Thursday, Art Technology Group Inc. (ARTG), an Internet and software services industry, reported net earnings that increased from last year, helped by a 16% revenue growth.
The Cambridge, Massachusetts-based company reported net income for the fourth quarter of $3.5 million or $0.03 per share, up from $782 thousand or $0.01 per share in the fourth quarter of 2007.
Non-GAAP net income increased to $8.3 million or $0.06 per share from $4.1 million or $0.03 per share in the prior year quarter.
On average, 7 analysts polled by Thomson Reuters expected the company to report earnings of $0.02 per share for the quarter. Analysts' estimate typically excludes special items.
Revenue for the fourth quarter of 2008 grew 16% to $45.4 million from $39.3 million reported in the comparable quarter of the previous year. Analysts had a revenue consensus of $40.81 million for the quarter.
Segment wise, recurring services revenue rose to $23.70 million from $21.34 million in the prior-year quarter. Product licenses revenues totaled $15.11 million, up from $9.53 in the year-ago quarter. Professional and education services revenue decreased to $6.59 million from $8.46 million in the same quarter last year.
For the full year, net income was $3.8 million or $0.03 per share, compared to a loss of $4.19 million or $0.03 per share last year. Non-GAAP net income for the full year increased to $17.6 million or $0.13 per share from $7.9 million or $0.06 per share in 2007.
Total revenue for the full year increased to $164.64 million from $137.06 million a year ago.
Analysts were looking for earnings of $0.09 per share on revenues of $160.05 million for fiscal 2008.
ARTG closed Thursday's regular trading session at $2.20, up $0.35 or 18.92%. However, the stock lost $0.796 or 3.62% in the after-hour trade.
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