NEW YORK ( TheStreet) -- Share of RealD (RLD - Get Report) rose in extended trading on Thursday after the Los Angeles-based maker of three-dimensional film technology products posted a surprise profit for its fiscal fourth quarter.
The company said it earned $4.5 million, or 8 cents a share, in the three months ended March 25 on revenue of $58.5 million, up from a year-ago loss of $20.9 million, or 85 cents a share, on revenue of $55.4 million. On a non-GAAP basis, RealD said posted a profit of $6.9 million for the quarter.
The average estimate of analysts polled by
Thomson Reuters was for a loss of 15 cents a share in the quarter on revenue of $52 million.
The stock was last quoted at $25.85, up 7.4%, on volume of around 155,000, according to Nasdaq.com. Based on a regular session close at $24.07, the shares were down 8% so far in 2011 ahead of the report."The fourth quarter capped an outstanding fiscal 2011 for RealD," said Michael Lewis, the company's CEO and chairman, in a press release. "Despite challenging box office comparisons that impacted the industry during the quarter, RealD delivered 59% year-over-year growth in Adjusted EBITDA." Lewis continued: "Equally as important, we deployed a record 3,700 RealD Cinema Systems that will position the Company to benefit from a growing slate of 3D films scheduled for release this summer and beyond." Illustrating the acceleration of the company's business, RealD said it had deployed around 15,000 RealD-enabled screens, up 183% from a year earlier. Wall Street was overwhelmingly bullish on the stock before the news with eight of the nine analysts covering the shares at either strong buy (3) or buy (5), and the median 12-month price target sitting at $31.