Systems integration firm Sapient Corp posted year-end results that showed strong top and bottom line growth. The Cambridge, Massachusetts-based company reported fourth-quarter net income that jumped 85.8% to $6.0m on revenue up 94.5% at $52.5m. Earnings per share rose 75% to $0.21 for the quarter, beating the consensus estimate of analysts surveyed by First Call by a penny. For the year, net income rose 10.9% to $13.7m on revenue up 77.5% at $160.4m. Earnings per share rose 4.3% to $0.49 for the year. Full-year results include an acquisition-related charge of $11.1m, though, without which net income was up 63% year-over- year at $20.7m, or $0.74 per share. Year-ago results for both periods include a similar charge of $560,000. The $11.1m charge, stemming from the acquisition of Exor Technologies Inc, has been reduced from the original $14.8m taken in the third quarter. The change was made to conform the company’s accounting for acquisition-related in-process research and development charges to the recently-changed SEC guidelines. The remaining $3.7m will be capitalized as goodwill and amortized over seven years. The restatement will have the net effect of reducing the previously- reported third quarter net loss from $4.0m to $1.6m. Sapient’s size has increased with its revenue, as the company grew from approximately 800 employees at year-end 1997 to 1,450 employees at year-end 1998.
