Phase Forward’s fourth quarter revenues jumped 22% but profits went down, the company reported Thursday night. Phase Forward’s share price was down 26.7% to $10.88 in early morning trading.

The technology company’s Q4 revenues increased to $58.8 million, up from $48.3 million in the same quarter 2008. Net loss for the quarter was $68,000, or $0.00 per diluted share, compared with net income of $2.7 million, or $0.06 per diluted share, in the same period last year.

Phase Forward attributed the drop in profitability to impairment charges and acquisition costs. The company acquired Waban Software and Maaguzi last year, as well as Covance’s interactive voice and web response services business.

Full-year revenues in 2009 were $213.3 million, up 25% from $170.2 in 2008. Net income for the year was $8 million, or $0.18 per diluted share, compared with $13.8 million, or $0.32 per diluted share, in 2008.

“2009 was one of the most important years in the history of our company,” said Bob Weiler, chairman and CEO, in a statement. “As we begin 2010, we expect Phase Forward to deliver solid financial results, characterized by low to mid-teen revenue growth and a continuation of the recent trend of margin expansion.”