Dutch software firm has extensive links to founder's interests; Baan and private company move to reduce ties that concern investors; sales without end users
Article Abstract:
Baan has drawn Wall Street scrutiny during its recent rise to prominence in the corporate-software market. Questions have arisen about Jan Baan and J.G. Baan, who have the right to vote 39% of the Dutch company's shares despite no longer owning any shares themselves. The Baan brothers also control a network of private companies that have been purchasing significant amounts of Baan software. Baan has received credit for the sales, although some of the private companies have not delivered the software to end users. Investors have struggled to determine Baan's financial health because of limited public access to the privately-held companies's financials. The Baan brothers in early Jul 1998 announced a restructuring that began with renaming its Baan Investment BV main private holding company as Vanenburg Ventures BV. Plans also call for Vanenburg to sell two important but controversial subsidiaries, one of which is Baan Business Systems (BBS). Baan also reshuffled its top management and supervisory board.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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Baan to post quarterly loss; stock slides 25%
Article Abstract:
Baan Co. announced that it will post a loss for the third-quarter of 1998. The company attributed the loss on firms' unwillingness to spend on information technology in the midst of a worldwide economic crisis. However, some analysts said that internal problems are what led to the loss. Baan, a Dutch-based company, said that it would see a 13 cents to 16 cents per diluted share loss for the quarter. Company revenues will be between $190 million to $195 million. This translates into a 13% improvement compared to the same period in 1997.
Comment:
Announced that it will post a loss for the third-quarter of 1998
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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Baan revises profit for first quarter down by 12.5%
Article Abstract:
Baan Co. NV revised its profits for the first-quarter of 1998 by 12.5% lower than what it originally posted. The software firm has been criticized by investors for its aggressive accounting methods. Baan reduced its quarterly profits to $2.1 million. The company claimed that the revised profit figure resulted from an accounting issue created by revisions in its final earnings for 1997. Baan implemented the changes with the US Securities and Exchange Commission.
Comment:
Revises profits for the first-quarter of 1998 by 12.5% lower than what it originally posted
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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