Business Services Industry
CEO of Phoenix-Based JDA Software Group Quits after Earnings Warning.
Knight Ridder/Tribune Business News, January, 1999 by The Arizona Republic
Knight Ridder/Tribune Business News
Jan. 6 -- Brent Lippman, chief executive of JDA Software Group Inc., resigned Tuesday as the company warned that it won't meet Wall Street's projections for fourth-quarter earnings.
The Phoenix-based supplier of information management software for retailers also restated its second quarter results. It said new Securities and Exchange Commission accounting procedures made it revalue its June purchase of Comshare Inc.'s Arthur Retail unit.
JDA took a second-quarter charge of $40 million for the Arthur deal, but was told by its accountants that it had to change the valuation. The charge was reduced to $17 million, and the amount of goodwill was increased $23 million.
The second quarter earnings were...
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