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Net Loss for Peregrine Systems

Peregrine Systems, the San Diego-based software firm that announced its sale to Hewlett-Packard Co. last month, reported a net loss for its first quarter ended June 30 of $9.8 million on revenues of $44.6 million. That compared to a net loss of $15.2 million on revenues of $40.2 million for the same period of 2004.

Hewlett-Packard agreed to pay $26.08 per share for Peregrine’s stock, for a price of about $425 million at the time of the announcement on Sept. 19. The deal is expected to close in the first quarter of 2006.

HP said it intends to retain Peregrine’s Carmel Valley office, and operate the company as a part of its Open View business unit.

Peregrine makes software that helps large corporations track and manage computer systems.

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The company, founded in 1981 and once chaired by San Diego Padres owner John Moores, was the subject of multi-agency federal probes after it revealed a huge accounting fraud in 2002. Its stock plunged and later that year the company filed for Chapter 11 bankruptcy protection.

Last year, the Department of Justice and the Securities and Exchange Commission announced criminal and civil indictments of about dozen former executives including former chief executive Steve Gardner.

At its peak in 2000, Peregrine was generating annual revenues of about $500 million, and had more than 4,000 employees. Today, it has a global staff of 732, including some 400 at its Carmel Valley headquarters.

Mike Allen

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