Callidus Software Inc. (CALD)

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AP- Callidus projects 2Q revenue below estimates
Tuesday July 8, 9:18 am ET
Timing of booking certain transactions hurts 2nd-quarter revenue at Callidus Software

SAN JOSE, Calif. (AP) -- Software maker Callidus Software Inc. said Tuesday its second-quarter revenue will be hindered by the timing of booking certain transactions, which will lead it to fall below analysts' expectations.
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Callidus expects second-quarter revenue of $23.1 million to $23.7 million.

Analysts polled by Thomson Financial, on average, forecast revenue of $28.8 million for the quarter.

"Timing issues negatively impacted license revenue as well as services revenue through increased deferrals and delayed implementations," Leslie Stretch, Callidus' president and chief executive, said in a statement.

About $2.7 million in license revenue contracts signed in the second quarter have yet to be recognized because necessary requirements have yet to be completed. Within the first week of the third quarter, $1.8 million of that revenue has been recognized.

The software maker will record about $1.9 million in license revenue for the second quarter.

Subscription and support revenue will be about $10 million, a 68 percent increase from the year-ago period. Services and other revenue will total between $11.2 million and $11.8 million, a decline of 11 percent to 16 percent.

Callidus expects operating expenses to range between $13.7 million and $14.2 million during the quarter.

Callidus is scheduled to report full results for the quarter July 29.

Now we know why we had to high volume a couple of weeks ago, a big holder got out.