LogMeIn, Inc. (LOGM), a provider of cloud-based connectivity solutions, on Wednesday reported a 63 percent decline in profit for the fourth quarter from last year. Higher expenses in the quarter offset an increase in revenues.
However, excluding items, adjusted earnings as well as revenues beat analysts' expectations. Looking ahead, LogMeIn forecast earnings for the first quarter and fiscal year 2012 below analysts' estimates.
The company's fourth-quarter net income was $2.02 million or $0.08 per share, down from $5.39 million or $0.21 per share in the year-ago period.
The latest quarter's results include acquisition-related costs and amortization, stock compensation expense and patent litigation related expenses.
Adjusted net income for the quarter was $4.88 million or $0.19 per share, down from $6.95 million or $0.28 per share in the prior-year period. On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.18 per share. Analysts' estimates typically exclude special items.
However, revenue rose 5 percent to $32.32 million from $30.89 million in the same period last year and beat analysts' consensus estimate of $32.05 million.
Additionally, the company reported total deferred revenue of $58.3 million, up 36 percent from the prior year and 8 percent over the prior quarter.
Looking ahead to the first quarter, LogMeIn forecasts net income in a range of $0.00 to $0.01 per share and adjusted net income of $0.12 to $0.13 per share. The company also projects revenue in a range of $32.0 million to $32.3 million.
Analysts expect the company to earn $0.17 per share for the quarter on revenues of $31.91 million.
For fiscal year 2012, LogMeIn forecasts net income of $0.08 to $0.12 per share and adjusted net income of $0.60 to $0.65 per share. The company also projects revenues for the year of $140 million to $142 million.
Analysts expect the company to report earnings of $0.78 per share for the year on revenues of $141.38 million.
LOGM closed Wednesday's trading at $37.58, down $0.83 or 2.16 percent. In after-hours, the stock gained $0.27 or 0.72 percent to $37.85.
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