(Il Sole 24 Ore Radiocor) - Milano, 9 mar - Constellation Software said its net income in the fourth quarter was 110 million dollars, or 5.19 dollars per share, compared to 285 million, or 13.44 per share, in the same period last year.

Analysts expected 15.36 dollars per share.

The acquirer and operator of vertical-market software businesses said the fall in net income was mainly due to one of its companies recording a large, noncash expense tied to the rising value of an investment.

It said it had since switched to the equity method for this investment, implying it will no longer face these fair-value swings each quarter.

Revenue in the three months ended December 31 was 3.177 billion dollars dfrom 2.703 billion a year earlier. Analysts expected 3.14 billion dollars.

The said cash flow from operations rose 16% to 788 million.

dollars while free cash flow fell 12% to 423 million dollars.

(RADIOCOR) 09-03-26 14:52:10 (0377) 5 NNNN