Thursday, Sapient Corp. (SAPE) reported a decline in its profit for the first quarter of fiscal 2009 when compared to the same period last year with revenues declining 7.7%.
The Boston, Massachusetts-based company posted a first quarter net income of $4.50 million or $0.03 per share, compared to a profit of $7.12 million or $0.06 per share in the year-ago period.
On an adjusted basis, non-GAAP net income for the quarter was $10.33 million or $0.08 per share, lower than $12.72 million or $0.10 per share reported for the first quarter of fiscal 2008.
On average, 6 analysts polled by Thomson Reuters expected the company to earn $0.04 per share for the first quarter. Analysts' estimates typically exclude special items.
Service revenues for the quarter were recorded at $142.4 million, down 7.7% from $154.2 million last year. Analysts were anticipating revenues of around $142.36 million for the three-month period.
Operating expenses decreased to $144.28 million from $154.73 million a year ago.
Project personnel expenses totaled $100.18 million, down from $106.91 million, while reimbursable expenses were $6.95 million, compared to $6.30 million a year ago.
General and administrative expenses for the quarter decreased to $26.35 million from $30.04 million reported last year. Selling and marketing expenses was recorded at $7.14 million, down from $10.85 million last year.
Looking ahead to the second quarter, Sapient said it expects revenues to be flat or higher sequentially, assuming currency rates stay the same through the end of the quarter. Non-GAAP operating margin for the quarter is expected to be 9% or higher.
SAPE ended Thursday's regular trading at $4.94, down 3.89% or $0.20, on a volume of 0.97 million shares on the Nasdaq. In after-hours session, the stock gained 5.26% or $0.26, trading at $5.20.
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