Xybernaut rallies on government order
By Michael Baron, CBS.MarketWatch.com
Last Update: 12:20 PM ET Sept. 10, 2003
NEW YORK (CBS.MW) - Shares of Xybernaut surged Thursday after the tiny Fairfax, Va., developer of wearable computer technology received a measure of validation from the Defense Department in the form of a $1.6 million purchase order.
Free! Sign up here to receive our Midday Market Report e-Newsletter!
INFORMATION FOR XYBR:
Create an alert for XYBR
More cool charts on XYBR
Discuss XYBR
NEWS FOR XYBR
Xybernaut shares rally on government order
La-Z-Boy, Syntroleum, Xybernaut, and more
Stocks to watch Tuesday: AMAT, JCP, TJX, MSFT, PSUN
More news for XYBR
Charts News
TRACK THESE TOPICS
Alerts
Company: Xybernaut Corporation
Create
Column: Screamers
Create
Get Breaking News sent directly to your inbox
Create An Alert
The stock (XYBR: news, chart) gained 23 cents, or 21.3 percent, to $1.31 in recent dealings. Earlier in the session, it reached a 52-week high of $1.40. Volume was more than 29 million shares, making the stock second on the Nasdaq's most active chart.
In a press release before the opening bell, Xybernaut said it would provide an assessment of aircraft and defense maintenance systems using wearable computers. The value of the deal reflects services but the company said it expects to disclose hardware sales associated with the contract at a later date.
"We are clearly proving that we have the desired mix of products, professional services and industry expertise to successfully compete for and win large contract awards from the U.S. military," said Edward Newman, the company's chairman and CEO, in the press release.
He continued: "Our years of effort invested in cultivating opportunities in this sector are yielding tangible, quantifiable results and demonstrate that Xybernaut is indeed being viewed as the preferred solution provider of wearable/computing solutions for our military forces."
On August 11, Xybernaut posted a loss of $3.3 million, or 2 cents per share, on revenue of $2.8 million for the second quarter ended June 30. This performance represented a marked improvement from its loss of $6.7 million, or 10 cents per share, on revenue of $2 million in the same period a year earlier.
Michael Baron is a reporter for CBS.MarketWatch.com based in New York. |
