Sales Gains Rally Redback
Redback (RBAK) reports profit growth and a doubling of sales for the second quarter ended in June.
The San Jose, Calif., networking gearmaker posted a net loss of $1.8 million, or 3 cents a share, compared to a loss of $7.2 million, or 13 cents, in the year-ago quarter. Excluding special one-time items, Redback's pro forma profit was $7.6 million, or a dime a share, compared to a nickel-a-share adjusted loss for the same period a year ago.
Sales in the second quarter were $68.2 million, doubling the $33.7 million last year at this time.
Analysts were looking for an adjusted profit of 7 cents a share on $64.4 million in revenue, according to Reuters Research.
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"As the evolution of broadband networks accelerates on a worldwide basis, Redback continues to make significant progress on its business strategy," CEO Kevin DeNuccio said in a press release Tuesday.
Redback shares rose 48 cents, or 3%, to $15.25 in after-hours trading Tuesday.
