That pushed 2013 net income to $34.7 million, up sharply from $1.4 million the prior year. Revenue for 2013 was $103.6 million, an increase of 2.7 percent from almost $101 million in 2012. Operating income showed sharp growth, hitting $4.7 million, compared to $1.9 million the prior year. Singleton said that last year Edgewater hit an all-time high in total revenue and service revenue and the company is forecasting double-digit organic revenue growth. And while she urged caution on interpreting the following trend, she commented, "The phone is starting to ring from customers, who bought five years ago. We are starting to see people say 'I'm ready to invest now,'" she said. The selective M&A strategy was cited along with two other strategic goals. Singleton said those include "continuing the development and monetization of our own IP" and building out vertical areas such as insurance, healthcare and hospitals.
EDGEWATER ON M&A TRAIL Featured
Dynamics reseller Edgewater Technology is on the lookout for companies to acquire, CEO Shirley Singleton said this week. "We are going to pursue opportunistic acquisitions that add either critical mass to our specialty areas or add a new complementary revenue stream or streams," she said during the earnings webcast for the year ended December 31. Net income for the fourth quarter and full year received a substantial boost from $30.4 million tax benefit "in connection with the reversal of a majority of the Company's valuation allowance against the carrying value of its gross deferred tax assets" (say that three times quickly).
