Oracle ups 2006 forecast, citing PeopleSoft deal

Shortly before a planned meeting with financial analysts Wednesday morning, Oracle announced that it will meet analysts' earnings expectations for its current fiscal year and exceed them in 2006, thanks in part to its recent acquisition of PeopleSoft.

Wednesday's meeting will be Oracle's first opportunity since closing the US$10.3 billion deal to discuss with analysts in detail the acquisition's effect on Oracle's finances. Oracle said Wednesday morning that it is targeting per-share earnings growth of 22 percent to 28 percent in 2006, on an adjusted basis excluding charges associated with the acquisition.

Oracle closed its PeopleSoft purchase earlier this month, giving the company several months before the end of its fiscal year to increase its revenue total by adding PeopleSoft's revenue. Oracle's 2005 fiscal year ends May 31.

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