TIBCO Software Inc. (TIBX), Tuesday reported a marginal decline in profit for the fourth quarter due to higher income tax provisions, which more than offset a rise in revenue and gross margins. Quarterly earnings per share, however, were flat with the previous year and topped analysts' consensus by 3 cents.
The Palo Alto, California-based infrastructure software solutions provider's net income for the fourth quarter declined slightly to $31.73 million from $32.29 million in the previous year. Earnings per share of $0.18 was flat with the previous-year on lower share counts.
After adjusting for amortization charges, stock-based compensation and income tax effect, net income for the quarter was $39.21 million, compared to $39.94 million. Adjusted earnings per share of $0.23 for the quarter was flat with last year.
On average, 12 analysts polled by Thomson Reuters expected the company to report earnings of $0.20 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenue for the quarter increased to $195.57 million from $185.52 million a year ago. Analysts expected revenue of $180.30 million for the quarter.
License revenue rose to $94.67 million from $90.42 million in the previous year. Service and maintenance revenue was $100.90 million, up from $95.10 million in the year-ago period.
Total cost of revenue declined to $42.80 million from $44.00 million last year. Gross profit was $152.77 million, compared to $141.52 million in the previous year.
Total operating expenses increased to $107.93 million from $100.82 million in the earlier year. Research and development expenses increased to $30.85 million from $25.89 million and sales and marketing expenses increased to $59.98 million from $58.12 million last year.
Interest income declined to $0.21 million from $1.69 million a year ago. Income tax provision was $12.52 million, up from $8.92 million last year.
For the fiscal year 2009, net income rose to $62.30 million or $0.36 per share from $52.41 million or $0.29 per share in 2008. On an adjusted basis, net income increased to $95.52 million or $0.55 per share from $86.13 million or $0.47 per share in the previous year.
Total revenue for the year declined to $621.39 million from $644.47 million last year.
Analysts expected the company to report earnings of $0.53 per share on revenues of $606.11 million for the fiscal year.
TIBX closed Tuesday's regular trading at $9.06, down 0.16 or 1.74%, on a volume of 4.64 million shares on the Nasdaq. In after hours, the stock gained 0.46 or 5.08%, trading at $9.52.
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