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SPECIAL ITEMS HELP LAWSON 3Q
Non-operating income helped Lawson Software to sharp increase in net income on a 5.4-percent rise in revenue for the third quarter ended February 28. And unusual might be the general tone of the results since the company canceled its earnings webcast because of the unsolicited takeover bid it has received from Infor. Net income of $21.4 million for the most recently ended quarter compared to $1.7 million a year earlier, anything but routine.
That included a $3-million gain from settlement of a bankruptcy claim against Lehman Brothers OTC Derivatives, and a gain of $1.2 million related to the sale of marketable securities in the quarter. There was also a $4.7 decrease in the provision for income taxes. Operating income rose to $60.5 million, an increase of 39.6 percent from $43.3 million in last year’s corresponding quarter. Instead of conducting the conference call, Lawson issued remarks that it filed with the SEC.
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