The top after-market NASDAQ stock market gainers are: Electronic Arts, Acme Packet, Verigy, Independent Bank, and Concurrent Computer. The top after-market NASDAQ stock market losers are: Key Tronic, Intevac, Axcelis Technologies, Broadcom, and Quality Distribution.
Electronic Arts Inc. (ERTS) stock jumped 10.12 percent to $17.20 in the after-market trading, following its better-than-expected third quarter earnings. Adjusted profit was $196 million or 59 cents a share, up from $109 million or 33 cents a share last year. Adjusted revenue rose 4 percent to $1.41 billion. Analysts had expected profit of 57 cents a share on revenue of $1.44 billion. The company expects fourth quarter adjusted earnings of 15 cents to 20 cents a share and adjusted revenue of $850 million to $950 million, while Street predicts profit of 20 cents a share on revenue of $936.13 million.
Electronic Arts narrowed its fiscal 2011 adjusted profit guidance to range of 60 cents to 70 cents a share from previous forecast of 50 cents to 70 cents a share. The company also narrowed its 2011 adjusted revenue outlook to range of $3.682 billion to $3.782 billion from previous range of $3.65 billion to $3.90 billion. Street analysts predict profit of 63 cents a share on revenue of $3.79 billion.
Shares of Acme Packet, Inc. (APKT) advanced 4.43 percent to $58.40 in the after-hours trading, following its better-than-expected fourth quarter earnings. Adjusted profit was $17.9 million or 26 cents a share, up from $6.8 million or 11 cents a share last year. Revenue rose 70 percent to $70.23 million. Analysts had expected profit of 22 cents a share on revenue of $60.22 million.
Acme Packet raised full year 2011 adjusted earnings guidance to about $1.05 a share from previous forecast of $0.99 to $1.00 a share. The company increased its 2011 revenue outlook to about $300 million from previous range fo $286 million to $287 million. Street analysts predict profit of $1.04 a share on revenue of $295.81 million.
Verigy, Ltd. (VRGY) stock gained 3.70 percent to $13.72 in the after-market session. The company said it received on Jan. 26 an initial draft of a definitive agreement relating to Advantest Corp.'s (ATE) proposal to buy all outstanding ordinary shares of Verigy for $15.00 a share in cash. Verigy's board is in the process of reviewing Advantest's proposed agreement and continues to engage with Advantest in due diligence, business analysis and management meetings in connection with the proposed transaction. Verigy's board has not made any recommendation with respect to the Advantest proposal.
Verigy remains a party to the pending merger agreement with LTX-Credence (LTXC) and continues to uphold the terms of that agreement. Verigy's board has not modified or withdrawn its recommendation that Verigy shareholders vote for the proposal to approve the LTX-Credence merger agreement and the transactions contemplated by that agreement.
Shares of Independent Bank Corp. (IBCP) increased 3.01 percent to $3.08 in the after-hours session, following its narrower fourth quarter loss. Loss narrowed to $4.9 million or $0.65 a share from $49.2 million or $20.49 a share last year. Net interest income declined to $26.1 million from $33.4 million, while non-interest income rose to $17.2 million from $13.6 million.
Concurrent Computer Corp. (CCUR) stock rose 2.91 percent to $5.30 in the after-market trading, following its higher second quarter revenue. Revenue rose to $17.9 million from $15.0 million. Loss was $1.2 million or 14 cents a share, compared to profit of $89,000 or 1 cent a share last year.
Going forward, our outlook is improving and we currently are expecting revenue for the second half of the year will be stronger than the first half. Gross margins should also strengthen in the second half of the fiscal year. We continue to increase investments, which will be reflected in our operating expenses, in order to capitalize on strategic market opportunities. This is a dynamic and exciting time for our company, and we are confident of a bright future, Concurrent Chief Executive Dan Mondor said.
Shares of Key Tronic Corp. (KTCC) plunged 18.49 percent to $4.89 in the after-hours trading, following a cut to its fiscal 2011 guidance. The company lowered its fiscal 2011 earnings guidance to range of 55 cents to 65 cents a share from previous forecast of 75 cents to 85 cents a share. The company also reduced its revenue outlook to range of $250 million to $260 million from previous range of $270 million to $280 million.
Key Tronic posted second quarter earnings of $1.73 million or 17 cents a share, compared to $1.67 million or 17 cents a share last year. Sales rose 36 percent to $61.04 million, helped by production ramp up of new programs. The company guided third quarter earnings of 5 cents to 10 cents a share and revenue of $60 million to $62 million.
Intevac Inc. (IVAC) stock plummeted 12.60 percent to $12.14 in the after-market trading, following its lower-than-expected fourth quarter revenue. Revenue rose to $36.2 million from $34.20 million. Profit was $1.1 million or 5 cents a share, down from $1.96 million or 9 cents a share last year. Analysts had expected profit of 2 cents a share on revenue of $37 million.
As we look into 2011 for our Equipment business, we will introduce several new products to expand our product portfolio for the large and growing solar cell manufacturing market, while maintaining our technology and operational leadership in the hard disk drive media processing market. In the first quarter, we expect to ship our first Lean SolarTM crystalline silicon deposition system, and to recognize revenue on our first ContinuumTM semiconductor mainframe shipments. In our Photonics business, we expect to continue to ramp our product based revenue, Intevac's Chief Executive Kevin Fairbairn said.
Shares of Axcelis Technologies Inc. (ACLS) lost 8.71 percent to $3.25 in the after-hours session. Profit for fourth quarter was $4.33 million or 4 cents a share, of which 2 cents was attributable to a one time tax benefit. This compares to a loss of $10.04 million or 10 cents a share last year. Revenue rose to $93.40 million from $38.74 million. Analysts had expected profit of 3 cents a share on revenue of $89.31 million.
We continue to experience robust demand for our products, and anticipate market share gains. Moving forward, we believe these accomplishments have laid the foundation for sustainable growth and profitability in the future, Axcelis Chief Executive Mary Puma said.
Broadcom Corp. (BRCM) stock fell 6.12 percent to $43.55 in the after-market session. Earnings for the fourth quarter were $266.2 million or 47 cents a share, up from $59.2 million or 11 cents a share last year. Results for the latest quarter included 11 cents a share of non-recurring settlement and asset impairment charges. Revenue rose 45 percent to $1.94 billion. Analysts had expected profit of 74 cents a share on revenue of $1.9 billion.
Broadcom expects first quarter revenue of $1.75 billion to $1.85 billion, while Street predicts $1.80 billion. Separately, the company said its board has approved a 12.5 percent increase in the quarterly cash dividend to 9 cents a share, payable to holders of the company's Class A and Class B common stock on March 7 to shareholders of record February 18. The company also announced a $300 million accelerated share repurchase plan under its existing evergreen share repurchase program.
Shares of Quality Distribution Inc. (QLTY) slid 4.28 percent to $8.95 in the after-hours trading, following its lower-than-expected fourth quarter and fiscal 2010 earnings guidance. The company expects fourth quarter adjusted profit of 5 cents to 6 cents a share and revenue of about $165 million, while Street predicts profit of 8 cents a share on revenue of $161.9 million.
Quality Distribution anticipates full year 2010 adjusted earnings of 29 cents to 30 cents a share and revenue of about $686 million, while Street analysts predict profit of 32 cents a share on revenue of $688.72 million.
Separately, the company said it launched a public offering of about 4 million common shares. Quality is offering for sale 2 million shares and certain affiliates of Apollo Management, L.P. are offering for resale about 2 million shares of Quality's common stock owned by them to the public. The company plans to use the net proceeds from sale of 2 million shares to retire or repay existing indebtedness.