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The company also reported that revenue for the period ended May 31 dropped 19% to $74.6 million compared with $92.4 million in the same period a year ago.
Supply-chain software and services vendor Manugistics Group, Inc. Thursday reported a net loss of $27.1 million for its first quarter compared with a net loss of $23.4 million in the same period last year. The results matched expectations of analysts surveyed by First Call. The company also reported that revenue for the period ended May 31 dropped 19% to $74.6 million compared with $92.4 million in the same period a year ago.
The company's software sales were particularly hard hit, falling 46% year-over-year to $24.5 million. In a statement, Manugistics executives said the weak numbers are "a direct result of the technology recession." Some analysts, however, believe that increased competition is hurting the company's sales. Tobin Smith, a hedge fund manager at ChangeWave Investment Research, notes that traditional CRM and ERP vendors are starting to incorporate supply-chain tools into their offerings.
Manugistics says it plans to reduce costs by $40 million this year, and cut its workforce by 12%. The company's customers include AT&T, Kraft Foods, and Philip Morris USA.
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