Emergent Has 4th-Quarter Profit, Annual Loss

Emergent Information Tech Inc., a Newport Beach information technology services provider, reported net income for the fourth quarter of $810,000, or 5 cents a share. It lost $1.1 million, or 7 cents a share, for the prior year’s final three months, which included a $1.3-million loss from discontinued operations. Quarterly revenue rose 22% to $30 million. For the year, the company posted a net loss of $30.4 million, or $1.83 a share, which included a $37-million loss from discontinued operations. For the previous year, its net income was $4 million, or 24 cents a share. Revenue increased 26% to a record $120.1 million.