Banking software and systems integration firm Broadway & Seymour Inc. said Monday that it expects to report a $20 million fourth-quarter loss, and has hired Goldman, Sachs and Co. to advise it on any potential offers to buy the company.
The fourth-quarter red ink in will result in a net loss of about $15 million for the year, officials said.
Broadway & Seymour's chairman, William W. Neal, said the loss was due to a one-time restructuring charge mainly to write off "intangible (assets) related to previous acquisitions."
He said he expects the company to return to profitability in 1996. "Our pipeline of business is stronger than it has ever been," he said. "We're very bullish going forward."
The Charlotte, N.C.-based firm said in a press release that the investment bank would "advise it in evaluating previous inquiries regarding the company." But Mr. Neal said the hiring of Goldman Sachs was a "precautionary move" and that Broadway & Seymour has not yet received any formal offers to buy the company.