Monday's Tech Winners & Losers
Shares of Mikron Infrared (MIKR) were among technology's winners Monday, jumping 20% after the maker of infrared devices posted big gains in second-quarter earnings and sales.
For the quarter ended April 30, the company earned $969,175, or 17 cents a share, on sales of $9.3 million. During the year-earlier period, the company earned $570,474, or 10 cents a share, on sales of $7.6 million. "I am pleased with our second-quarter performance which showed strong sales and operating-profit performance," the company said. "Mikron's North American operations, which are experiencing an upward trend, outperformed the solid second-quarter results of Mikron's European unit." Shares were trading up $1.59 to $9.73.
C&D Technologies (CHP) fell 5% after the producer of power storage and conversion systems posted disappointing first-quarter results. The company reported a loss of $8.7 million, or 34 cents a share, on revenue of $129.2 million. The results included a one-time charge of $1.7 million. Analysts polled by Thomson First Call expected a loss of 4 cents a share. C&D said its results were hurt by escalating commodity prices. During the year-earlier quarter, the company recorded a loss of $1.7 million, or 7 cents a share, on revenue of $122.8 million.
Looking ahead, C&D Technologies expects to return to profitability during the second half of fiscal 2007, which ends Jan. 31, 2007. Shares were down 36 cents to $6.38.Shares of Fundtech (FNDT) rose 9% after the provider of electronic-payment software announced a $20 million share buyback program. The company said it may buy up to $6.7 million worth of shares using retained earnings from the past eight calendar quarters. The remaining $13.3 million worth of stock can be bought using the company's regular working capital funds, pending approval from the Tel Aviv District court. Shares were trading up 81 cents to $9.95.
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