Enterprise systems management software developer Quest Software Inc. (QSFT) said Tuesday that its profit for the fourth quarter increased by about 27% over last year, helped by lower operating expenses, which helped to offset a drop in quarterly revenues.
The Aliso Viejo, California-based company posted net income of $37.0 million or $0.40 per share for the fourth quarter, up from $29.2 million or $0.28 per share in the prior year quarter.
On a non-GAAP basis, net income was $36.9 million or $0.40 per share, compared to $39.5 million or $0.38 per share in the year-ago quarter. On average, 10 analysts polled by Thomson Reuters expected the company to report earnings of $0.39 per share for the fourth quarter. Analysts' estimates typically exclude special items.
Fourth quarter revenues decreased 3.5% to $194.5 million from $201.6 million in the same quarter last year. Ten analysts had a consensus revenue estimate of $187.97 million for the fourth quarter.
As a percentage of revenue, operating margins improved to 23.4% from 19.7%, but non-GAAP operating margin fell to 24.8% from 26.1% in the previous year quarter.
Total operating expenses for the fourth quarter decreased to $127.1 million from $138.4 million in the prior year quarter.
For the full year 2009, Quest Software reported net income of $70.4 million or $0.75 per share, up from $68.0 million or $0.64 per share in the previous year.
Non-GAAP net income rose to $117.8 million or $1.25 per share from $106.2 million or $1.00 per share in the prior year.
Annual revenues decreased 5.5% to $695.2 million from $735.4 million in the year-ago.
Analysts expected the company to report earnings of $1.25 per share on revenue of $692.94 million for the year 2009.
Quest Software closed Tuesday's regular trading session at $17.36, up 8 cents on a volume of 1.30 million shares. However, in the after-hours, the shares lost 36 cents or 2.07%.
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