Wednesday's Small-Cap Winners & Losers
Pointer Telocation (PNTR) surged 34% to $7.89 after the company said its third-quarter revenue rose 7.2% from a year ago to $11.2 million. Pointer also swung to a profit, posting earnings of $449,000, or 14 cents a share, compared with a loss of $348,000, or 14 cents a share, last year.
American Italian Pasta (PLB) advanced after it said total revenue was $95.6 million in the fourth quarter ended Sept. 29, up 2.7% from $93.1 million a year ago. Revenue for the fiscal year was $365.9 million. The company said it will change its revenue reporting to classify promotional expenses as a reduction in revenue. Additionally, the company's review of its historical financial statements has identified other revenue adjustments that will be needed. Shares of American Italian rose 15% to $8.67.
United Bancorp (UBCP) advanced after its board declared a 10% share dividend and a quarterly cash dividend of 13 cents a share. The board also approved the renewal of the company's stock buyback program authorizing management to purchase up to $2 million of stock. United said it is cautiously optimistic regarding its fourth-quarter earnings. Shares climbed 14.3% to $12.
Varsity Group (VSTY) slid after President and CEO Mark Thimmig resigned to pursue other opportunities. Chief Financial Officer Jim Craig was named interim president and CEO while the company conducts a search for a new chief executive. Also during the interim, founder and Chairman Eric Kuhn will, on behalf of the board, oversee management. Varsity was lower by 10.4% to $1.73.PacificNet (PACT) fell 5% to $4.62 after getting a downgrade from Maxim Group. Maxim cut its rating on the stock to hold from buy.
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