ScanSoft Narrows Loss for First Quarter
Monday May 9, 5:53 pm ET
Speech Software Maker ScanSoft Narrows Loss for First Quarter As Revenue Rises 24 Percent
PEABODY, Mass. (AP) -- Speech software maker ScanSoft Inc. on Monday reported a narrower loss for the first quarter as revenue rose sharply.
The company, which also announced an agreement to acquire rival software maker Nuance Communications, posted a loss of $1 million, or 1 cent per share, compared with a loss of $2.8 million, or 3 cents per share, a year ago. Excluding certain items such as amortization expense and stock-based compensation costs, the company had a profit for the quarter of $3.5 million, or 3 cents per share, versus a profit of $1.9 million, or 2 cents per share, a year ago.
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Revenue increased 24 percent to $53.1 million from $42.8 million.
Analysts surveyed by Thomson Financial were expecting the company to report a profit of 1 cent per share on revenue of $53 million. Thomson estimates usually exclude extraordinary expenses.
Also after the market closed Monday, ScanSoft said it has agreed to acquire Menlo Park, Calif.-based Nuance for a combination of cash and stock worth $221 million based on Friday closing prices. ScanSoft shares fell 42 cents, or 9.3 percent, to $4.11 in after-hours trading.
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