MicroStrategy 3Q Profit Falls 89 Percent
Thursday October 27, 6:48 pm ET MicroStrategy Third-Quarter Profit Falls 89 Percent in Absence of Tax Benefit
MCLEAN, Va. (AP) -- MicroStrategy Inc., a provider of business intelligence software, said Thursday its third-quarter profit fell 89 percent as the year-earlier period included a hefty tax benefit. For the quarter ended Sept. 30, net income fell to $13.3 million, or 91 cents per share, from $122 million, or $7.22 per share. Results in the latest quarter included a tax expense of $3.1 million, or 21 cents per share, related to the repatriation connected with the American Jobs Creation Act. A year earlier, MicroStrategy posted a $103 million tax benefit as a result of the release of its U.S. and Canadian deferred tax asset valuation allowances.
Third-quarter income from operations was $22.9 million, up 21 percent from $18.8 million in the third quarter of 2004.
Revenue for the quarter was $65.8 million versus $60.6 million a year ago, a 9 percent increase. License revenue rose 12 percent, to $22.6 million.
On average, analysts surveyed by Thomson Financial forecast earnings of $1.04 per share on revenue of $66.3 million. Shares of Microstrategy fell 9.1 percent to $67.78 in after-hours trading. The stock closed the regular session at $74.58, down 61 cents on the day.
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