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Sales Gains Rally Redback

Sales Gains Rally Redback

Shares rise 5% in late action.
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Shares rise 5% in late action.

Redbackundefined 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.

"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.