McAfee and Cheyenne Software's financial results have done little to end the arguments between the two firms following McAfee's hostile takeover bid last month.
Software management company McAfee turned in rosy results with profits up 175 per cent to $9.4 million for its first quarter ended March 31 1996, on revenues which hit a record $33.8 million - a 105 per cent increase on the same quarter last year.
Cheyenne, by comparison, turned in a dismal set of figures, in line with its earlier warning to analysts that profits would fall below expectations.
Its net profits for Q3 were down 33.4 per cent to $5.3 million or 14 cents per share, compared with 20 cents per share for the same quarter a year ago. Turnover increased by 23.5 per cent to $44 million.
McAfee is continuing its efforts to take over Cheyenne and is understood to have requested that its offer be put to a shareholder vote.
When the financial results came out, Cheyenne attempted to reassure its shareholders with a letter stating that the company was 'financially, strategically, technologically and operationally strong' as well as 'well-positioned to continue to build value'.
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