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Commtouch posted $3.5 million revenue for the fourth quarter, 6 percent more than the $3.3 million for the corresponding quarter of 2007. Fourth quarter GAAP-based net profit fell to $644,000 from $720,000 for the corresponding quarter. Non-GAAP net profit was $886,000 for the fourth quarter, down from $1 million for the corresponding quarter. For the year as a whole, Commtouch posted $14.1 million revenue, 25 percent more than the $11.25 million in 2007. GAAP-based net profit was $2.27 million, 8 percent more than the $2.1 million in 2007. Non-GAAP net profit was $3.8 million ($0.14 per share), 21 percent more than the $3.1 million the year before. When Commtouch published its financial report for the third quarter in November, it lowered its full year guidance for 2008 to $14.2-14.4 million from $15-16 million. It also lowered its non-GAAP earnings per share guidance to $0.15-0.16 from $0.16-0.19. It failed to meet either of these lowered guidance targets. Commtouch chairman and CEO Gideon Mantel said, "The fourth quarter was weaker than we initially expected due to more modest results by some of our platforms because of the economic slowdown, as well as the euro's weakness against the dollar." Despite missing its 2008 guidance, the company predicts revenue to reach $15-16 million in 2009, and it expects its non-GAAP net profit to rise to $4 million, ($0.14-0.15 per share). The company predicts that its first quarter 2009 revenue and profit will be the same as for the fourth quarter of 2008, and that growth will resume in the second quarter. Commtouch signed 13 new OEM deals during the fourth quarter and 32 new OEM deals during 2008 as a whole, bringing the number of OEM partners to 116. The company noted that UBS purchased its ARS portfolio at full par value for $2 million in January. Commtouch closed at $2 yesterday, giving a market cap of $51.8 million. To see more of Globes or to subscribe to the newspaper, go to http://www.globes-online.com. Copyright (c) 2009, Globes, Tel Aviv, Israel Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. For full details for CTCHD click here.
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