Edgewater Releases Preliminary 2010 Financial Results
finance.yahoo.com
Preliminary financial results and utilization for the quarter ended December 31, 2010:
* Total revenue increased 107% to $23.5 million compared to $11.4 million in the fourth quarter of 2009;
* Service revenue increased 65% to $17.7 million compared to service revenue of $10.7 million in the fourth quarter of 2009;
* Gross profit was $9.0 million, or 38.0% of total revenue, compared to $4.1 million, or 36.2% of total revenue in the fourth quarter of 2009;
* Gross profit margin related to service revenue was 39.5% compared to 38.4% in the fourth quarter of 2009;
* Utilization was 75.6% compared to 66.5% for the fourth quarter of 2009;
* Net income (loss) was $675 thousand, or $0.06 per diluted share, compared to $(1.9) million, or $(0.15) per diluted share, in the fourth quarter of 2009;
* Adjusted EBITDA amounted to $1.5 million, or $0.12 per diluted share, compared to $(165) thousand, or $(0.01) per diluted share, in the fourth quarter of 2009; and
* Cash flow provided by operating activities was $1.6 million compared to cash flow provided by operating activities of $57 thousand during the fourth quarter of 2009.
Full Year Results
Preliminary financial results and utilization for the fiscal year ended December 31, 2010:
* Total revenue increased 76.8% to $88.5 million compared to $50.1 million in fiscal 2009;
* Service revenue increased 49.3% to $68.8 million compared to $46.1 million in fiscal 2009;
* Gross profit was $32.1 million, or 36.2% of total revenue, compared to $16.1 million, or 32.1% of total revenue in fiscal 2009;
* Gross profit margin related to service revenue was 38.1% compared to 34.5% in fiscal 2009;
* Utilization was 73.5% compared to 65.5% in fiscal 2009;
* Net loss amounted to $(22.7) million, or $(1.86) per diluted share, compared to net loss of $(3.8) million, or $(0.32) per diluted share, in fiscal 2009. Our 2010 full year net loss was primarily the result of a third quarter non-cash charge of $21.9 million in connection with an increase to our previously established deferred tax valuation allowance;
* Adjusted EBITDA amounted to $3.4 million, or $0.28 per diluted share, compared to Adjusted EBITDA of $(1.7) million, or $(0.14) per diluted share, in fiscal 2009; and
* Cash flow provided by operating activities was $698 thousand compared to cash flow used in operating activities of $(243) thousand in fiscal 20 |
