Manhattan Associates, an Atlanta-based a supply chain software company, said that a stabilizing economy helped shore up its business in the second half of 2009 and is some cause for optimism in 2010.
But CEO Pete Sinisgalli told analysts that the first half of 2009 was "abysmal." He said the company did not sign a single licensing deal for more than $1 million in the first half of the year, but had five such deals in the second half.
Chief Financial Officer Dennis Story said the company had its worst revenue year since 2004 and worst licensed revenue year since 2001. Profit in 2009 was $16.6 million on revenue of $246.7 million, compared to profit of $22.8 million in 2008 on revenue of $337.2 million.
Even though the economy appears to be improving, Story declined to give earnings guidance for 2010 citing "too much uncertainty across the global macroeconomic landscape."
The company posted profit of $5.9 million in the fourth quarter, a nearly 200 percent increase. That increase, however, reflects a $4.7 million restructuring charge after downsizing in the fourth quarter of 2008. Revenue in the fourth quarter 2009 was $62.1 million, down from $75.7 million a year ago.
The company said it signed new customers such as Goya Foods, Kwik Trip and Tractor Supply Co.
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