BEA Posts 59% Jump in Profit

Company hopes better-than-expected Q3 will draw higher bids than Oracle's
By Lucas Laursen,  Newser Staff
Posted Nov 16, 2007 8:14 AM CST
The exterior view of Bea Systems headquarters in San Jose, Calif. is seen Monday, Oct. 15, 2007. (AP Photo/Paul Sakuma)   (Associated Press)
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(Newser) – BEA Systems reported earnings up 59% in the third quarter yesterday, in the first audited quarterly statements released in over a year. The San Jose-based company's financials have been held up by a reporting dispute with the SEC. BEA hopes the higher-than-expected results will boost its case that the company is worth more than the Oracle bid of $17 a share it rejected, the San Jose Mercury News reports.

BEA made a counter-offer to sell for $21 a share, which Oracle declined. BEA’s stock price dipped slightly yesterday on Oracle’s suggestion that it would not make a higher bid; it recovered after hours, after the figures were issued. The company also predicted fourth quarter earnings well above Wall Street predictions.