By comparison, the firm showed a profit of $11.4 million or 49 cents a share in the comparable 1999 fiscal period. For the year, Hughes made $46.5 million or $1.97 per share versus $65.9 million or $2.80 per share the previous year. The company's stock on the New York Stock Exchange is trading around $14.96 per share.
Company officials are uncertain if the economy or a construction slowdown in some markets triggered its poorest performance since the fourth quarter of 1991.
Bestroute.com, a business-to-business Web site Hughes bought in December 1999, didn't generate projected revenue and was written off, according to the company's Securities and Exchange Commission filing. Hughes took an after-tax charge of $16.6 million in writing off Bestroute.com and other weak accounts receivable.
Fourth-quarter revenue was up 3% to $741.6 million from $722.3 million. For the year, revenue was up 11% to $3.3 billion compared with $2.99 billion in the previous 12 months.
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