Quest Software Profit Lower Than Expected
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Quest Software Inc., whose products speed database programs, said Wednesday that its third-quarter profit was less than expected on lower sales from customers affected by the terrorist attacks and the slowing economy.
Excluding goodwill, stock-based pay and acquisition-related costs, profit was 1 cent to 2 cents a share on sales of $55 million to $56 million, the Irvine company said in a preliminary assessment of results. Profit was expected to be 6 cents a share, according to analysts polled by Thomson Financial/First Call.
Quest lost $7 million to $9 million in sales in the quarter from customers who were “directly, physically impacted” by the Sept. 11 terrorist attacks on the World Trade Center and Pentagon, Chairman and Chief Executive Vincent Smith said in a conference call with investors.
Quest shares fell $1.84 to $14 in after-hours trading. The stock rose $2.83 to $15.84 in regular trading on Nasdaq before the release.
Quest increased the shares in its stock buyback program to 5 million from 2 million shares.
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