Wednesday, PLATO Learning, Inc. (TUTR), a provider of K-adult e-learning solutions, reported a wider net loss for the fourth quarter on higher impairment charges. However, on a non-GAAP basis, net loss narrowed year-over-year as margins improved.
Net loss for the quarter widened to $11.1 million or $0.46 per share from $4 million or $0.17 per share in the corresponding period last year. Impairment charges totaled $6.5 million, reflecting weaker than expected sales in the company's Straight Curve Math product and write-downs of legacy purchased intangible assets.
Excluding impairment and restructuring charges of $9.4 million, net loss for the quarter narrowed to $1.7 million or $0.07 per share from $3.2 million or $0.13 per share in the prior-year period.
Quarterly revenue declined marginally to $17.4 million from $18.2 million in the fourth quarter of 2007. Subscription revenue rose 34% to $9.5 million from $7.1 million in the prior-year period. Total orders for the fourth quarter declined 20% to $20.7 million from $25.9 million in the same period last year.
Gross margin for the quarter, excluding impairment charges, improved to 47.2% from 45.8% last year. PLATO said it is currently conducting an evaluation of goodwill related to multiple acquisitions made by the company from 2000 - 2003.
For the twelve-month period, net loss widened to $23.54 million or $0.99 per share from $14.87 million or $0.63 per share in the previous year. Total revenues declined marginally to $68.4 million from $69.3 million last year.
Looking ahead, the company said it can achieve high single-digit subscription order and revenue growth in fiscal 2009, and continued improvement in subscription margins.
TUTR closed Tuesday's regular trading session at $1.12.
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