BluePhoenix Solutions (NASDAQ: BPHX), the leader in value-driven legacy modernization, today announced financial results for the fourth quarter. Revenues for the fourth quarter of 2010 were $12 million compared to $11.6 million in the previous quarter, and compared to $19.5 million in the fourth quarter of 2009.

Net income on a non-GAAP basis for the fourth quarter of 2010 was $(0.3) million or $(0.01) per share, compared to $0.4 million or $0.02 per share in the previous quarter, and compared to $1.3 million dollar or $0.06 per share in the fourth quarter of 2009.

On a GAAP basis for the fourth quarter of 2010 the net loss was $(14.8) million or ($0.62) per share, compared to net loss of $7.0 million or ($0.30) per share in the previous quarter, and compared to net loss of $9.1 million or ($0.40) per share for the fourth quarter of 2009.

“During the fourth quarter we made progress implementing our profitability and cash generation plan. We continue to focus on our core business, and as previously announced we sold our subsidiary ASNA. Our revenues came at the higher end of our guidance range. Going forward, we intend to focus on improving our profitability through concentrating our legacy modernization business to sell tools as well as focusing on other lines of business such as knowledge management,” commented Arik Kilman, CEO of BluePhoenix. “In addition, we will continue to reduce our expenses by moving development activities to offshore locations. The result will be a smaller but more profitable company which will be the basis for organic growth.”

Non-GAAP Results (in thousands US$)
   

Q4/2010
 

Q3/2010
 

Q4/2009
Sales 12,010   11,595   19,539
Operating profit 87 226 1,733
Net Income (335 ) 365 1,293
Earnings per share, diluted ($0.01 ) $0.02 $0.06
 

GAAP Results (in thousands US$)

(Q4/10 excluding any potential write-down of goodwill)

Q4/2010

Q3/2010

Q4/2009
Sales 12,010 11,595 19,539
Operating profit (loss) (14,464 ) (6,591 )

* (10,622)
Net Income (loss) (14,763 ) (7,019 ) (9,140 )
Earnings per share, diluted ($0.62 ) ($0.30 ) ($0.40 )

*including goodwill impairment recognized in 2009 annual report at the amount of $5,670

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