Detroit-based Compuware Corp. (NASDAQ: CPWR) Thursday announced net income of $61.2 million or 23 cents a share in its fourth fiscal quarter ended March 31, down from $67.5 million or 21 cents a share a year earlier.

The discrepancy in per share figures reflects Compuware's heavy buyback activity in its shares over the past year.

Analysts had expected net income of 21 cents a share.

Revenue for the quarter was $338.9 million, up from $313 million a year earlier. Analysts had expected revenue of $331.5 million.

Most of the reason for the decline in net income was due to a $27.1 million provision for corporate income tax in the fourth quarter, compared to a $6 million income tax refund in the prior year's quarter. Operating income jumped to $68.4 million from $34.1 million a year earlier.

"With an excellent performance in Q4, Compuware closed a solid year of growth on a very high note," said Compuware chairman and CEO Peter Karmanos, Jr. "For more than 35 years, Compuware has helped its customers economically benefit their businesses through powerful products and talented technical people. In the coming year, we will capitalize further on our heritage by becoming an even more focused, customer-responsive and dynamic company. I expect the results to be strong."

For the fiscal year, revenue was $1.23 billion, up from $1.21 billion in the previous fiscal year. Net income before restructuring charges and capitalized software impairment was $164.6 million compared to $158.1 million in fiscal 2007. Diluted earnings per share, before restructuring charges and capitalized software impairment, were 57 cents, an increase of 27 percent from 45 cents in fiscal 2007, based upon 287.6 million and 351.0 million shares outstanding at the respective time periods. .

Official net income was $134.4 million and earnings per share were 47 cents in fiscal 2008, compared to $158.1 million a year earlier or 45 cents a year earlier.

During fiscal 2008, software license fees were $297.5 million, up from $283.4 million in fiscal 2007. Maintenance revenue was $476.4 million in fiscal 2008, up from $457.6 million in fiscal 2007. Professional services fees for fiscal 2008 were $455.7 million down from $472 million in fiscal 2007.

Fourth quarter net income before restructuring charges was $63.1 million on revenue of $338.9 million.

During the company's fourth quarter, software license fees were $100.8 million, an increase of 38 percent from $73.2 million in the same quarter last year. Maintenance fees were $126.3 million during the quarter, an increase of more than seven percent from $117.7 million in the same quarter last year. Fourth quarter revenue from professional services was $111.8 million, compared to $122.1 million in the same quarter last year.

The company also formally launched Compuware 2.0, along with the official introduction of its new global theme "We make IT rock around the world" and a new microsite, www.wemakeitrockaroundtheworld.com. (See separate story.)

"Compuware 2.0 is not a campaign, a one-time initiative or a message. Compuware 2.0 is a rebirth based on the company's longtime principles and anchored by definable, actionable and measurable objectives," explained Compuware President and Chief Operating Officer Bob Paul. "While there is a marketing component to Compuware 2.0, the core of this effort is in approaching the market in a fresh way and delivering quantifiable economic value to our customers."

In a conference call with journalists and analysts after the earnings release, Compuware chairman and CEO Peter Karmanos Jr. said the company "put together a spectacular fourth quarter to end a solid fiscal year." He said the company produced its second straight year of revenue growth and its fourth straight year of earnings growth, pointing to 21 percent growth in earnings per share before restructuring, and a 338 percent increase in the past four years.

"This is a remarkable achievement and next year we're going to buld on it," Karmanos said."We're going to use Compuware's experience and market position to take the market by storm."

Karmanos predicted an increase of 5 to 10 percent in revenue and 20 to 30 percent in earnings per share in the fiscal year that started April 1.

To listen to a replay of a conference call discussing these results, visit www.compuware com and click on investor relations, or call (800) 475-6701 in the United States or (320) 365-3844 elsewhere, using the pass code 906724.