were among technology's losers Wednesday, plunging more than 26% after the company's first-quarter profit fell short of Wall Street's expectation.
The Brookings, S.D., electronic-scoreboard manufacturer earned $5 million, or 12 cents a share, for the quarter ended July 29, up from the year-ago $4.6 million, or 11 cents a share. Sales rose to $92.2 million from $72.3 million a year earlier. Analysts polled by Thomson First Call were looking for a profit of 16 cents a share on sales of $92.1 million.
Higher costs related to several large sports projects, the move to a new plant and health care all contributed to lower-than-expected operating margins, the company said.
"For the future, we are optimistic about margin based on the levels we are booking orders. We believe that margin will increase slightly over the first quarter," Chief Financial Officer Bill Retterath said in a statement.
For the September quarter, Daktronics expects a profit between 13 cents to 18 cents a share on sales of about $100 million. Analysts had forecast an 18-cent profit on sales of $94.6 million. For the year, Daktronics projects sales of $372 million, below the $383 million analyst forecast. Shares were off $8.32 to $22.65 in recent trading.
, meanwhile, continued to rise after the communications-chip maker said it concluded its options review. On Monday, the company said it found no evidence of "deliberate misconduct" by its executives or board of directors when setting the options grant dates.
"For certain option grants the allocations to individual recipients and/or the proper documentation of formal corporate approvals had not been completed as of the original accounting measurement dates," PMC-Sierra disclosed in an 8-K filing with the
Securities and Exchange Commission
. "As a result, new accounting measurement dates are being applied to the affected option grants."
The company said it will have to restate results for the years 1998 to 2002. PMC-Sierra expects the adjustment to hit shareholders' equity by less than $100 million. The company said it will file its relevant financial statements, including its 10-Q for the quarter ending July 2, as soon as possible. Shares recently added 41 cents to $5.99.
also jumped after the company said it will not restate its past financial results after an internal probe into its stock options grants.
The company said no evidence of fraud was found. Xilinx will take a $2.2 million compensation charge in the first quarter of fiscal 2007, based on the difference between the recorded grant dates and measurement dates in some option awards between 1997 and 2006. The charge won't have a material effect on Xilinx's historical financial statements, so the company will not need to restate.
The San Jose, Calif.-based company said in its 10-Q filing Tuesday that its investigation uncovered no evidence of incorrectly timed or manipulated option grants. "The investigation determined that in nearly all cases, stock options were issued as of pre-set dates," the filing read. Xilinx shares were up $2.05, or 10%, to $22.70.
benefited from news that a judge delayed a ruling on a patent infringement dispute between the two companies. Broadcom popped 6.7%, recently adding $1.88 to $29.79. Qualcomm moved up 5.1%, or $1.80, to $37.25.
rose ahead of its second-quarter earnings report, scheduled for after the bell on Wednesday. Analysts surveyed by Thomson First Call peg the company for a profit of 12 cents a share on sales of $334.8 million for the quarter. Looking ahead to the third quarter, analysts forecast EPS of 13 cents and revenue of $341.9 million.
BEA's stock also benefited from a Prudential upgraded to overweight from neutral. Shares climbed 40 cents, or 3.3%, or 62 cents to $12.36 in recent trading.
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