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Information technology services and staffing firm iGate Corp. (NASD: IGTE) reported a 25.0% decrease in fourth-quarter net income to $4.9 million from $6.5 million in the same period in 2006. The company said an $800,000 restructuring charge impacted fourth-quarter profit.
Fourth-quarter revenue rose 6.7% to $79.6 million from $74.6 million in the same period during the previous year. Gross margin improved to 30.1% from 28.1%
Revenue in iGate's professional services division, which includes staffing services, fell 2.8% in the fourth quarter to $26.0 million. The company said last month it plans to spin off or sell the division.
Full-year 2007 net income for the entire company rose 79.1% to $15.6 million from $8.7 million in 2006. IGate said net income increased despite a goodwill impairment of $1.9 million and the $800,000 restructuring charge in 2007.
Full-year 2007 revenue increased 8.3% to $307.3 million from $283.6 million in 2006. Gross margin improved to 29.0% from 25.9%.
IGate Corp. (NASD: IGTE)
For the fourth quarter ended Dec. 31, 2007, compared with the same period in 2006.
Revenue: $79.6 million, +6.7%
Net income: $4.9 million, -25.0%
For full-year 2007 ended Dec. 31, 2007, compared with the previous year.
Revenue: $307.3 million, 8.3%
Net income: $15.6 million, +79.1%