Keane Inc., a Boston-based seller of software-consulting services to businesses and governments, won a $7.3 million arbitration award from Signal Corp. and said its first-quarter earnings will be higher than it earlier predicted.
Keane will earn, including the award, 14 cents to 16 cents a
share, up from a previous forecast of 8 cents to 10 cents, for the
quarter ending March 31, the company said in a press release
confirmed by spokeswoman Margo Nison. Sales will be $200 million
to $210 million, the company said.
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Keane received Feb. 10 the $7.3 million from Signal, which
was accused of breaching its contract with the company’s Keane
Federal Systems subsidiary. An arbitration panel found in favor of
Keane in 2001 and the Virginia Supreme Court recently rejected an
appeal by Signal, the Keane statement said.
Shares of Keane fell 29 cents to $6.90 Friday on
the American Stock Exchange and have dropped 57 percent in the
past year.
Bloomberg News
