Tuesday, software provider Aspen Technology, Inc. (AZPN) reported a swing to second-quarter loss, as its revenues plunged following the introduction of a new licensing model.
The Burlington, Massachusetts-based company reported a second-quarter net loss of $30.66 million or $0.34 per share, compared to a net income of $22.96 million or $0.25 per share a year ago.
Revenues for the second quarter plunged to $42.7 million from $82.6 million in the second quarter of 2008. The decline was primarily due to the ratable revenue recognition associated with the company's new aspenONE licensing model.
Total subscription and software revenues of the company decreased to $10.19 million from $47.27 million while services and other revenues eased to $32.50 million from $35.36 million.
Gross profit of the company dropped to $26.22 million from $64.46 million in the year-earlier quarter.
The company had a loss from operations of $29.32 million, compared to an income from operations of $18.83 million in the year-earlier quarter.
For the six-month period, the company had a net loss of $51.72 million or $0.57 per share, compared to a net income of $34.62 million or $0.37 per share a year ago. Revenues for the period declined to $82.48 million from $169.03 million last year.
AZPN closed Tuesday's regular trading at $9, down $0.05 or 0.55%.
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