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Pomeroy IT Solutions Inc. (NASD: PMRY) swung to a net loss of $21.4 million in its fourth quarter ended Jan. 5. The quarter included a non-tax cash valuation charge of $16.2 million. Pomeroy had posted net income of $1.5 million in the fourth quarter of the previous year.
Fourth-quarter revenue rose 7.7% to $162.3 million from $150.6 million in the same period in the previous year. Gross margin fell to 10.8% from 15.6%. The decrease in gross margin was mainly due to lower technical staffing services gross margins, the company said.
The net loss for the full year ended Jan. 5 was $112.2 million compared with a net income of $1.1 million in the previous year. Pomeroy said the most recent year included a charge for goodwill impairment of $98.3 million.
Full-year revenue fell 1.0% to $586.9 million from $593.0 million in the previous year. Gross margin slipped to 14.3% from 15.5%.
Pomeroy IT Solutions Inc. (NASD: PMRY)
For the fourth quarter ended Jan. 5, 2008, compared with the same period in the previous year.
Revenue: $162.3 million, +7.7%
Net loss: $21.4 million vs. net income of $1.5 million
For the full fiscal year, ended Jan. 5, 2008, compared with the previous year.
Revenue: $586.9 million, -1.0%
Net loss: $112.2 million vs. net income of $1.1 million