Monday, Epiq Systems Inc. (EPIQ), an integrated technology solutions provider, reported an increase in third quarter profit, despite a decline in revenue, helped by lower costs and expenses.
The Kansas City-based company reported third-quarter net income of $4.87 million or $0.12 per share, up from $4.0 million or $0.10 per share in the same quarter last year. On a non-GAAP basis, net income was $6.8 million or $0.17 per share, up from $5.8 million or $0.15 per share in the year ago quarter.
On average, five analysts polled by Thomson Reuters expected the company to earn $0.18 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenue for the quarter declined to $57.81 million from $58.88 million in the comparable quarter last year. Operating revenue before reimbursed direct costs was $51.12 million, compared to $51.83 million in the previous year quarter. Analysts expected the company to report revenue of $54.59 million for the quarter.
Total operating expenses for the quarter declined to $50.46 million from $51.83 million in the previous year quarter. Income from operations for the quarter was $7.35 million, up from $7.05 million in the same quarter prior year.
For the nine-month period, net income was $11.0 million or $0.28 per share, compared to net income of $9.8 million or $0.26 per share a year ago. On a non-GAAP basis, net income was $19.9 million or $0.50 per share, up from $17.1 million or $0.44 per share in the prior year period. Total revenue increased to $184.83 million from $172.74 million in the same period last year.
EPIQ closed Monday's regular trading at $14.63, down $0.13 or 0.88%, on a volume of 238,795 shares on the Nasdaq. In the after hours, the stock is down $0.28 or 1.91%, trading at $14.35.
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