Lotus Development Corp. announced that it has...

Lotus Development Corp. announced that it has delayed shipment of an improved version of its 1-2-3 spreadsheet software until the second quarter of 1989 from the fourth quarter of this year. The company’s stock, traded over-the-counter, tumbled $3.125 to $16.625 on the news, which confirmed fears on Wall Street that the Cambridge, Mass.-based firm’s problems are more deep-seated than expected. It was the second time that Lotus has delayed the software. “We’ve added additional time to the schedule to make absolutely sure we deliver a product that meets our standards for quality, performance, compatibility and portability,” said Lotus Senior Vice President Frank King.