Manhattan Assoc. swings to loss in 2Q
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.”
Inside ajc.com
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