GREENWOOD VILLAGE, Colo. (AP) — Technology consulting company Ciber Inc. said Monday its fourth-quarter profit declined amid the difficult economy and because of a higher income tax rate than a year earlier.
The company earned $2.5 million, or 4 cents per share, down from a profit of $5.5 million, or 9 cents per share, in the same period a year earlier.
Revenue fell 6 percent to $262.3 million from $279.6 million.
Analysts, on average, were expecting a profit of 7 cents per share on sales of $259.9 million, according to a poll by Thomson Reuters.
The company said it grew most in its offshore India-based operations during 2009. It said its income tax rate was 41 percent in the fourth quarter, up from a tax rate of 4 percent a year earlier.
For the full year, Ciber earned $15 million, or 22 cents per share, down from a profit of $26.9 million, or 45 cents per share, in 2008.
Revenue fell 13 percent to $1.04 billion from $1.19 billion.
The company forecast first-quarter earnings of 5 cents to 6 cents per share on sales of $252.5 million to $257.5 million.
Analysts expect a profit of 7 cents per share on sales of $251.9 million.
For 2010, Ciber expects earnings of 25 cents to 29 cents per share on revenue of about $1.03 billion to $1.05 billion.
Analysts are predicting a profit of 30 cents per share on sales of $1.04 billion.
Shares fell 2 cents to close at $3.80.