SkillSoft posts a 63 percent rise in 3Q net income amid cost cuts; raises outlook for the year
By APThursday, November 19, 2009
SkillSoft 3Q profit up 63 percent; raises outlook
NASHUA, N.H. — Education software company SkillSoft PLC said Thursday its third-quarter net income rose 63 percent as lower costs offset a decrease in revenue, and it raised its outlook for the rest of the year.
Net income for the three months through Oct. 31 hit $19.6 million, or 20 cents per share, compared with $12 million, or 11 cents per share, a year earlier.
Revenue fell 3 percent to $80.4 million.
The results topped estimates of analysts polled by Thomson Reuters, who had expected earnings of 14 cents per share on revenue of $77 million.
The company also said it now expects annual adjusted earnings before interest, taxes, depreciation and amortization to range between $115 million and $119 million, up from the $105 million to $110 million it expected in August.
Revenue for the year is now seen between $312 million and $314 million, compared with a previous estimate of $307 million to $310 million. That’s above analysts’ average estimate of $308.7 million.
Shares rose 30 cents, or 3.1 percent, to $10.09 in after-hours trading Thursday following the earnings announcement, having earlier closed down 16 cents at $9.79.
