Skip to main content Swings to a Profit

The investor favorite among Canadian search engines cites its 'positioning strategy.'
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Updated from May 12

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were off to the races again Thursday, jumping 24% after Canada's favorite search engine swung to a quarterly profit.

For its first quarter ended March 31, the Montreal company posted earnings of $1.4 million, or 13 cents a share. Excluding a latest-quarter gain on the sale of its billing technologies subsidiaries, the company earned $409,109, or 4 cents a share, from continuing operations, reversing the year-ago loss of $306,898, or a nickel a share.

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Revenue more than doubled to $4.2 million at the self-proclaimed "mother of all search engines." The news comes just a month after the

Securities and Exchange Commission

said it was examining trading in, on the heels of a day in early March when the stock surged 155% in

mind-boggling volume.

The steep run-up has brought the company some attention from elsewhere. Internet billionaire and Dallas Mavericks owner, Mark Cuban, said this spring that he took a big stake in the company.

"The combination of sustained growth in earnings from continuing operations, and the earnings contribution from the divestiture of the billing technologies subsidiaries resulted in strong first-quarter results," Chairman David Goldman said. "With the cash contribution from the exercise of warrants and options, our financial strength has been considerably enhanced."

That's very much what investors were thinking as well. In early trading Thursday the stock surged $2.52 to $12.95.