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Velti Q4 Profit Rises

3/12/2012 2:30 PM ET

Velti plc (VELT: Quote) reported GAAP net income for the fourth quarter of $25.0 million or $0.40 per share, compared to $2.0 million or $0.05 per share for the year-ago quarter.

Excluding items, adjusted net income for the fourth quarter was $37.3 million or $0.59 per share, compared to $13.5 million or $0.34 per share in the prior year quarter.

Revenue for the fourth quarter rose 52% to $87.11 million from $57.49 million a year ago. Mobile advertising revenue increased 67% to $10.0 million, while Mobile marketing revenue surged 50% to $77.2 million.

Analysts polled by Thomson Reuters expected the company to earn $0.48 per share on revenue of $81.83 million for the fourth quarter. Analysts' estimates typically exclude special items.

Looking forward, the company forecast revenue of $44 million to $48 million for the first quarter and $280 million to $295 million for the full year 2012.

Analysts currently expect the company to post revenue of $44.97 million for the first quarter and $280.98 million for the full year 2012.

Augme Technologies, Inc. (AUGT.OB) said Monday that it has filed a patent infringement lawsuit in the United States District Court of Delaware against Velti USA, Inc.

Augme is asserting three causes of action involving patent infringement related to Augme-owned United States Patent No. 7,783,721, United States Patent No. 7,269,636 and United States Patent No. 6,594,691. Augme seeks injunctive relief to prevent defendant from continuing to infringe Augme's patents. In addition, Augme seeks a recovery of monetary damages resulting from defendant's past infringement of these patents and all legal fees associated with this patent enforcement effort.

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by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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