Net income dove 86% from a year before to $1.6 million, comparable to one cent per share. The pressure to its bottom line came from large investments in purchases and development and research.
“As expected, higher spending amounts in support of our expansion strategies forced our earnings throughout 2014,” said CEO Avi Reichental. “We’re in the first innings of mainstreaming adoption for our products and consider that the effective and disciplined investments we have made within the past 15 months position us extremely well for the open ended opportunities in front of us.”
Earnings grew 21% to $187.4 million, led by particular strength in Europe, the Middle East and Africa. But currency headwinds knocked $6 million off its top line during the quarter, the business said.
Corrected for items, earnings came in at 21 cents per share.
Wall Street analysts had called for earnings of 25 cents per share and sales of $202.3 million.
Looking ahead, the Rock Hill, South Carolina-based business is projecting full-year revenue in the range of $850 to $900 million, having a higher percentage produced in the past six months. Adjusted full-year gains are likely to be between 90 cents and $1.10 per share.