Edgewater Technology Inc. (NASDAQ: EDGW) shares soared in today�s trading after the company announced its preliminary fourth-quarter financial results.
Edgewater reported a 107% increase in its fourth-quarter total revenue to $23.5 million, compared with $11.4 million reported for the same period in 2009. The company reported a 65% increase in service revenue to $17.7 million, compared with service revenue of $10.7 million reported for the same period in 2009.
The company reported fourth-quarter gross margin of 38%, an improvement from 36.2% reported for the same period in 2009. The company�s utilization was 75.6% in the fourth quarter of 2010, compared with 66.5% in the fourth quarter of 2009.
Edgewater also reported fourth-quarter net income of $675,000 or $0.06 per diluted share, compared with a net loss of $1.9 million, or $0.15 per diluted share reported for the same period in 2009. The company�s fourth-quarter adjusted EBITDA came in at $1.5 million, or $0.12 per diluted share.
For full year 2010, the company�s total revenue increased 76.8% to $88.5 million. The company reported a net loss of $22.7 million, or $1.86 per diluted share for the full year. In 2009, the company�s net loss was $3.8 million, or $0.32 million.
Following the strong fourth-quarter financial results, shares of Edgewater soared in today�s trading. The small cap stock reached a high of $3.33 in today�s trading and ended the day 35.59% higher at $3.20, with volume up from daily average of 18,163 to 1.07 million.
Edgewater shares have a 52-week range of $2.15-$3.42. Year-to-date the stock gained 36.17%.
Edgewater is a Wakefield, California-based consulting firm, offering specialty services in the areas of business advisory, analytics, data management and technology to its client base.
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