JD Edwards losses smaller than expected

JD Edwards has reported a smaller than expected loss for the third quarter, although it was eight times greater than in the same...

JD Edwards has reported a smaller than expected loss for the third quarter, although it was eight times greater than in the same period last year.

C Edward McVaney, the company's chief executive officer, chairman and president, said: "JD Edwards is making great strides in corporate revitalisation, resulting in a lower than expected loss for the quarter. However, we still see softness in our core manufacturing and distribution sector, which reflects an overall market downturn."

The company reported the $185.9m (£129m) loss for the quarter on 23 August. In the same quarter last year, its loss was $22.6m. It also reported $197.7m in losses so far this fiscal year.

Earlier this month, JD Edwards suggested its operating losses would be about $11m for the third fiscal quarter, or 10 cents per share. Now the company is reporting a loss of three cents per share, which is still worse than last year's third-quarter earnings of two cents per share.

The three cents per share loss, according to the announcement, "excludes certain items such as acquisition-related charges, restructuring charges and a one-time valuation allowance for deferred tax assets. The valuation allowance, required under current accounting rules, had a significant impact on the loss, but had no cash impact."

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