MINNEAPOLIS (AP) ? Online commerce technology company Digital River Inc. said Thursday that its net income in the final quarter of 2011 fell mainly because of non-cash impairment charges on intangible assets including agreements on trade names, non-compete deals and customer relationships.
But its adjusted net income easily topped Wall Street’s forecasts and its shares jumped more than 8 percent in extended trading.
Net income in the three months to Dec. 31 fell 19 percent to $4.3 million, or 12 cents per share, from $5.4 million, or 14 cents per share, a year ago.
Excluding items such as the impairments and stock-based compensation expenses, adjusted earnings came to 45 cents per share, beating the 33 cents expected by analysts polled by FactSet.
Revenue rose 15 percent to $112 million from $97.7 million a year ago. That also beat the $104.2 million expected by analysts.
The company said it expects first-quarter revenue of $99 million to $101 million, short of the $104.4 million expected by analysts. It also said it expects adjusted earnings of 27 cents to 30 cents per share, also below the 32 cents analysts were looking for.
For the full year, the company expects to post $402 million to $409 million in revenue, below the $420.1 million expected, and adjusted earnings of $1.20 to $1.28 per share, while analysts had forecast $1.20 per share.
Digital River shares rose $1.31 to $18.05 in after-hours trading on Thursday, after gaining 37 cents, or 2.3 percent, to close at $16.74 in the regular session.
