(RTTNews) - Tuesday,
A.D.A.M., Inc.
(ADAM), reported fourth quarter financial results, reporting an increase in profit helped predominantly by one-time benefits and higher revenues.
The Atlanta, Georgia-based company's net income for the quarter increased 375% to $1.824 million or $0.17 per share from $384 thousand or $0.04 per share in the corresponding quarter a year ago.
Net income for the quarter included severance charges of $529 thousand and an income tax benefit of $1.510 million related to the company's expected future use income tax net operating loss carry forwards.
Revenues for the period advanced 12% to $7.633 million from $6.385 million in the similar quarter last year, due primarily to increased sales of the company's health content licenses, education products, and Benergy products and services.
Licensing revenues were up at $6.182 million, compared to $5.667 million in the year-ago quarter, while product revenues came in at $330 thousand, down from $484 thousand in the similar quarter a year ago. Revenues from the professional services and other segments increased 63.9% to $1.121 million from $684 thousand in the year-ago quarter.
Non-GAAP operating income was $831 thousand, down from $1.051 million in the year-ago quarter. The decrease in operating income was attributed to non-cash stock-based compensation and charges associated with severance for a former employee of OnlineBenefits.
Operating expenses for the quarter increased 15.7% to $4.844 million from $4.185 million in the year-ago quarter.
Adjusted EBITDA came in at $2.215 million, an increase of 14% from $1.948 million in the year ago quarter.
For the full year, net income increased 54.6% to $3.939 million or $0.38 per share from $2.548 million or $0.25 per share last year.
Revenues for the full year soared to $27.878 million from $16.505 million last year, mainly driven by
A.D.A.M.'s acquisition of OnlineBenefits, Inc., which was completed in August 2006 and additional sales of health content licenses and increased sales of Benergy-related services during the year.
ADAM is currently trading at $7.01, down $0.13 or 1.82% on a volume of 45,491 shares on the Nasdaq.
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