DULLES, Va., July 25 (Reuters) - Vastera Inc. , which provides information on global trade to companies, said Thursday its second-quarter loss narrowed, but it cut its 2002 revenue projections due to economic conditions and a restructured pact with Ford Motor Co.
The company said its net loss for the quarter narrowed to $4.5 million, or 11 cents a share, compared to a loss of $10.9 million, or 29 cents a share, a year-earlier. Revenue for the quarter rose 23 percent to $18.3 million from a year-earlier.
The Dulles-based company said its pro forma loss, before stock-based compensation, amortization, restructuring charges and other items, narrowed to $954,000, or 2 cents a share, from a loss of $3.4 million or 9 cents a share, a year-earlier.
It began a restructuring during the second quarter and took a $2 million charge. Vastera expects charges to total $4.5 million to $5.5 million.
Vastera expects 2002 revenues of between $73.5 million and $74.5 million, citing a continued softening of the software sales market in addition to the Ford pact and economy. It expects third quarter revenue of $18.2 million to $18.4 million and a pro forma loss of 3 cents to 4 cents a share. It expects to breakeven on a pro forma basis in the fourth quarter.