Double-Take 4Q net profit up on tax benefit

posted: 6 DAYS 14 HOURS AGO

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SOUTHBOROUGH, Mass. -Double-Take Software Inc., a provider of data backup systems, said Wednesday its fourth-quarter net profit rose 4 percent helped mainly by a tax benefit, although revenue fell below Wall Street forecasts.

The company also forecast first-quarter and full-year results well below analyst estimates. Investors sent Double-Take shares down sharply after hours.

Net income in the three months to Dec. 31 came to $10.6 million, or 45 cents per share, up from $10.2 million, or 44 cents per share, in the same quarter a year earlier. The latest quarter included a tax benefit of $6.5 million.

Excluding the tax benefit and other one-time items, the company posted adjusted earnings of 13 cents per share, in line with the expectation of analysts polled by Thomson Reuters.

Revenue fell 9 percent to $22.8 million from $25 million. Analysts expected $23.2 million in revenue.

Double-Take said it expects first-quarter revenue between $20 million and $21.2 million, with adjusted income between 2 cents to 4 cents per share. Analysts predict income of 9 cents per share on revenue of $23.2 million.

It forecast annual revenue between $90 million and $95 million, with adjusted income between 29 cents and 39 cents per share. Analysts predict income of 52 cents per share on revenue of $93.8 million.

Shares fell $1.33, or 13 percent, to $8.92 in after-hours trading. They earlier finished regular trading down a penny at $10.25. They have ranged from $5.33 to $10.65 over the past year.

2010-02-03 19:34:21