57% decline in net income for fourth quarter
Business intelligence and performance-management software provider Actuate has reported a 57% decline in net income to $4.67m for the fourth quarter 2008, compared to net income of $10.77m in the year-ago quarter, on revenue down 15% at $33.18m.
Operating income during the quarter fell 14% to $5.68m, while diluted EPS fell 50% to $0.08. Cash flow generated from operations was $5.1m. Cash, cash equivalents, and investments was $58.4m compared with $68.4m in the same period last year. It repurchased 17.1 million shares of outstanding common stock for a total purchase price of $60m.
The company said license revenue fell 26% to $10.06m, maintenance revenue fell 6% to $21.22m, and professional services revenue fell 25% to $3.21m.
For the fiscal year, the company reported 33% decline in net income to $13.57m compared to net income of $20.16m a year ago, on revenue down 7% at $130.99m.
Pete Cittadini, president and chief executive at Actuate, said: Despite the ongoing economic uncertainties, Actuate delivered solid operating margins and record cash flow from operations in 2008. We expect the environment in 2009 will continue to be challenging, but the fact that Actuate powers mission-critical applications along with our open source strategy and strong operational discipline allows us to continue to be a vibrant and relevant global software company for our shareholders, customers, and employees.
For the fiscal year 2009, the company expects continued growth in maintenance revenue and an operating margin in the range of 16% to 21%.