Platinum Technology Inc, Oakbrook Terrace, Illinois software vendor, reported first-quarter earnings that fell short of already low expectations. Net loss for the quarter was $25.3m on revenue up 30% at $115.6m, compared to a loss of $12.4m for the same quarter last year. The current loss includes charges of $14.1m for merger costs associated with two consulting firms which Platinum acquired in the quarter, and acquired in-process technology costs for the purchase of International Computer Ltd’s AccessManager (CI No 3,117). Exclusive of the charge, losses would have amounted to $11.1m – the equivalent of $0.18 per share – while analysts were expecting a loss of $0.14.
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