Baan Company N.V. (Nasdaq: BAANF; ASE: BAAN) publicly confirmed its recent woes today, saying that it booked a first quarter loss of $26 million and that its revenues plunged from $176 million in the first quarter of 1999 to $106 million last quarter.
Based in Barneveld, Netherlands, with U.S. headquarters in Herndon, Virginia, the enterprise solutions provider said it will continue to “reexamine all aspects of its operation” as it tries to pare down costs in the upcoming quarter.
In addition to losing money, the company lost its CEO and CFO last quarter. Despite the setbacks, the company says it is moving forward, citing at least two positive steps: the spin-off of a new CRM subsidiary and last quarter’s development — with Microsoft and Compaq — of a European CRM Center in Copenhagen, Denmark.
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