Wednesday's Small-Cap Winners & Losers

Pointer Telocation (PNTR Quote) 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 Quote) 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 Quote) 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 Quote) 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 Quote) fell 5% to $4.62 after getting a downgrade from Maxim Group. Maxim cut its rating on the stock to hold from buy.