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FULLSCOPE BOOSTS EDGEWATER

With sales of Dynamics AX from Fullscope kicking in for a full year, Edgewater Technology, rebounded to a profit and turned in a 107-percent increase in revenue for the fourth quarter ended December 31. Net income of $675,000 compared to a loss of $1.86 million in last year’s corresponding quarter while revenue rose to $23.5 million, up from $11.4 million a year earlier.

The bottom line for 2010, however, was $22.7 million in red ink, compared to a loss of $3.84 million in 2009. The 2010 loss stemmed from a $21.9 million non-cash charge in connection with an increase to our previously established deferred tax valuation allowance. That doesn’t sound like a whole lot of fun. Revenue for 2010 of $88.5 million was 76.8 percent higher than $50.1 million the prior year. The impact of Fullscope showed up in software revenue which was $3.6 million for the most recently ended quarter, compared to $47,000 for the last three months of 2009. Full-year software revenue was $11.5 million, compared to $664,000 for 2009. CEO Shirley Crocker said in an earnings webcast that the company had 102 new customers in 2010 compared to 64 for 2009. With 30 new customers added in the fourth quarter, the company is expecting an uptick in service revenue in the current quarter as those systems are installed.

 

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