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October 28, 1999

Visio Q3 Earnings Overshadowed by Pending Msoft Acquisition

By CBR Staff Writer

Visio Corp, the Seattle, Washington-based drawing and diagram software developer on the cusp of being acquired by Microsoft Corp posted fourth-quarter earnings almost a quarter down on what analysts had expected. Net income, excluding merger costs, for the quarter to September 30 stood at $9.5m, or 30 cents a share, compared to $9.8m in the corresponding period last year. Analysts polled by First Call had, on average, expected the firm to post earnings per share of 39 cents. Revenue was $50.1m – 13% up on the year-ago. The firm said sales had been primarily affected by customer deferrals after its acquisition by Microsoft was announced on September 15. To a lesser extent customers deferred product purchases ahead of Visio’s upgrade to its Visio (R) 2000 Professional and Enterprise Edition software, slated for release this quarter, it added. Visio’s acquisition by Microsoft is expected to be closed, subject to shareholder approval, in January 2000.

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