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Debes reported earnings to financial analysts this week that, he said, were at the top end of the company's forecasts. However, Debes noted that the St. Paul, Minn.-based company's services revenue lagged forecasts. Here is how he explained it:
The revenue shortfall was in our consulting services business, so let's address that right up front.
Services revenue was $96 million and services margin was 18 percent. Even though services revenue was up 5 percent from last year, it was short of our expectations and forecasts and when it comes to services margin at 18 percent, it's the highest in the company's industry but once again, it was short of our own expectations and internal forecasts.
These shortfalls were not due to macroeconomic conditions but rather our own poor execution. Most of the shortfall occurred in Europe. Project transitions and clean-up of old, pre-merger deals and management changes all contributed to the miss. I'm giving this to you by way of explanation, not excuse. We should have managed this better.
Debes continued to explain that changes have been made as the company tries to to fix things, and Lawson has taken measures including changing personnel and changing procedures.
Lawson stock this week is up 47 cents per share, to $8, but was dipping a little bit before the stock market opened on Friday.
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