Tuesday, Comverge Inc. (COMV), reported a decline in profit for the fourth quarter, on lower revenues. The company also issued its revenue outlook for 2009.
The East Hanover, New Jersey-based company posted a fourth quarter net income of $6.10 million or $0.28 per share compared to an income of $7.58 million or $0.36 per share in the same period last year.
On average, 10 analysts polled by Thomson Reuters expected the company to earn $0.24 per share for the fourth quarter. Analysts' estimates typically exclude special items.
Revenues during the period declined 5% to $32.98 million from $34.80 million in the year-ago period. Analysts were expecting revenues of $33.02 million during the quarter.
On a segmental basis, Product revenues increased about 42% to $5.64 million, while Service revenues decreased more than 11% to $27.34 million.
General and administrative expenses rose to $8.02 million from $7.62 million in the comparable quarter last year. Marketing and selling expenses totaled $3.57 million, up from $3.08 million in the prior year.
For the fiscal year 2008, the company recorded a net loss of $94.11 million or $4.45 per share, versus a net loss of $6.60 million or $0.46 per share a year ago. Revenues during the year rose to $77.24 million from $55.16 million in 2007.
During the full year, the company recorded a non-cash impairment charge of $75.4 million or $3.52 per share related to goodwill and certain intangible assets related to its acquisition of Enerwise Global Technologies, Inc.
Excluding charges, net loss for the year stood at $19.7 million or $0.93 per share, compared to a loss of $6.6 million or $0.46 per share in 2007.
Street analysts were expecting Comverge to report net losses of $0.98 per share for 2008, on revenues of approx. $77.60 million.
Going ahead into fiscal 2009, the company said that it expects revenues for the year to exceed $90 million. Analysts currently anticipate Comverge to report revenues of $102.40 million for 2009.
COMV ended Tuesday's regular trading at $4.80, up 6.90% or $0.31, on a volume of 176,114 shares on the Nasdaq.
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