Sapient 3Q profit plummets on charges, sales drop
BOSTON - Technology-services provider Sapient Corp. said Thursday that third-quarter profits plunged by two-thirds, partly due to special charges, and the chief executive said customers were growing more confident in business prospects.
The company said it earned $5.9 million, or 4 cents per share, compared with $18.1 million, or 14 cents per share, in the same quarter last year. Excluding items, the company said it would have earned 11 cents per share, down from 18 cents per share a year ago.
The company identified $8.6 million in charges for stock-based compensation, restructuring, amortization of assets it bought, and acquisition-related costs.
Revenue fell to $172.5 million from $184.1 million a year earlier.
Analysts expected the company to earn 7 cents per share, excluding items, on sales of $162 million.
Chief executive Alan J. Herrick said he was pleased with the company's profit "despite the recessionary climate." He said clients were growing more confident about business.
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