saw its profit fall for the fourth quarter but it beat Wall Street estimates and jacked up guidance for the full year.
The auto tracking-device maker reported adjusted EPS of 12 cents a share, a penny better than estimates by Thomson Reuters.
The stock closed 16.7% higher in regular hours, up 63 cents to $4.40.
Counting items, net income was $200,000, or a penny per fully diluted share, compared with net income of $2.3 million, or 12 cents per fully diluted share for the fourth quarter in 2007.
Fourth-quarter revenue fell 13% to $48.2 million, from $55.3 million in the same period in 2007.
"In the fourth quarter our international business delivered an increase of 24% in revenue based on a 28% increase in unit volume over the prior year," said Chairman Richard T. Riley. "Our strong international performance in the second half of the year was not enough to fully offset the decline in our domestic business, which was significantly impacted throughout 2008 by the deteriorating economic conditions.
For all of 2009, the Westwood, Mass.-based company forecast earnings of 37 to 42 cents a share, on revenue of $180 million to $186 million.
LoJack's optimistic outlook is in contrast with the
this week seeking billions of dollars more in U.S. government aid.
"The decline in the domestic auto market worsened in each sequential quarter in 2008," said Riley. "Domestic auto sales in 2008 dropped 18% to approximately 13.2 million vehicles from approximately 16 million vehicles in 2007.
"Despite the severe economic climate, we continue to address the challenges in our core auto business and invest in strategic programs for diversification and global expansion, while delivering solid cash flow," he said.