Shares of Phazar (ANTP) were among technology's losers Monday, tumbling 22% after the antenna maker posted a decline in fiscal-year earnings and revenue.
For the year ended May 31, the company posted earnings from continuing operations of $1.1 million on revenue of $9.5 million. A year earlier, the company earned $1.7 million on revenue of $11.6 million. Phazar attributed the decline to lower margins and the completion of a production contract during the second quarter. Shares were trading down $1.85 to $6.47.
PacificNet (PACT) jumped 16% after the IT-services company posted big gains in second-quarter earnings and revenue. The company earned $952,000, or 8 cents a share, on revenue of $19.3 million. Revenue easily surpassed the company's forecast of $15 million to $16 million. During the year-earlier quarter, PacificNet earned $593,000, or 6 cents a share, on revenue of $12.3 million.
Looking ahead, PacificNet sees third-quarter earnings of $900,000 to $1 million, or 9 cents to 10 cents per basic share, on revenue of $20 million to $21 million. Shares were trading up 81 cents to $5.91.Shares of Micronetics (NOIZ) tumbled 18% after the maker of microwave and radio-frequency components posted first-quarter earnings and revenue that fell significantly on a sequential basis. For the period ended June 30, the company earned $548,272, or 11 cents a share, on revenue of $6.8 million. During the fourth quarter, which ended March 31, the company earned $942,110, or 19 cents a share, on revenue of $8.6 million. "Although we are continuing to see indicators of long term strength in the Broadband Wireless Access (BWA)/WiMax and In-Flight Live TV-internet connectivity markets, the near-term projections from our customers indicate these markets are volatile," the company said. In the year-ago period, Micronetics about $320,000, or 7 cents a share, on revenue of $3.9 million. Shares were down $2.15 to $9.85.