Business process management vendor Pegasystems has marked down 2004 earnings guidance and announced the resignation of chief operating officer Henry Ancona.
Ancona's departure came as the company warned Wall Street that revenue and earnings will be at the bottom end of forecasts. In October, Pegasystems projected revenue of $95 million to $103 million, pretax earnings of $11 million to $17 million and cash flow from operations of $7 million to $11 million.
In 2003, Pegasystems earned $17.7 million on revenue of $99.3 million.
Ancona's duties will be taken over by Pega chaiman and CEO Alan Trefler.
Trefler noted that, "customer license signings in the fourth quarter of 2004 were among the strongest in the company's history".
Investors were unimpressed, and the stock shipped 73 cents, down 8.6%, to close at $7.80.