Global software solutions provider Retalix Ltd. (RTLX) Tuesday, reported a profit for both fourth quarter and full year, compared to a loss, respectively, in the correponding periods last year. However, the company cautioned that the final results are subject to change, following its goodwill impairment testing.
With the impairment testing, Retalix expects to recognize a non-cash, goodwill and other intangible assets impairment charge of $50 million to $70 million, net of tax.
Net income for the fourth quarter was $2 million or $0.10 per share, compared to a loss of $1.7 million or $0.09 per share in the year-ago comparable period. Adjusted net income was $3.3 million or $0.16 per share, compared to a loss of $0.9 million or $0.05 per share prior year.
Quarterly results benefited from $5.4 million tax credit, reflecting changes in the Israeli taxation related to prior year's taxes. This compares to a tax benefit of $0.8 million last year.
Total revenues for the three-month period declined to $52.2 million from $55.2 million last year. Product sales revenue declined to $18.1 million from $20.2 million, and services revenue was down to $34.1 million from $35 million a year ago.
For the full year, net income was $4.1 million or $0.20 per share, compared to last year's loss of $0.5 million or $0.02 per share. Adjusted net income was $10.4 million or $0.51 per share, up from profit of $6.1 million or $0.31 per share. Revenues for the year marginally increased to $221.6 million from $221.4 million last year.
President and chief executive officer, Barry Shaked, said, "The results for the full year 2008 demonstrate the progress of our turnaround efforts over the past year. Despite the uncertainty that overtook the global economy in the fourth quarter of 2008, we significantly improved our performance and our cash flow from operations."
Looking forward, for fiscal 2009, the Israel-based software group expects GAAP net income to be around $1 million - $6 million and non-GAAP net income of $5 million - $11 million. Retalix said that it estimates the coming year revenues to be around $180 million - $200 million.
Currently, the stock is down $0.11, trading at $8.02 on the Nasdaq.
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