Evolving Systems Q1 profit shrank by a quarter

Evolving Systems reported a net income of $0.9 million in the quarter ending March, easing from $1.2 million in the same quarter of 2010.
 
This represents $0.09 per basic and $0.08 per diluted share, compared with $0.12 per basic and $0.11 per diluted share previously.
 
Revenue declined to $8.6 million from $9.7 million a year ago, due primarily to lower bookings in 2010 and longer sales cycles related to the global economic slowdown and tight capital budgets.
 
The company declared a dividend of $0.05 per share to stockholders of record June 10, payable July 15.

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