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Communications co. Syniverse's 4Q profit up 6 pct

Thu, 02/11/2010 - 2:01pm
The Associated Press

Syniverse Holdings Inc.'s profit jumped 6 percent in the fourth quarter as revenue jumped 14 percent at the mobile-communications company.

David Hitchcock, the company's chief financial officer, said in a statement that controlling costs was a key to improving its profit as its yearlong profit and revenue fell.

Syniverse's net income was $18.3 million, or 27 cents per share, in the last three months of 2009. That compares with $17.3 million, or 25 cents per share, a year earlier.

Excluding one-time items, the company said it earned 46 cents per share. Analysts polled by Thomson Reuters expected it to earn 36 cents per share.

Revenue jumped 14 percent to $143.9 million, while analysts expected $134.5 million.

For all of 2009, the company earned $68.4 million, or $1 per share, on $483.0 million in revenue. Both annual figures were down from 2008.

For 2010, the company expects net income of $70.5 million to $82.5 million, and it forecasts profit excluding one-time items of $120 million to $131 million.

It sees revenue of $590 million to $620 million, below the average estimate of analysts surveyed by Thomson Reuters for full-year revenue of $626 million.

Syniverse shares rose 5 cents, or 0.3 percent, to $16.25 in extended trading, after the results were reported. They had closed up 28 cents, or 1.8 percent, at $16.20 during the regular trading session.

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