MicroStrategy Changes Earnings to Losses

MicroStrategy Inc., a maker of data-delivery software whose stock tumbled last month after the company said it revised revenue figures, changed its earnings numbers to losses for the last three years. The company said it lost 44 cents a share last year, from net income of 15 cents; lost 3 cents a share in 1998, from earnings of 8 cents; and lost 2 cents a share in 1997, from breaking even. Micro-Strategy reduced its 1999 revenue to $151.3 million, from $205.3 million; its 1998 revenue to $95.5 million, from $106.4 million; and its 1997 revenue to $52.6 million from $53.6 million. Last month, MicroStrategy said it revised its financial results for 1998 and ’99 to comply with recent Securities and Exchange Commission statements on when sales can be counted as revenue. The Vienna, Va.-based company is the defendant in at least a dozen shareholder lawsuits. MicroStrategy’s shares fell $3.44 to close at $39.06 on Nasdaq.