By Suzanna Kerridge, 20 July 1998 14:38
NEWS Baan yesterday came in for heavy criticism from its investors after it lowered its net profit for the first quarter. The Dutch software firm blamed aggressive accounting practices for the reduction of profits from $2.4m to $2.1m. In the restatement, Baan said its Q1 sales were $179.4m, rather than the $176.2m, as originally reported. Expenses were recalculated to $177.3m, compared to the initial filing of $173.7m. Baan said its one cent per share profit remained unchanged.
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