New Services revenues for the 2010 fourth quarter were $4.7 million compared to the prior year's fourth quarter revenues of $1.7 million, an increase of 180%. Growth in New Services revenues reflects the success of the Company's newly incubated client value propositions, including healthcare claims recovery audit, spend optimization, and profit performance.
Discussion of Consolidated Results for Twelve Months Ended December 31, 2010:
Total revenues for the year ended December 31, 2010 increased 2.5% to $184.1 million, compared to $179.6 million for 2009. After adjusting for changes in foreign exchange rates, 2010 revenues increased 1.8% compared to 2009.
Cost of revenues in the year ended December 31, 2010 amounted to $127.2 million compared to $116.7 million for 2009. As noted with regard to the Company's gross margin performance for the fourth quarter, the increase in cost of revenues in excess of the growth in revenues for the year ended December 31, 2010 is primarily attributable to the Company's investments in growth initiatives.SG&A for the year ended December 31, 2010 was $49.1 million compared to $43.9 million for the prior year. SG&A for the year ended December 31, 2010 includes foreign currency losses on intercompany balances of $0.4 million, compared to gains of $1.6 million for the same period in 2009. The remaining increase in 2010 is primarily attributable to the Company's renewed business development activities. Net earnings for the year ended December 31, 2010 were $3.3 million, or $0.14 per basic and $0.13 per diluted share, compared to net earnings of $15.3 million, or $0.67 per basic and $0.65 per diluted share for 2009. The 2010 net earnings included a charge of $4.0 million related to stock-based compensation, a $0.4 million charge for acquisition obligations classified as compensation, the $0.4 million of foreign currency losses on intercompany balances, a $1.4 million loss from the refinancing of the Company's debt and the $1.2 million tax credit resulting from the 2010 business acquisitions entries. The 2009 net earnings included a $3.3 million charge for stock-based compensation, a $0.7 million charge related to a litigation settlement, a $2.4 million gain related to a bargain purchase and $1.6 million of foreign currency gains on intercompany balances.
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