Manhattan Associates fourth-quarter earnings triple on cost-cutting
By APTuesday, February 2, 2010
Manhattan Associates 4Q earnings rise threefold
ATLANTA — Manhattan Associates Inc., which provides software and services that help companies manage inventory and supplies, Tuesday said its fourth-quarter earnings tripled from the year before, despite a drop in revenue.
Helped by cost-cutting, the Atlanta-based company earned $5.87 million, or 26 cents per share, compared to $1.98 million, or 8 cents per share, in the fourth quarter of 2008.
Revenue fell 18 percent to $62.1 million. Software license revenues were up slightly, but service revenue fell sharply.
Excluding stock option expenses and the amortization of a purchase, Manhattan Associates said it earned 31 cents per share. Analysts polled by Thomson Reuters had expected earnings excluding items of 27 cents per share, on $61.6 million in revenue.
The company’s shares were unchanged at $21.64 in afterhours trading.
