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The company reported a surge in fourth quarter net income to 5.2 million U.S. dollars or 0.13 U.S. dollar per share on 40 million shares from 3.1 million U.S. dollars or 0.07 U.S. dollar per share on 18 million shares a year ago. On a non-GAAP basis, net income was 5.6 million U.S. dollars or 0.14 U.S. dollar per share, compared to 3.4 million U.S. dollars a year ago.
On average, four analysts polled by Thomson Reuters expected the company to earn 0.11 U.S. dollars per share. Analysts' estimates typically exclude special items.
Net revenues for the quarter increased to 30.1 U.S. dollars million from 19.267 million U.S. dollars in the prior year. Analysts were looking for 28.36 million U.S. dollars.
R&D Outsourcing Services or RDS, the segment that contributes 63.6% revenue for the company reported a 66.6% increase in revenue to 19.1 million U.S. dollars for the fourth quarter of 2008. Net revenues from IT outsourcing services or ITS were 11.0 million U.S. dollars, up 40.6% from the prior year.
For the full year 2008, the company posted a net income of 16.2 million U.S. dollars or 0.43 U.S. dollar per share, up 69% from 9.6 million U.S. dollars or 0.22 U.S. dollar per share in the prior year. Non-GAAP net income for the period was 17.6 million U.S. dollars year over year. Street expectation is 0.39 U.S. dollars per share on revenue of 99.84 million U.S. dollars.
Net revenues for the full year 2008 increased to 102.7 million U.S. dollars from 62.714 million U.S. dollars in the previous year.
For the first quarter, the company expects earnings per share in a range of 0.08 U.S. dollar and 0.09 U.S. dollar. Three Wall Street analysts expect $0.10 per share on revenue of $26.83 million.
First quarter net revenues are expected to be between 27.5 million U.S. dollars and 28.5 million U.S. dollars, representing a 34% to 39% increase from the corresponding period a year ago.
Earnings per share for 2009 are expected to be to be at least 0.46 U.S. dollar on a GAAP basis, and at least 0.49 U.S. dollars on a non-GAAP basis. Street consensus is 0.48 U.S. dollars per share, on revenue of 129.27 million U.S. dollars.
For the full year 2009 net revenues are expected to be at least 123 million U.S. dollars, up at least 20% from 2008. Enditem
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