New York (Oct. 13, 2003) -- Buoyed by a reduced tax rate, consulting giant Accenture post fourth-quarter profits of $120.5 million for the period ended Aug. 31, vs. net income of $38 million for the year-ago fourth-quarter.
The former Andersen Consulting said that in addition to the lower tax provision which reduced the fourth-quarter tax rate to 31 percent, last year’s fourth-quarter was impacted by a number of impairments including an $11 million consolidation charge and a loss on investments of about $15 million.
Accenture said its fourth-quarter systemwide revenues jumped 12 percent, to $3.02 billion,
For the year, Accenture reported net income of $498.2 million, compared with profits of $245 million for its prior fiscal year. Meanwhile year-end revenues remained flat at $11.8 billion.
-- WebCPA staff
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