US distributor Arrow Electronics is continuing to suffer downward pressure on prices and margins as it reported a slight sales increase to pounds 2.2 billion and fall in net income to dollars 28.3 million for the period ended 31 March. The company said business conditions also remained weak in Europe.
ERP software vendor Baan recorded revenue of dollars 176 million, down from dollars 179 million, and a dollars 19 million loss for the quarter ended 31 March, compared with a profit of dollars 2 million last year. Maintenance and service revenue rose to dollars 111 million, representing 63 per cent of total profit, up from 48 per cent in the first quarter of last year.
Sequent announced that its board of directors has authorised the purchase of up to eight million shares of the vendor's stock in addition to the four million shares authorised last July. Bob Gregg, senior vice president and chief financial officer of Sequent, said the decision represented the board's belief that the company's current stock price does not reflect the fair value of its position in the market.
Nortel Networks' results were helped by strong sales in the carrier market as its revenue increased by 26 per cent in the first quarter. The company reported revenue of dollars 4.4 billion for the three months ended 31 March, compared with revenue of dollars 3.5 billion during the same period last year. Profit was up, reaching dollars 222 million, compared with dollars 140 million for the same period last year.
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