Early Stocks in Motion
Comverse Technology (CMVT) reported after the bell Tuesday that its third-quarter net income more than doubled to $38.3 million, or 18 cents a share, from $15.9 million, or 8 cents a share, a year ago. Excluding certain items, the software company earned $37.1 million, or 17 cents a share. Revenue for the quarter ended Oct. 31 increased 22%, to $299 million from $245.5 million a year ago. Analysts expected earnings of 15 cents a share, before items, on revenue of $293 million, according to Thomson First Call. The stock was up 62 cents, or 2.4%, to $27.02 in after-hours trading.
Verint Systems (VRNT), a unit of Comverse, said it earned $7.3 million, or 22 cents a share, up from $5.2 million, or 16 cents a share, a year ago. Excluding certain items, the company earned $8.8 million, or 26 cents a share, in line with analysts' mean estimate. The provider of analytic software-based systems said third-quarter sales rose to $78.2 million from $64 million last year. The stock was down $1.27, or 3.2%, to $38.50 in late trading.
SimpleTech (STEC) lowered its fourth-quarter revenue guidance to a range of $60 million to $63 million from a previous estimate of roughly $70 million. As a result, the data-storage company expects its earnings will also miss its guidance, which called for a profit of about 4 cents a share. Analysts, on average, had forecast earnings of 4 cents a share and revenue of $70 million. SimpleTech attributed the weaker outlook to a decrease in certain business related to the server sector. The stock tumbled 36 cents, or 9.5%, to $3.44 in after-hours trading.
Shares of Hurco (HURC) rose 17% after the company reported that its fourth-quarter net income rose to $7.2 million, or $1.13 a share, from $2.3 million, or 36 cents a share, a year ago. Excluding certain items, the industrial technology company earned $4.9 million, or 77 cents a share. Sales for the quarter ended Oct. 31 were $34.7 million, up from $28.9 million last year. The results beat analysts' expectations for earnings of 55 cents a share, before items, and sales of $33.6 million. The stock jumped $3.95 to $26.78 in after-hours trading.
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