Kenexa, a leading talent acquisition software provider, reported first quarter revenues today that were close to what analysts had expected, even if they were $9.4 million less than the same period last year.

The company reported revenues of $38.8 million and non-GAAP earnings per share of 14 cents. The per share earnings were in line with analyst estimates, though the Street had been expecting revenue of $39.05 million.

However, Kenexa took a big hit, booking $33.3 million as a reduction to goodwill. That one-time expense (included in GAAP reports but not in non-GAAP as it is not an actual cash expense. Confused? See this definition) drove profits into the minus column. That gave Kenexa a loss on the quarter of $34.3 million versus last year’s $4.8 million profit.

Without that charge and a few other charges that are not considered operating expenses under non-GAPP rules, Kenexa earned $3.9 million from operations versus last year’s $9.1 million.

The company explained it this way in its financial release: “As a result of a substantial decrease in the company’s stock price, reflecting the very difficult market conditions of recent months and the impact on its operations, the company evaluated its goodwill for potential impairment as of March 31, 2009 in accordance with accounting requirements. Based on the results of this evaluation, the company reported a non-cash goodwill impairment charge of $33.3 million, on a pretax tax basis. While the impairment charge reduced reported operating results under generally accepted accounting principles (GAAP), it is non-cash in nature and does not affect Kenexa’s liquidity or cash flow from operations.”

GAAP or not, the revenue side shows a wide gap between last year’s performance and this. Not unusual for an industry beset by the recession. But a hit nonetheless.

Rudy Karsan, Kenexa’s CEO, said in the financial release, “While the business environment is challenging and we expect it to remain so for the remainder of the year, there are a number of positive developments related to Kenexa and the talent management market. During the first quarter, sales and renewals of Kenexa’s talent acquisition solutions remained solid, which was a primary contributor to the solid growth of our deferred revenue.”

The company said it expected the current quarter to have revenues in the $36 million to $39 million range and non-GAAP operating income to be $3.6 million to $4.6 million. Thet would give between 14 and 16 cents a share in earnings, which, at the high end, is what analysts are expecting.

The company’s stock closed at $7.85 a share, down 40 cents from the previous close.