SM&A; Corp. Posts Net Loss of $1.3 Million for 4th Quarter

SM&A; Corp., a Newport Beach provider of management proposal services, reported a fourth-quarter net loss of $1.3 million, or 8 cents a share, which included $764,000 in reorganization expenses, severance, legal fees and costs to construct a customer care center. A year ago, the company earned $2.1 million, or 13 cents a share. Revenue was up 14% to $28.1 million.

The company also restated its earnings for the first three quarters, lowering net income to $5.2 million from $8.1 million, as a result of reassessing software development cost policies and year-end adjustments. Revenue in the second and third quarters was reduced to $53.3 million from $54 million. Revenue was unaffected in the first quarter.

For the year, net income declined 49% to $4 million, or 24 cents a share, from $7.9 million, or 50 cents a share, for the prior year. Sales increased 56% to $106.7 million.