Epicor Software cut its loss for the second quarter ended March 31 to $3.3 million from $12.8 million in last year's corresponding quarter. The company this week reported second-quarter revenue of $242.8 million for the most recently ended period, up 1.8 percent from $238.6 million a year earlier. The revenue side seems a bit anemic, but the company bumped up operating profits by reducing operating expenses by $5 million, combined with increased sales.
Sage Chief Executive Guy Berruyer intends to retire from his job within the next year. Berruyer, who has been with the company for 17 years, wishes to retire "as Chief Executive and from executive life no later than 31 March 2015." Berruyer took over the job four years ago from long time chief executive Paul Walker. This looks like a real retirement, not a pursuing other interests kind. Berruyer notes that "at 63 years old I still have many things I want to achieve besides my executive career".
Factor out some elements and the performance of Exact's Specialized Solutions, which includes five product lines, pleased the company for the first quarter ended March 31. On the surface, revenue was off by 4.3 percent, but the company noted that stemmed from the weakness in the U.S. dollar and also reflected a drop in revenue from Lohn which had some P&L numbers transferred to Exact's Business Solutions division.
There's no surprise in the report of the Wall Street Journal that Apax Partners wants to sell Epicor for between $2.5 billion and $3.5 billion. A lot of us expected this when the company named Joseph Cowan as CEO in October, in a surprise replacement of Pervez Quereshi. Cowan's resume shows a long streak of short-term jobs as CEO of companies that were sold. Somebody commented about whether his move of company HQ from California to Austin, Texas, possibly had implications for potential buyers.