Phase Forward Inc. (NSDQ:PFWD) paid a small price for success during the fourth quarter, as mounting expenses from a flurry of acquisitions swung it into the black.
The Waltham, Mass.-based clinical data management provider reported a net loss of $68,000 for the three months ended Dec. 30, 2009, compared to more than $2 million in net income for the same period in 2008. Full-year net income fell by 38 percent to $8 million, compared with nearly $14 million during Q4 2008.
Officials attributed the bottom-line drop to non-cash expenses including a $2.3 million impairment charge and a $700,000 increase in the amortization of intangible assets resulting from acquisitions.*