Accenture Profit Falls, Still Meets Expectations

The Bermuda-based IT services company, which reported its quarterly and full-year earnings early today said net profit for the quarter dropped to $38.1 million, or 8 cents per share, from $42.7 million, or 10 cents per share, a year earlier. Net revenue for the quarter came in at $2.69 billion, down about three percent year-over-year.

including a charge of $111 million in the fourth quarter, which stemmed from office consolidation, diluted earnings per share for the quarter were 16 cents per share, and pperating income was $148 million.

For the full year, the company said it generated more than $11.57 billion in revenue before reimbursements, up about one percent from its year-ago revenue. Earnings were 91 cents on a pro forma basis, compared with 85 cents last year. Operating income for the year was $1.39 billion on a GAAP basis, or 56 cents a share.

Operating cash flow was $1 billion, and the company said it ended the year with $1.3 billion in cash and $67 million in total debt.

CEO Joe W. Forehand said in a statement that he believes the financial results show the company still has a solid financial footing, despite the tough economic times. "Going forward, we are confident that these factors, as well as our experience in working closely with our clients to improve their business performance, will help us to sustain a strong position in an uncertain market," he said in the statement

The company says it stands by previously announced earnings estimates of $1.05 per share for its fiscal year 2003, based on expectations of revenue growth in the range of 0-2 percent for the full year.