At a time when most of its competitors are clawing back to profitability, CMS vendor Day experienced another money-losing year in 2004, according to the company's most recent statement. This appears to have been intentional. Day has continued to invest aggressively in R&D, but hasn't put a lot of new energy into their CMS over the past couple of years. Instead, they're hatching a new product, probably some sort of content integration package based around JSR 170. The new product is a reasonable gamble from their perspective; the company becomes a more likely acquisition target as an infrastructure vendor. Witness IBM's acquisition of Venetica; could this be Day's long-awaited play for acquisition by BEA (BEA used to OEM Venetica)? In the meantime Day's balance sheet got measurably weaker, and the company won't survive another couple of years of losses like this. CMS Report readers know that Day's Communique CMS remains a competitive product with an impressive (if shallow) customer list, but now its future appears a bit more unsettled. Day says it could ratchet back costs and keep its maintenance operation going indefinitely...