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Pivotal Posts Not-So-Horrible Earnings

The company showed revenue improving over last quarter and a narrower loss, thanks to operating-cost cuts.
Pivotal Corp. provided a relative sparkle in an otherwise glum quarter for CRM company earnings. The company showed revenue improving over last quarter and a narrower loss, thanks to operating-cost cuts. Total revenue for Pivotal's fourth quarter of fiscal 2002, ended June 30, was $19.1 million, up from $17.7 million in the previous quarter and $22 million in the fourth quarter of 2001. The fourth-quarter net loss was $7 million, or 29 cents a share, compared with a loss of $16.7 million, or 70 cents, a year ago. Operating expenses were $19 million, down from $32 million one year ago.

For the year, the company reported revenue of $69.6 million, compared with $96.2 million for fiscal 2001. License revenue was $29.3 million, compared with $58.5 million in the previous year. Revenue from services climbed to $40.3 million, compared with $37.6 million in fiscal 2001. In addition, the company says it increased its average deal size by 13%.

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