On Technology Corp. (Nasdaq: ONTC) fell 3 3/16 to 6 3/16 Monday after the company said first-quarter results would fall below year-earlier levels.
The Waltham, Massachusetts-based software company said it expects revenue of $4.0 to $4.3 million for the quarter and a loss of between 20 and 22 cents a share. The company blamed the revenue shortfall on “an increased emphasis in attracting larger enterprise customers, computer OEMs, service providers and value added resellers,” which pushed some transaction closings past the end of the quarter. “Executives decompressing from the Y2K frenzy” also got the quarter off to a “slow start,” the company said.
“Our efforts to focus the business on larger prospects has kept the sales cycle from contracting in the manner we experienced last year,” said Doretti. “There was more interest in the product line than we have resources to accommodate during the first quarter. Our short-term strategic focus is to continue to increase our efforts in acquiring the additional resources required to take advantage of the larger market opportunities.”
Results will be reported after the close of trading Tuesday, April 18th.