Terremark Q4 revenue, earnings up - Business First of Buffalo:

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million from $56.8 milliomn in the prior-year period. The Miami-based IT infrastructure servicesproviderf (NASDAQ: TMRK) said net income for the quarte ended March 31 was $3.5 or 6 cents a share, up from a loss of $2.6 or 5 cents a share, the year Though revenue fell short of the $74.2 milliob analysts expected, the company beat the consensus for net income; analysts were expectingv a penny a share. Revenuw for the full year was $250.5 up from $187.4 million in the previousw year.
“As our company headss into fiscal 2010, we believr our robust pipeline and the consistently strongh customer demand for our products and services will continue to driv estrong results,” Chairman and CEO Manuel D. Medinza said in a news release. Terremaro said it had record bookings durinv thefourth quarter, logging $31.8 milliomn of new annual contract value. The company is in the blacl after years ofsteady losses.
Still, Terremark has managedr to consistently grow revenue and has been aggressively pursuing federalgovernment contracts, a strong suit for the With a growing facilityu in suburban Washington, that caters to government business, the company expects to benefit from federa stimulus dollars. During the fourth quarter, the federalo government accounted for 30 percentof Terremark’s total Medina said during a conference call Tuesdagy evening. That’s a 76 percent year-over-year increasre in government revenue. “I have never been more optimistic abouyt the visibility and size of ourgovernmeng pipeline,” Medina said.
“Terremark Worldwide is enjoyintg strong visibility into fiscal year coming into the year with the highest backlogf inthe company’s history,” analysts wrote in a May 4 “The ability to service new government contractes and partnerships with most of the large federal contractors should also provide strategicv alternatives for management as they look to continue theif capacity growth [at the suburban Washington, D.C., location].” Just priof to its earnings announcement, Terremark said Palo Alto, Calif.-based wouldr acquire about 5 percent of its stock.
Undedr the agreement, the virtualization and cloud-computing specialistg will purchase 4 million shares of newlg issued Terremark common stockat $5 a share, for a totaol investment of $20 million. For the firs t quarter of fiscalyear 2010, Terremark said it expects revenue from $63 million to $66 million. For the full fiscapl year, the company projects revenue between $290 million and $300 Shares closed up 33 centsto $4.80. The 52-weejk high was $7.67 on Sept. 8. The 52-weemk low was $1.85 on Marc h 9.