FileNet Corp.: The Costa Mesa document management...
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FileNet Corp.: The Costa Mesa document management software company said net income for the third quarter declined to $1.9 million, or 12 cents a share, from $3.4 million, or 22 cents a share, a year ago. Revenue rose slightly to $65 million from $64.6 million.
A net loss of $11.4 million, or 75 cents a share, was posted for the nine-month period, which included a charge of $6 million for restructuring and other expenses. That compares with a net loss of $5.9 million, or 39 cents a share, for the first three quarters last year, which included $16 million in charges. Revenue declined 11% to $175 million from $196.4 million.
The company also said its board approved the repurchase of up to $10 million of common stock. The shares will be purchased from time to time at prevailing market prices, through open market or unsolicited negotiated transactions, depending on market conditions.
FileNet’s stock closed Tuesday at $24.56, up 81 cents a share, on the Nasdaq. market.
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