IT services vendor EDB Business Partner has reported a 64.7% decline in net income to NOK 30m ($4.29m) for the fourth quarter 2008, compared to NOK 85m ($15.6m) in the year-ago quarter, on revenue up 27.3% at NOK 2.15 billion ($306.4m).
Operating profit fell 29.3% to NOK 104m ($14.9m), while the diluted EPS decreased 66% to NOK 0.29 ($0.04). It signed contracts worth NOK 850m ($121.4m) during the quarter, and the order backlog at the end of the quarter totaled NOK 12 billion ($1.7 billion).
IT operations revenue declined 1% to NOK 983m ($140.4m), while solutions revenue grew 2.4% at NOK 382m ($54.6m). Application services revenue rose 10.6% to NOK 377m ($53.9m), while global sourcing revenue and IS partner revenue were NOK 78m ($11.1m) and NOK 413m ($59m), respectively.
For the fiscal year the company reported a 38.6% decline in net income to NOK 186m ($26.6m), compared to a net income of NOK 303m ($55.8m) in 2007, on revenue growth of 24% to NOK 7.87 billion ($1.12 billion).
Endre Rangnes, chief executive at EDB, said: I am very pleased that we continued to win market share in a quarter characterized by the uncertain outlook for the international economy, and that we were able to do this while at the same time maintaining satisfactory profitability. We start 2009 with an order backlog of almost NOK 12 billion ($1.7 billion), which secures good visibility for the company.
