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1:00 PM -- The company formerly known as Computer Associates has taken a couple of steps forward and at least three back in its effort to rebuild itself. And the hesitant dance could impact the storage software market in unexpected ways.
Early today, CA postponed its latest SEC report and canceled its June 8 Wall Street analyst day because it must restate its latest quarterly earnings. (See CA Delays Earnings Report.) Revisions include an estimated $947 million in quarterly revenue, in the low end of the company's already downward-revised guidance. There will also be a loss of $.07 per share instead of a $.02 profit, resulting from a failure to properly account for sales commissions.
Further adjustments may be necessary, CA acknowledged in a statement today.
The news comes just two weeks after CFO Robert Davis left the company "under mutual agreement." (See CA CFO Leaves.) Apparently, the guy who gave the keynote on "Rebuilding Financial Controls" at a show for corporate treasurers in March could have better spent the time back at the office.
All this has investors on the run. In late morning trading, CA's shares were at a new 52-week low, selling for $21.34, down .82 (3.70%).
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