Friday, July 08, 2005

InformationWeek > Borland CEO Resigns > Borland CEO Resigns On Preliminary Second-Quarter Results > July 8, 2005

InformationWeek > Borland CEO Resigns > Borland CEO Resigns On Preliminary Second-Quarter Results > July 8, 2005: "Borland CEO Resigns On Preliminary Second-Quarter Results July 8, 2005 "

Borland Software Corp. president and CEO Dale Fuller resigned Thursday as preliminary second-quarter results for the development-tools supplier proved disappointing. He will be succeeded by Scott Arnold, currently executive VP and chief operating officer, who will serve as interim CEO.
Preliminary results for the second quarter ended June 30 show revenue in the range of $65 million to $67 million, and a net loss of 24 to 26 cents per share, Borland said. The company's previous statements indicated it would report revenue of $70 million to $73 million with a loss of 19 to 21 cents per share.

The company said results were weaker than expected, particularly in Europe, where exchange-rate issues and poor sales closure rates resulted in lower-than-expected revenue. Borland's software-deployment products, which help manage applications as they're implemented throughout a company, fell short of expected license revenue.

The company said it will report its final second-quarter results on Aug. 2.

The company's board of directors has formed an executive committee to name a permanent replacement for Fuller.

"I would like to thank Dale for his six years of service and his leadership during the initial stages of Borland's transition," board chairman William Hooper said in a prepared statement. Borland is transitioning from a language-e and development-tool vendor into what it calls a provider of application-life-cycle-management software. Fuller will stay on as a member of the board.

Hooper added, "While we are disappointed with the second-quarter results, we continue to see positive developments in demand for the company's application-life-cycle-management products. ... The board has confidence in Scott Arnold and the executive team's ability to manage the near-term challenges in the business."

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