TRADINGCHANCE!!! MULTEX.COM!!! MIND 20%!!! - 500 Beiträge pro Seite

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Wenn die weiter abschmieren, kommen die mit dem taxen nicht hinterher! 0,40 $ vom Tief wieder gutgemacht, d.h. die ersten Zocker sind wieder drin.

Monday July 2, 2001 05:31 PM
Company Press Release

SOURCE:Computer Associates International, Inc.


Multex.com Revises Outlook and Announces Business Initiatives

Reducing Cost Base and Streamlining Operations to Further Strengthen the
Company
NEW YORK, July 2 /PRNewswire/ -- Multex.com, Inc. (Nasdaq: MLTX) today revised its outlook for the second quarter and remainder of the year. In addition, Multex announced a series of business initiatives designed to address the current economic climate and further strengthen the Company for the future.

The Company now expects gross revenues for the second quarter to approximate 24 million and revenues, net of amortization charges for warrants, to approximate 23 million. Excluding non-cash charges, the Company expects to record a net loss of approximately 1 million. Non-cash charges are expected to be approximately 7 million, primarily related to depreciation and amortization. Based on its revised projections, Multex expects revenues to be flat to slightly positive sequentially in the third and fourth quarters. The Company expects to close the second quarter with over 44 million in cash and to maintain a strong cash position going forward.

"Multex has a sound fundamental business in financial services technology and information however we have been affected by current economic conditions," said Isaak Karaev, Chairman, President and CEO of Multex. "Importantly, we are tactically and strategically strong -- we have a solid base of technology, information, relationships and employees to weather this weak economic environment and to move forward to an era of greater strength. Recent announcements with clients such as Sanford Bernstein and Credit Suisse First Boston are a testament to our capabilities and leadership position."

"We are taking actions to provide a clear, disciplined focus on controlling costs and maximizing our competitive and technological advantages to ensure that we are well-positioned to benefit when the economy recovers," said John McGovern, Chief Financial Officer of Multex. "We expect to see growth in our core institutional market from new products and new clients as well as expansion of current client relationships."

The expected revenue shortfall is primarily due to the global slowdown of expenditures on technology and individual investor products and services. Multex`s customers are mostly buy side and sell side institutions, many of which are going through expense evaluations and rationalizations. Multex has been impacted by the recent sharp slowdown in its customers` decision-making. Projected revenue growth has not materialized due to the deferral or cancellation of decisions on several major licenses for Market Guide and BuzzPower software as well as for certain large MultexEXPRESS implementations. Multex was also affected by a slowdown in international markets -- a previously expected source of significant growth.

Multex has also been affected by changes in its clients` retail investor initiatives, including some cancellations. The Company has experienced a greater than anticipated slowdown in its own individual investor oriented businesses, including Multex Investor and Sage Online. Licensing revenues from the Market Guide database have also declined as several dot.com customers experienced financial weakness.

Multex pioneered Internet-based solutions, and now serves a world-class list of clients including Merrill Lynch, CSFB, Reuters, themarkets.com, Putnam Investments, American Express and PIMCO. Management strongly believes its long list of deep relationships with such renowned clients perfectly positions the Company for the future.

Business Initiatives

Going forward, Multex will remain focused on, and committed to, serving the large and dynamic financial services industry. The Company plans to streamline its individual investor related activities, while sharpening its focus on institutional investor related core businesses.

Multex will implement vigorous firm-wide cost-saving measures, including a firm-wide headcount reduction, to adjust to the slowdown in business. The plan is to limit initiatives not related to core businesses, to reduce expenses firm-wide, adjust the workforce accordingly, and ultimately to return to profitability.

The Company plans to improve efficiencies firm-wide, and is pursuing the following initiatives:

* Downsizing Multex Investor and withdrawing from the Sage Online business to minimize operating costs. * Streamlining BuzzPower operations. * Rationalizing international operations. * Reducing controllable expenses. * Instituting a 15 percent reduction in payroll through a reduction in headcount. * Senior management has elected to reduce its own salaries, effective immediately. Multex expects to take a one-time impairment charge during the second
quarter to account for the write-downs of certain intangible assets. The Company plans to take a restructuring charge during the third quarter to account for the headcount reductions and other selected cost-reducing initiatives. Details on the cost-saving initiatives and one-time charges will be provided on the quarterly call scheduled for Thursday, July 19, 2001.