Epiq Systems Inc., based in Kansas City, Kan., reported a small loss in the first quarter of the year compared with a $1.7 million profit a year ago.
The company lost $100,000 despite reporting $131.5 million in revenues, which was 22 percent higher than a year ago. It said earnings reflected higher interest costs from debt to finance an acquisition last year and costs from its ongoing review of its strategic and financial options.
CEO Tom Olofson told shareholders during a conference call that the company continues to work on the review. He offered a two-word update, that the review remained “active” and “robust,” but offered no details.
Olofson also talked about reports that Epiq had received a buyout offer at $20 a share.
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“We didn’t receive a viable $20 offer,” he said, adding that the offer did not include financing. “There was nothing really there to pursue.”
A New Orleans-based investment manager has challenged Olofson and Epiq’s board of directors. St. Denis J. Villere & Co. LLC has submitted a rival slate of directors for shareholders to vote for at their annual meeting.
Epiq provides professional services and technology to the legal profession, including work in electronic discovery and bankruptcy proceedings. Its shares fell 25 cents to close at $14.28 before the earnings report.