Applied Signal Technology ( APSG) shares tumbled 11% in late trading Tuesday after the maker of digital signal-processing equipment missed Wall Street's first-quarter earnings expectations. For the quarter ended Jan. 27, the company earned $1.3 million, or 11 cents a share, down from $2 million, or 17 cents a share, a year ago. Analysts polled by Thomson First Call were looking for earnings of 17 cents a share. Revenue increased to $33.6 million from $30.1 million, but fell short of analysts' target of $40.1 million. Shares of Applied Signal Technology dropped $2.59 to $20.85 in after-hours trading. Deckers Outdoor ( DECK) shares advanced after the footwear company beat Wall Street's fourth-quarter earnings expectations. The company reported earnings of $12.1 million, or 94 cents a share, up from $9.2 million, or 72 cents a share, a year earlier. Sales increased 23% to $91 million. Analysts surveyed by Thomson First Call were looking for earnings of 66 cents a share on sales of $78.4 million. Deckers also increased its guidance for fiscal 2006, boosting its sales forecast to $260 million to $270 million from a prior projection of $255 million to $265 million. The company now expects to report earnings of $2.05 to $2.15 a share, compared with its earlier range of $2 to $2.15. Analysts see fiscal-year earnings of $2.10 a share and revenue of $262 million. Shares rose $1, or 3%, to $34.90 in after-hours trading. Shares of Cogent ( COGT) sank in late trading after the company's cautious statements overshadowed better-than-expected earnings. The maker of automated fingerprint identification systems reported fourth-quarter net income of $20.7 million, or 22 cents a share, up from $9.9 million, or 11 cents a share a year ago. Excluding certain items, earnings were 21.8 million, or 23 cents a share, compared with $10 million, or 11 cents a share, a year ago. Analysts polled by Thomson First Call were looking for earnings of 20 cents a share. Revenue totaled $46.2 million, up 46% from a year ago.
In a press release, Chief Financial Officer Paul Kim noted "our visibility has decreased on the timing and potential revenue recognition of some large follow-on orders to existing customers and possible new orders." Shares were down $3.16, or 13%, to $20.10 in after-hours trading. Shares of HouseValues ( SOLD) plunged after the real estate-information company offered a lower-than-expected outlook for 2006. For the fourth quarter, the company's earnings rose $4 million, or 15 cents a share, from $1.9 million, or 8 cents a share, a year earlier. Revenue rose to $25.2 million from $14.4 million. Analysts were looking for a profit of 11 cents a share and sales of $25.8 million. For the quarter ending next month, HouseValues expects earnings of 3 cents to 4 cents a share on revenue of $25.5 million to $26 million. Those earnings include 3 cents a share worth of stock-option costs. Analysts forecast a 14-cent profit on sales of $29 million. For the year ending in December, the company anticipates earnings of 27 cents a share, after 12 cents worth of stock-option expense, on revenue of roughly $110 million. Analysts were looking for earnings of 69 cents a share and revenue of $130 million. HouseValues fell $3.06, or 23%, to $10.44 in after-hours trading Tuesday. Shares of Pacific Sunwear of California ( PSUN) slipped after the specialty retailer offered a cautious first-quarter outlook. For the fourth quarter, the company reported income of $47 million, or 63 cents a share, compared with $40.7 million, or 54 cents a share, a year earlier. The most recent quarter matched analysts' estimates. Sales rose 12% to $424.9 million, short of analysts' forecasts of $426.1 million. For the full year, the company posted earnings of $126.2 million, or $1.67 a share, up from $106.9 million or $1.38 a share a year ago. Sales increased 13% to $1.39 billion. The company said it was "being cautious" in its first quarter based on February sales results. Same-store sales for the month fell 3.1%. Shares of Pacific Sunwear fell $1.06, or 4.5%, to $22.75 in after-hours trading.