February 10, 2010 / 11:17 PM / in 8 years

UPDATE 1-Gennum Q4 profit up, says CFO to take early retirement

* Q4 EPS $0.10 vs $0.07 last year

* Q4 revenue down 17 pct

Feb 10 (Reuters) - Canadian intellectual property company Gennum Corp GND.TO posted a 50 percent increase in quarterly profit on lower costs and said Chief Financial Officer Gord Currie will take early retirement in April.

The company named Greg Miller as its new CFO, effective later this month.

Gennum said its order book for the first quarter to date is about 10 percent above the same point in the fourth quarter.

For the fourth quarter, the company reported net income from continuing operations of $3.6 million, or 10 cents a share, compared with $2.4 million, or 7 cents a share, a year ago.

Revenue was down 17 percent to $25.1 million.

Analysts on average were expecting earnings of 7 cents a share, on revenue of $24.5 million, according to Thomson Reuters I/B/E/S.

Operating expenses declined 17 percent to $14.9 million.

Shares of Gennum closed at C$4.68 Wednesday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Anne Pallivathuckal)

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