Tuesday's Early Winners & Losers
Verint Systems (VRNT) slid nearly 4% in after-hours trading Monday as the software maker posted disappointing top-line results for the quarter ended Oct. 31. The Melville, NY-based company pulled in only $95.2 million, a 21.6% climb that nonetheless fell short of Wall Street's $96.7 million estimates, according to Thomson Financial.
Verint called the results preliminary because of an internal investigation by Comverse Technology, the company's majority shareholder, into Comverse's stock-option grant practices. Verint shares were falling $1.28 to $33.00.
ADDvantage Technologies Group (AEY) took a nosedive on plummeting earnings for the quarter and year ended Sept. 30 that, it says, are partly due to a devastating lack of hurricanes and tornadoes this season. For the quarter, the small Oklahoma-based company, which sells and repairs cable TV equipment, made just $1.3 million, or 5 cents a share, compared with $3.1 million, or 15 cents a share, a year ago. The analyst who follows the company was looking for 19 cents a share.
Revenues fell to $12.2 million from $16 million in the year-earlier period, a decline of which $1.1 million was attributed to the dearth in catastrophic storms, which apparently obviated much of the usual need for equipment replacement and repair. The company says $2.6 million of the reduction was due to the selling-off and discontinuation, respectively, of two of its biggest clients.In full-year fiscal 2006, the company earned $4 million, or 39 cents a share, on revenue of $52.5 million. This compares with full-year income of $5 million, or 49 cents a share, on $50.3 million revenue in 2005. The company's analyst had sought full-year earnings of 54 cents a share on revenue of $58.1 million. Shares were losing $1.70, or 41%, to $2.45.
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