Borland bleeds more red ink

Borland has revealed another set of ugly financials. For its October-December third quarter, the Californian firm lost $29.4 million on revenues of $36.8 million, compared to a $1.1 million profit on $55.3 million revenues for the year-ago quarter.

$11.9 million worth of the loss was accounted for by the acquisition of Open Environment Corporation. In the first nine months of its current fiscal year, Borland has lost $65.5 million out of $114.2 million revenues.

In October the firm laid off 15 per cent of staff and is committed to further cost-cutting. It is rumoured that this will include the sale of its Scott's Valley, Californian headquarters.

CEO and chairman Delbert Yocam said the losses were "disappointing and send a clear message that the company needs to dramatically adjust its cost structure". However, he added that the latest loss comes on the back of a quarter in which Borland released no products. Borland plans several key releases by the end of March, including C++Builder, Delphi 97 and JBuilder.