Evolving Systems stretches positive run to eighteen quarters

Evolving Systems, a provider of software and services to the wireless, wireline and cable markets, has had its eighteenth consecutive quarter of positive operating profit.

This is the headline for its results for its fourth quarter and year ended 31 December 2010.

“Evolving Systems continued to produce strong bottom line results in 2010, highlighted by an 11% increase in net income,” said Thad Dupper (pictured), chairman and CEO. “Cash from operations increased 57% and our working capital and cash positions were up 147% and 101%, respectively.”

He said that new orders were impacted by longer sales cycles for its DSA dynamic sim allocation product, but the firm began to see renewed activity around its Activation products and expected first half 2011 orders to rebound following a sluggish fourth quarter.

“We added two new DSA wins in 2010, raising our total to eight DSA customers around the world, six of which are now in production,” Dupper said. “Our DSA customers have activated more than 25 million sim cards, and with the anticipated growth of wirelessly enabled consumer devices that require sim cards, we are confident that our DSA solution will become an increasingly important contributor to revenue.”

There was also good news from international markets during 2010, with new customers and others being taken into production in Asia, Africa, Central and South America as well as North America, where the firm won a large Numeri Track order with a tier one US carrier and a DSA order in Canada.

And in the first quarter, the company introduced its Intelligent M2M Controller – a machine to machine product for wireless service providers who are seeking to reduce costs, protect their networks and monetise growing opportunities in the M2M space.

Net profit for 2010 increased 11% to US$5.4m from $4.8m in 2009. Earnings per share increased to $0.53 per basic and $0.49 per diluted share in 2010 from $0.49 per basic and $0.48 per diluted share a year ago. Operating profit in 2010 declined to $6.2m, or 16.7% of turnover, from $6.7 m, or 17.5% of turnover, in 2009.

The company experienced a 2% decline in full year turnover, to $37.3m in 2010 from $38.2m a year ago. License fees and services revenue was $20.3m versus $21.6m in 2009, a decline that was partially offset by an increase in customer support revenue to $17.1m from $16.6m.

Net profit was $1.2m in the fourth quarter of 2010, down 18% from $1.4m in the same quarter last year. The company had operating profit of $1.2m in the fourth quarter compared with $1.9m in the same quarter last year. It was the company’s eigteenth consecutive quarter of positive operating profit. As a percentage of turnover, fourth quarter operating profit was 13.7% versus 19.1% a year ago.

Fourth quarter turnover was $8.6m, down from $9.8m in the same quarter last year, due to lower licence fees and services bookings related to longer sales cycles.


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