Epiq Systems Announces 2010 Year-End Results Led By EDiscovery Operating Revenue Growth Of 61% In The Fourth Quarter And 45% For The Year

KANSAS CITY, Kan., Feb. 22, 2011 (GLOBE NEWSWIRE) -- Epiq Systems, Inc. (Nasdaq:EPIQ) today announced results of operations for the fourth quarter and full year of 2010 with fourth quarter operating revenue (total revenue before operating revenue from reimbursed direct costs) of $60.4 million, up 27% compared to $47.7 million for the same period last year. 2010 operating revenue was a record $217.6 million compared to $208.5 million for the prior year. eDiscovery operating revenues for both the fourth quarter and the full year also reflect record all-time highs of $24.6 million and $81.1 million, respectively. The year-over-year comparisons of consolidated operating revenue reflect the planned conclusion of the major analog-to-digital television conversion contract that was completed in the latter part of 2009.

Net income for the fourth quarter of 2010 was $3.1 million, $0.08 per share, compared to $3.6 million, $0.09 per share, for the year ago quarter. 2010 net income was $13.9 million, $0.36 per share, compared to $14.6 million, $0.38 per share, for the prior year. 2010 net income includes expenses of $1.6 million for a voluntary settlement related to a shareholder derivative action, which was finalized during the third quarter of 2010, and $2.6 million in acquisition expenses related to Jupiter eSources LLC, which was completed during the fourth quarter of 2010.

Non-GAAP net income for the fourth quarter of 2010 was $8.0 million compared to $6.8 million for the year ago quarter.  2010 non-GAAP net income was $28.7 million compared to $26.7 million for the prior year. Non-GAAP net income per share for the fourth quarter of 2010 was $0.21 per share, up 24% compared to $0.17 per share for the year ago quarter. 2010 non-GAAP net income per share was $0.74, up 10% compared to $0.67 per share for the prior year.

Fourth quarter 2010 non-GAAP adjusted EBITDA was $19.0 million, up 12% compared to $17.0 million for the year ago quarter. 2010 non-GAAP adjusted EBITDA was $69.1 million, up 8% compared to $64.1 million for the prior year.