saw its first-quarter profits drop, but the company beat analyst estimates and said it would acquire competitor Comark Inc.
Insight said its first-quarter net income fell 16% to $12.1 million from $14.3 million a year ago. The company's earnings per share dropped to 28 cents from 34 cents last year, but came in ahead of the consensus estimate of analysts polled by Thomson Financial/First Call of 24 cents a share.
Net sales fell 5% to $528 million from $557.5 million a year ago. First Call analysts had been expecting $540 million.
The company also said it had acquired privately-owned software company Comark for $150 million, and including effects of the acquisition, Insight expects to see second-quarter EPS of 31 cents to 35 cents on sales of $720 million to $760 million.
Shares of Insight were recently up almost 20% to $25.18 on the news after closing at $21.03 Thursday.