SAN FRANCISCO - Lawson Software's (LWSN) bottom line plunged in the fourth quarter, and the company guided below the Street's estimates for 2009.
Revenue at the St. Paul, Minn. software developer grew 9.4% to $233 million, from $212.9 million for the same quarter of last year. Analysts were expecting a top line of $229 million, according to Thomson Reuters.
Net income plummeted 55% to $3.7 million, or 2 cents a share, from $8.1 million, or 4 cents a share, in the year-ago period. The company again took an impairment charge -- of $6.1 million -- to reduce the value of auction-rate securities that have since been sold. The company took similar charges in the prior two quarters.
Excluding special items, EPS was 10 cents, in line with analysts' estimates.
Total deferred revenue grew 19% year over year to $312.6 million.
For the first quarter, the company expects revenue of $195 million to $200 million and EPS, excluding items, of 6 cents or 7 cents. Analysts were looking for $205.2 million and EPS of 8 cents.
For fiscal 2009, Lawson projected a top line ranging between $920 million and $925 million and EPS, less items, of 43 cents to 47 cents. The consensus estimate of analysts was for revenue of $922.3 million and EPS of 51 cents.
Lawson's industry-specific business software competes with applications from
Shares in Lawson fell in after-hours trading to $6.99, down 18 cents, or 2.51%.