Cambridge Technology posts wide miss

Professional-services provider Cambridge Technology Partners posted a first-quarter loss that missed expectations by 20 cents, much wider than expected. For the quarter, Cambridge turned in a loss of $21.2 million, or 34 cents a share, vs. a loss of $4.3 million, or 7 cents a share, in the same period a year ago. Analysts surveyed by First Call expected the Cambridge, Mass.-based company to post a loss of 14 cents. Including a restructuring charge of $11 million, the loss from operations for the quarter came to $31.6 million. Once completed, the restructuring plan should result in annual cost savings of $28 million, the company said.

Cambridge Technology, which was sold in March to network-software provider Novell, maintained that it continues to focus on returning to profitability, regardless of the tough market conditions. Revenue for the quarter was $116.5 million, vs. $147.6 million for the comparable period in 2000.