Investors on Alert for Platinum Software Results : Finance: Quarterly report is due soon from company that restructured after revealing that it had misstated revenue for two years.

IRVINE —  Platinum Software Corp., which underwent a drastic restructuring after revealing earlier this year that it had misstated its revenue, is preparing to release its quarterly results, and investors and analysts are on the alert to see how the company is doing.

“I think they’ve stabilized,” said William Shattuck, an analyst who follows Platinum for the Montgomery Securities brokerage in San Francisco.

“But just because they’ve got a game plan in order, it doesn’t mean they’re out of the woods,” he said. “It just means they’ve made a lot of progress.”

The accounting software company’s top managers resigned in April after announcing that revenue over the previous two fiscal years had been overstated by more than $18.2 million. Platinum was subsequently hit with a shareholder lawsuit, which has since been settled, and a Securities and Exchange Commission investigation that is continuing.

Carmelo Santoro, a Platinum board member, was appointed acting chief executive officer on April 18 after founder and Chairman Gerald R. Blackie quit, along with four other top executives. Santoro later accepted the CEO position permanently.

The new managers, Santoro said, realized they needed to restructure to avoid bankruptcy. “We didn’t have enough cash,” he said. “We would have been out of business by August or September.”

To recover, Platinum spun off some divisions and shrank its work force from about 800 to the current level of about 450, taking a $15-million restructuring charge in the process.

Company officials say they expect Platinum to be profitable for its current fiscal year, which began July 1.

To do so, Santoro said Wednesday, the company needs $15 million in revenue each quarter. He projects that the company “will average above that figure.”

Santoro and David Proctor, the company’s chief operating officer, said they are changing Platinum’s focus. Whereas the earlier management team’s sales strategy had targeted large multinational corporations, Platinum is now developing a product aimed at mid-size companies with annual revenue of $20 million to $500 million. Shipments of that product are to begin next spring.

Santoro said the company is also planning to offer a version of its software for smaller businesses that will run on Microsoft’s popular Windows operating system.

A cash infusion of $13.8 million from investors led by two San Francisco venture-capital firms could help Platinum’s product development. The group bought a stake in Platinum on Sept. 9.

“When we saw Santoro come in, we thought that would be a basis for re-energizing the company, really solidifying its plans,” said C. Richard Kramlich, managing general partner for one of the venture capital groups, New Enterprise Associates.