01:52 PM EDT, 03/13/2024 (MT Newswires) -- Information Services Corp. ( IRMTF ) overnight Tuesday reported fourth-quarter adjusted net income of $9.8 million. or $0.54 per diluted share, up from $5.9 million, or $0.33 per diluted share, a year earlier.

Revenue for the quarter ended Dec. 31, 2023, was $57.5 million, up from $46.1 million a year earlier.

Adjusted EBITDA for Q4 was $21.3 million, up from $13.5 million a year earlier. The increase was because of the impact of fee adjustments in Registry Operations' Saskatchewan Registries division and continued customer and transaction growth in the Services' Regulatory Solutions division.

The company's board declared a quarterly cash dividend of $0.23 per Class A share. The dividend will be paid by April 15 to shareholders of record as of March 31.

The company reported cash of $24.2 million as at Dec. 31, 2023, as compared with $34.5 million as at Dec. 31, 2022. Shawn Peters, president and CEO of the company, noted that the extension of the company's registry partnership with the Government of Saskatchewan will ensure continuity for both customers and ISC through to 2053.

For 2024, the company expects revenue of $240 million to $250 million and adjusted EBITDA of $83 million to $91 million.

Also, the company expects to see "robust" free cash flow in 2024, which will support the deleveraging of its balance sheet to realize a long-term net leverage target of 2.0x to 2.5x.

The company's stock rose nearly 7% on last look on Wednesday.

Price: 25.88, Change: +1.68, Percent Change: +6.94