Shares of Imax ( IMAX) plummeted in late trading Wednesday after the Canadian big-screen purveyor posted a rise in second-quarter earnings, but said it was responding to an informal inquiry from the Securities and Exchange Commission regarding the timing of revenue recognition.

The company also said it couldn't find a buyer and that it identified a material weakness in the internal controls.

For the second quarter, Imax reported earnings of $3.5 million, or 8 cents a share, compared with $1.1 million, or 3 cents a share, a year ago. Revenue increased 34% over a year ago to $41.4 million. Analysts polled by Thomson First Call were looking for income of 7 cents a share and $39.9 million in revenue.

The company, which had put itself up for sale, also indicated that it hasn't been able to find an offer at a price it finds acceptable. "Today the Company reported that while it received significant initial interest from multiple parties, its view is that there are presently no buyers who have indicated a willingness to acquire the Company at a valuation sought by the Board of Directors," Imax said. "Because interest remains from several parties at a lower valuation, however, the Board has authorized the Company's bankers to explore these opportunities. This process is ongoing." Shares sank $3.54, or 37%, to $6.09 after hours.

Infosonics ( IFON) tumbled after the electronics company posted lower second-quarter income. The company earned $127,000, or 1 cent a share, compared with $408,000, or 4 cents a share, a year ago. Excluding stock-option expense, the company posted net income of $1.3 million, or 8 cents a share. Net sales for the second quarter totaled $58.3 million, up 79% over a year ago. Infosonics sank $2.46, or 29%, to $6.05 after hours.

Hibbett Sporting Goods ( HIBB) fell after the retailer lowered its second-quarter guidance. The company said sales for the 13 weeks ended July 29 increased 11% to $104.4 million from $94 million a year ago. Same-store sales rose 0.6%. Based on the sales results, Hibbett now expects to report a second-quarter profit of 12 cents to 13 cents a share, compared with the previous guidance of 14 cents to 16 cents a share.

The company noted, though, that during the first 10 days of the third quarter, the company's same-store sales increased 11%. Hibbett will issue its full earnings results on Aug.17. Shares fell $1.09, or 5.45%, to $18.90 after hours.

The9 Ltd. ( NCTY) gained after the Shanghai-based online-game operator said it swung to a second-quarter profit. The company reported earnings of $10.5 million (84.3 million yuan), or 43 cents an American Depositary share, compared with a year-ago loss of 23 million yuan. Revenue grew 363% year-over-year to $33.9 million. Shares climbed $2.56, or 11%, to $25.50 after hours.

Shares of Comtech Group ( COGO) declined even as the Shenzhen, China-based company reported in-line second-quarter earnings and raised its revenue forecast.

The company posted income of $3.6 million, or 11 cents a share, up from $2.6 million, or 10 cents a share, a year ago. Revenue increased 65.6% over a year ago to $41.6 million. Wall Street was looking for earnings of 12 cents a share on revenue of $34.6 million.

Looking ahead, Comtech increased its 2006 revenue guidance to $155 million from an earlier forecast of $135 million to $140 million. The company maintained its earnings projection of 52 cents a share.

Analysts, on average, see full-year earnings of 52 cents a share and revenue of $142 million. Comtech shares sank $1.38, or 12%, to $10.60 in late trading Wednesday.