Why Smart Technologies (SMT) Hit a One-Year High Today

NEW YORK (TheStreet) -- SMART Technologies  (SMT) soared 28.15% to $3.05, up 67 cents from its previous close of $2.38, at the close of the trading day on Friday, after the solutions company announced increases in adjusted revenue and EBIDTA in its third-quarter results.

The stock hit a one-year high of $3.65 during the day.

The company reported a 233% year-over-year increase in adjusted EBIDTA to $19.3 million for the quarter that ended on Dec. 31, 2013. Adjusted revenue also rose 4% to $143.3 million from the same period one year earlier.

SMART Technologies also reported adjusted net income of $9 million, GAAP revenue of $158 million and GAAP net income of $4.1 million.

"Our third quarter performance was highlighted by materially improved profitability driven by new product success and reduced cash operating expenses," said SMART Technologies President and CEO Neil Gaydon in the company's statement. "The progress we have made aligning the company's structure, strategy and culture is beginning to deliver results while the markets for our products improve."

The stock had a volume of 3,800,618, more than 36 times its average of 105,419. It hit a low of $3 for the day and has a one-year low of $1.14.

Must Read: SMART Reports Third Quarter 2014 Financial Results

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