Manhattan Associates post quarterly profit
The Atlanta Journal-Constitution
Manhattan Associates turned from a loss in the second quarter to a record third quarter profit, despite an overall drop in revenues.
The Atlanta-based supply chain management company said Tuesday its profits were 50 cents per share on revenues of $65.3 million, compared to 18 cents per share in the third quarter of last year. In the second quarter, the company had posted a $556,000 loss and laid off 140 people.
In the third quarter, revenues were down 21 percent from the same quarter a year ago.
But president and CEO Pete Sinisgalli said in a statement that expense controls and several contracts of more than $1 million helped the company post "record" profits for the quarter.
On Wednesday, the company released details about a large contract with United Natural Foods Inc. (UNFI), a large distributor of natural, organic and specialty foods, which has hired Manhattan Associates to modernize its supply chain.
Still, Manhattan Associates cited "economic uncertainty and limited visibility" in explaining that it wouldn't issue earnings guidance for fiscal 2009.
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