Manhattan Assoc. swings to loss in 2Q

By RACHEL TOBIN RAMOS

The Atlanta Journal-Constitution

Logistics and supply chain services firm Manhattan Associates swung to a net loss of $556,000 in the second quarter, or 2 cents per share. That compared to a $9.1 million profit a year earlier.

The Atlanta-based company said it laid off 140 people in the quarter, at a charge of $3.8 million, which affected earnings.

Revenue dropped 35 percent to $58.4 million, from $90.5 million a year earlier.

The company said it will not issue earnings guidance for 20009, citing the uncertain economy.

Pete Sinisgalli, president and CEO, said in a statement, “Similar to the first quarter, businesses continue to be hesitant to release capital. This is particularly true for larger capital expenditures. As a result, we had no million-dollar contracts in either the first quarter or second quarter of the year.”