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.