Lionbridge Technologies, Inc. (LIOX), a provider of globalization and off-shoring services, reported Wednesday a fourth-quarter preliminary net loss, hurt by one-time charges and lower revenue. The company also provided revenue guidance for the first quarter.
Lionbridge posted a fourth-quarter preliminary net loss of $118.94 million, or $2.14 per share. Last year the net loss was $3.97 million, or $0.07 per share. Included in the results were a charge of $120.6 million for goodwill impairment and a related tax benefit of about $1.6 million.
Excluding the one-time charge and benefit, preliminary net income was $47,000, or a break-even per share, as compared to net loss of $4.0 million, or $0.07 per share, in the previous year.
On an average, 3 analysts polled by Thomson Reuters expected the company to report earnings of $0.01 per share in the fourth quarter. Analysts' estimates typically exclude special items.
Revenue for the quarter decreased 10.8% to $104.6 million from $117.2 million, reflecting the effect of the stronger Dollar and project delays from certain clients in response to uncertain global economic conditions.
During the quarter the company won a several large new client programs, which is expected to generate $25 million - $30 million in revenues for fiscal year 2009.
For the full year 2008, Lionbridge reported a preliminary net loss of $119.3 million, or $2.14 per share. In the previous year, net loss was $4.21 million, or $0.07 per share. Adjusted net loss for the year was $315,000, or $0.01 a share, as compared to $ 4.21 million, or $0.07 a share in the previous year. For the full year, revenue increased 2.1% to $461.4 million from $452.0 million.
The company expects to report first-quarter revenue of $93 million to $102 million. For the full year 2009, it expected to generate revenue growth in constant currency and increase in profitability.
LIOX is currently trading at $1.71, up $0.03 or 1.79%, on the Nasdaq.
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