[Satellite TODAY 12-09-09] Integral Systems revenues dropped 16 percent to $38.9 million in the fourth quarter of 2009 compared to the same period last year, according to Integral Systems’ financial results, released Dec. 7.
    The company said the decline primarily was due to an unexpected notice it received in October from the U.S. government that a majority of its product development costs were being disallowed for reimbursement.
    Overall, Integral Systems suffered a net loss of $1.1 million and lost $1.6 million in operational costs during the 2009 fourth quarter, compared to an overall net income of $4.9 million and an operational gain of $7.6 million in the previous year.
     CEO Paul Casner said that the fourth quarter ends what was a challenging year for the company. “A series of one-time events impacted our financial performance, overshadowing many notable developments ranging from the renewal and extension of key contracts to the growth and expansion of our international operations," he said in a statement.
    The results, however, do not dampen Integral Systems’ 2010 outlook, according to Casner. “We have many reasons to be cautiously optimistic that fiscal 2010 will reflect the benefits of the initiatives we have taken to refocus the business on its core competencies, improve operational efficiencies, and create a platform for growth,” said Casner. “We expect to build upon the momentum created by almost $100 million in new bookings already received and the elevated business activity we see in our markets.”