DVD product maker
beat fourth-quarter estimates after the close Thursday and raised its guidance due to improved demand. Shares were lately climbing about 9% to $7.67 Friday morning.
It reported fourth-quarter net income of $710,000, or 4 cents a share, compared with a loss of $1.2 million, or 9 cents a share, in the year-ago quarter. Wall Street analysts polled by Thomson Financial/First Call had been expecting the company to break even in the quarter.
Sonic's revenue grew to $6.8 million in the quarter from $4.051 million a year ago.
In a press release, the company said the increased revenue reflects its growing base of customers and the "accelerating growth in DVD-Video creation software" as DVD recorders begin to ship in quantity.
Looking ahead, Sonic Solutions said it's raising its guidance for 2003 based on current visibility. The company now expects operating income in the range of 27 cents to 29 cents a share on revenue of $33 million to $35 million. First Call analysts had been expecting to see 15 cents a share for the year.
Shares of Sonic Solutions closed at $7.05 Thursday.