ACTIVANT TAKES EARNINGS HIT
With two of its operating segments in some of the weakest areas of the economy, Activant, which markets specialized financial software, took its hit by recording a $114,500 charge for impairment of goodwill for the year ended September 30. That produced a $92 million loss, compared to $3.6 million in earnings fiscal 2008.
Revenue for 2009 was $378.9 million, a drop of 11.1 percent from $426.4 million the prior year. It automotive segment had just over $75 million in revenue, down 13 percent from $86.4 million a year earlier. Income from hard lines and lumber fell to $137.1 million, of 8.6 percent from $150 million while wholesale distribution revenue dipped to $156.8 million, down 7.4 percent from $169.3 million. The majority of Activant’s shares are owned by funds associated with two investment groups. Hellman & Friedman, the group that owned Blackbaud for several years, holds 75.7 percent of the stock. Funds associated with Thoma Cressey Bravo own 19.9 percent.
