Candela 4Q Income Soars, But Loss For Year Widens

WAYLAND, Mass. (AP) — Candela Corp., which makes cosmetic and medical lasers, on Tuesday posted a fourth-quarter profit, reversing a year-ago loss, as it booked a hefty gain on now-discontinued operations.

Shares soared in after-hours trading, rising 19 percent, or 27 cents, to $1.67, after closing the regular session up 8 cents at $1.40.

Candela said it earned $7.1 million, or 31 cents per share, in the three months ended June 27. In the year-ago quarter, Candela posted a loss of $2.7 million, or 12 cents a share. Excluding a 29-cent gain from discontinued operations, the company earned 2 cents per share in the latest period, up from an adjusted loss of 10 cents in the 2008 quarter.

Revenue fell 16 percent to $31.4 million from $37.4 million last year. But operating expenses also declined, to $12.5 million from $20.4 million.

For the full year, Candela posted a loss of $22.3 million, or 98 cents a share, wider than the loss of nearly $9.1 million, or 40 cents a share, in the same period last year. The current year's results include a loss of 51 cents from discontinued operations.

Revenue fell 20 percent to $116.6 million, from $146.6 million.

CEO Gerard Puorro said in a statement that the company's expenses are stabilizing and it is researching and developing new products.