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BORL is a new position for First Eagle Fund, as we reported on July 10, 2009, only one week ago. It is hard to understand why the value fund sold shares it acquired 10 days ago.
In March 2009, Jean-Marie stepped down and became an advisor to the fund. Borland Software Corporation provides e-business implementation platforms designed to increase developer productivity and reduce time to market for enterprise software projects. Borland Software Corp. has a market cap of $110.4 million; its shares were traded at around $1.51 with and P/S ratio of 0.6.
On May. 13, 2009, Borland Software Corporation announced financial results for the first quarter ended March 31, 2009. Borland had a total revenue of $35.1 million and GAAP net income of $1.9 million, or $0.03 per share for the quarter. “In the first quarter we exceeded our guidance, achieved GAAP profitability, and continued to strengthen our balance sheet,” said Erik Prusch, president and CEO of Borland. “We are pleased with our year-to-date progress, and our accomplishments represent tangible evidence of Borland’s continued commitment to execution, innovation and customer value.”
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