DETROIT – Compuware Corporation reported Thursday night after the stock market closed that its net income fell to $21.6 million (10 cents per share) vs. $34 million (15 cents per share) a year earlier – a decline of 36.5 percent from the year earlier quarter.

But revenue rose 2.4 percent to $253.1 million from the third quarter a year ago.

The company?s earnings per share fell short of the mean Wall Street analyst estimate of 11 cents per share. Revenue fell short of the average revenue estimate of $259.1 million, triggering a drop in the company?s share price Friday on Wall Street.

Still Compuware told analysts it still plans to take part of its Covisint subsidiary public during its 2013 fiscal year that starts in April.

?The growth Compuware delivered across its business in Q3 confirms that we have built the right portfolio for consistently increasing revenue and earnings going forward,? said Compuware CEO Bob Paul. ?Compuware remains poised to deliver its largest year-over-year increase in full-year revenues in a dozen years, and we will use those results as a catapult into a profitable year of growth in FY ?13. To immediately optimize our ability to do so, we have sharply focused our team on enhancing sales execution and better expense management throughout the organization.?

Revenue has risen the past four quarters. Revenue increased 15.4 percent to $260.7 million in the second quarter. The figure rose 11.4 percent in the first quarter from the year earlier and climbed 8.5 percent in the fourth quarter of the last fiscal year from the year-ago quarter.

The company has now seen net income fall in each of the last two quarters. In the second quarter, net income fell 12.7 percent from the year earlier quarter.

The company fell short of estimates last quarter after being in line with expectations the quarter before with net income of 10 cents.

Analysts appear increasingly negative about the company?s results for the next quarter. The average estimate for the fourth quarter has moved down from 19 cents a share to 17 cents over the last ninety days. For the fiscal year, the average estimate has moved down from 52 cents a share to 41 cents over the last ninety days.

Compuware said it plans to resume buying back some of its stock to take advantage of its relatively low share price.

Last year, Compuware said it planned to sell up to 20 percent of Covisint in an initial public offering in 2012. Those plans are still in the works, Paul said. Covisint is an online business-to-business services platform that allows doctors, auto suppliers and other companies to share information in a secure environment.

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