Despite a faltering economy, combined with the postponement of one large project and the delay of another, price management software provider PROS Holdings turned in a record quarter to close out a propitious year.
Revenue for the fourth quarter, ended Dec. 31, 2008, rose 11% to $19.8 million, the company revealed on Thursday. Higher SG&A and R&D expenses tempered the bottom line, but net income still ticked up 4% year over year to $3.9 million.
For the full year, PROS saw revenue rise 22% to $75.6 million, from $62.1 million in 2007. Net income for the 12 months inched up to $10.8 million from $10.5 million in the prior year.
Unlike some enterprise software vendors that enjoy well-established customer pools in various vertical industries, PROS is still building a footprint in some new areas of the market, including manufacturing, distribution, and service industries. That nascent focus, and the fact that corporate executives are just now beginning to embrace the concept of scientifically adjusted pricing policies, has helped PROS chart its upward course, officials suggested, even in the midst of a downward spiraling economy.