffle and a very expensive company wide reorganization. Mike Bennett was installed as President and CEO in the second quarter and the company went on to expense an $18m restructuring charge in the same period. With all that behind it, the company went on to post third quarter profits in February, which it has gradually improved upon in quarter four. Revenues are still a long way off the year ago figures but an air of confidence has returned to LBMS and the share price is trickling back up.

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CBR Staff Writer

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