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Distractions Cost PeopleSoft

The expense of acquiring J.D. Edwards & Co. hurt profits at software maker PeopleSoft Inc. even as sales grew. And so has the distraction of fending off Oracle's $9.4 billion hostile takeover bid. "We don't have the use of both arms," PeopleSoft president and CEO Craig Conway said in a conference call last week. He put the cost of defending against the takeover at $55 million. PeopleSoft's first-quarter revenue grew 40% from a year ago to $643.1 million. Net income dropped 37% to $24.2 million because of restructuring and other charges relating to the J.D. Edwards deal. Excluding charges, PeopleSoft earned $62.4 million. Conway said, "We hope the remaining distractions will be fully resolved" in the second quarter.

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