Accounting News



The loss for NetSuite, which markets online applications, increased to $6.2 million for the third quarter ended Sept. 30, up sharply from the $1.7 million it lost in last year's corresponding period.

The loss rose as operating expenses grew faster than revenue, which reached $40.4 million, up from $21.4 million a year earlier. The San Mateo, Calif.-based company added 330 customers during the period, but, in a Webcast about the results, CEO Zach Nelson said there was a freeze in buying in the last two days of the quarter as the market waited for the federal financial bailout to pass Congress.

Partner Insights


Elliott Associates has lowered the price per share it is offering to take over Irvine, Calif.-based Epicor, after the latter's board rejected the hostile takeover effort for a second time.

A hedge fund, Elliott initially offered $9.50 per share in cash for all Epicor shares, about $564.9 million. However, last month it lowered the bid to $7.50 a share, or about $446.8 million. Analysts have been quoted as speculating that Elliott does not want to run Epicor.


SAP has expanded a program that is designed to enable third-party products that support its SAP Business One application to get to market more quickly.

The program, Enabled by SAP Business One, offers certification for applications developed for specific vertical markets that integrate with Business One. Twenty-two applications have passed the first step of the program. The software, available for 18 industries in 20 countries, includes the FourthShift Edition for the food and beverage manufacturing industry in the United States.


Craig McCollum, who joined Microsoft's partner program as sales vice president from Sage Software, has resigned his position.

McCollum, who said he wanted to spend more time with his family and pursue other opportunities, was replaced by David Willis, who was east region VP for the American operations of the small and midmarket solutions and partners division. Previously, McCollum had been SVP of Sage Business Solutions Business unit.


Deltek, which makes financial applications for project-based companies, saw net income rise by almost 40 percent as revenue fell about roughly 1.4 percent for the third quarter ended Sept. 30.

The Herndon, Va.-based company said that revenue from software sales to architectural and engineering firms had dropped, although its government contracting business has increased. Revenue rose to $8 million, up from $5.8 million in last year's corresponding period while revenue dropped to $70.4 million from $71 million.


Exact Holding, the parent of Exact Software, has completed a buyback program through which it purchased 1,219,995 shares of its own stock from July 28 through Sept. 24.

Exact, which markets the Macola line, paid an average price of $26.07 per share. The company said the shares would remain available for general purposes, including merger and acquisition activities.


Blackbaud, the Charleston, S.C.-based nonprofit software vendor, reported that net income fell to $7.3 million for the fourth quarter ended Sept. 30, down 17 percent from $9.8 million from last year's corresponding period.

Meanwhile, revenue rose to $80 million, an increase of 18.1 percent from $67.8 million a year earlier. Taking a piece of the bottom line was cost of revenue, which rose to $31.3 million, a 30 percent increase from $24 million a year earlier. That included a 139 percent rise in the cost of subscriptions which climbed to $6.3 million for the most recently ended period, up from $2.7 million.


Revenue for Serenic, the Canadian parent of Serenic Software, dropped to $2.4 million (Canadian) for the second quarter ended Aug. 31, down 41.3 percent from $4.1 million a year earlier.

The company said last year's results benefitted from revenue from a multi-million dollar deal and that excluding that, license revenue actually rose by 39 percent over the prior year. Serenic lost just over $80,000, compared to earnings of just over $1 million in last year's corresponding period.


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