FileNet Shares Soar 23% on Profit Picture

Shares of FileNet Corp., the Costa Mesa manager of Internet-documentation systems, jumped 23% Tuesday on news that the company had better-than-expected quarterly and annual earnings and projected higher profits this year.

FileNet said fourth-quarter net income was $9.1 million, or 26 cents a share, compared with a loss of $424,000, or 1 cent, a year earlier. Revenue rose 11% to $94.1 million. Earnings beat by 5 cents the average estimate of five analysts polled by First Call/Thomson Financial.

The company’s annual profit hit $19.7 million, or 59 cents a share, 7 cents ahead of the average estimate. The previous year, it earned $956,000, or 3 cents a share. Annual revenue rose to $347.1 million from $310.2 million.

FileNet said it doesn’t want analysts to revise their earnings estimates for this year, now pegged at 91 cents a share.

The company’s stock climbed $5.72 a share Tuesday to close at $31.