Hummingbird Communications Inc, the business intelligence software vendor, has reported net income for the fourth quarter to September 30 down 48.2% to $4.4m on revenue that rose 74% to $58.4m. Earnings per share fell 48.1% to $0.28. Net income for the year fell 98.8% to $0.3m on revenue that rose 28% to $165.9m. Earnings per share dropped 98.8% to $0.02. The results included amortization of intangibles totalling $7.9m and restructuring expenses after the acquisition of PC Docs in May (CI No 3,661) which cost the company $39.7m.
The Toronto, Canada company also announced that its president Jim Tobin, installed only five months ago, has been replaced by Barry Litwin, the co-founder and executive vice president. Tobin had been instrumental in integrating the knowledge management technology which Hummingbird gained with its acquisition of PC Docs in May (CI No 3,661). The company said that 37-year-old Tobin was leaving to pursue interests closer to the venture level.
