Intervoice swings to 1Q profit

For the three months ended May 31, the company earned $3 million, or 8 cents per share, reversing a loss of $873,000, or 2 cents per share, in the same period a year earlier.

Adjusted earnings were $5 million, or 13 cents per share last year.

Revenue rose 8 percent to $51.5 million, from $47.7 million.

Analysts, on average, were expecting a profit of 5 cents per share on sales of $53.2 million, according to a poll by Thomson Financial.

Selling, general and administrative costs fell 9 percent to $18.9 million and research and development costs declined 11 percent to $4.8 million.

The company also said Chief Executive Robert Ritchey will retire at the end of August, to be replaced by Jim Milton, currently president and chief operating officer.

Shares rose 21 cents, or 3.9 percent, to $5.56 in after-hours electronic trading. The stock closed the regular session down 25 cents at $5.35.