Phase Forward posts 3rd-quarter profit decline

Phase Forward posts 3rd-quarter profit decline, tops Wall Street's forecast

• On 6:17 pm EDT, Thursday October 29, 2009

WALTHAM, Mass. (AP) -- Phase Forward Inc., a provider of data management software for drug safety and clinical trials, reported its third-quarter profit sank nearly 50 percent, but still handily beat Wall Street's forecast.

The company earned $1.8 million, or 4 cents per share, in the July-September period, down from $3.4 million, or 8 cents per share, in the prior-year period. Excluding charges, the company said it earned 11 cents per share.

Quarterly revenue rose to $53.1 million from nearly $43 million.

Analysts surveyed by Thomson Reuters were expecting a profit of 10 cents per share with revenue of $54.5 million.

Phase Forward also guided for fourth-quarter adjusted profit between 12 cents and 13 cents per share on revenue between $58 million and $59.5 million. For the full year, the company expects adjusted profit between 50 cents and 51 cents on revenue between $215 million and $216.5 million.

Analysts expects fourth-quarter profit of 12 cents per share on revenue of $59 million and full-year profit of 49 cents per share on revenue of $216 million.

In after-hours trading, shares fell 36 cents, or 2.8 percent, to $12.67, after shares added 36 cents, or 2.8 percent, to close the regular session at $13.03.