March 12, 2009 / 9:22 PM / in 9 years

UPDATE 1-Intrinsyc Software's Q4 loss widens on charges

* Q4 loss $0.15 vs. $0.06 last year

* Results hit by $19.3 mln in charges

* Revenue rises to $5.7 mln from $5.3 mln a year-ago

* Gross margin up to 54 pct from 36 pct last year

March 12 (Reuters) - Canadian software provider, Intrinsyc Software International Inc ICS.TO posted a wider fourth-quarter loss on charges primarily related to write-off of goodwill and intangible assets.

For the three months ended Dec 31, 2008, the company reported a loss of $25.0 million, or 15 cents a share, compared with a loss of $7.3 million, or 6 cents a share for the four months ended Dec. 31 2007 .

During the latest quarter, Intrinsyc recorded a non-cash charge of $19.3 million, including about $12.8 million related to the write-off of goodwill and $6.5 million related to the write down of intangible assets acquired in 2008.

Intrinsyc, which provides software for mobile handsets, smart phones, and embedded devices, said that revenue attributable to its software solutions increased to forty-three percent of revenues from 10 percent in the year-earlier period.

“We believe that our navigation solutions and location-aware content services will be key contributors to our future growth as these markets are expected to expand over the next several years,” interim CEO Tracy Rees, said in a statement. (Reporting by R. Manikandan in Bangalore, Editing by Dinesh Nair)

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