Tuesday, Epiq Systems, Inc. (EPIQ), an integrated technology solutions provider for legal profession, reported a 54% rise in fourth-quarter profit as revenues increased 41% from last year on record number of Chapter 11 bankruptcy engagements.
The Kansas City, Kansas-based company reported a fourth quarter net income of $4.0 million or $0.10 per share from $2.6 million or $0.07 per share in the year-ago quarter.
On a non-GAAP basis, net income for the quarter was $6.4 million or $0.16 per share, compared to $5.1 million $0.14 per share in the prior year quarter.
Operating revenue for the quarter increased 41% to $55.2 million from $39.2 million last year.
Operating revenue for the Bankruptcy segment increased 44% to $20.8 million from $14.4 million in the year-ago quarter, on an all-time record number of Chapter 11 bankruptcy engagements for a single quarter.
Operating revenue for the Electronic Discovery segment was $13.5 million, compared to $13.7 million last year. Settlement Administration segment operating revenue for the quarter increased to $20.9 million from $11.1 million in the earlier year.
For the full year, the company's net income doubled to $13.8 million or $0.36 per share, from $6.9 million or $0.21 per share in the prior year.
Non-GAAP net income for the year was $23.5 million or $0.60 per share, compared to $17.3 million or $0.50 per share in the previous fiscal year.
Operating revenue for the year increased 37% to $207.9 million from $151.6 million a year ago.
EPIQ closed Tuesday's regular trading at $14.41, down $0.08 or 0.55%, on the Nasdaq.
For comments and feedback: editorial@rttnews.com