Slow 1Q for CSG4/27/2004 10:14 AM Eastern
Lower revenues from Comcast Corp. due to an October arbitration ruling sent CSG Systems International Inc.’s first-quarter numbers on a downturn.
Processing revenues for the billing-services vendor were $81.1 million compared with $91.2 million in the year-ago quarter and $80.8 million for the fourth quarter of 2003.
Software revenues fell 25% year-over-year to $7.6 million and dropped 10% from the fourth quarter of 2003.
Net income under generally accepted accounting principles was $10.8 million, or $0.21 per diluted share, versus $8.7 million ($0.17) in the year-earlier period.
The first-quarter-2004 results were reduced by restructuring charges of approximately $2.2 million, or $0.02 per diluted share, while the first-quarter-2003 results were reduced by approximately $3.2 million ($0.04) due to restructuring charges.