Stock Leader
I just got this from my Quote.com subscription. As I feared, there were some extraordinary circumstances that allowed earnings of .09 a share. Real earnings for ongoing ops was (.03). Drats. I was hoping they actually were making some money. Now I don't know whether I should sell and buy back once everyone realizes this, or keep holding since I still feel they are tremendously overvalued.
Crusader
*SOCRATES' SHARES SOAR ON LATEST RESULTS, RESTRUCTURING [Dow Jones Online
News,344 words]
By Mark Yost, Staff Reporter
NEW YORK -(Dow Jones)- Shares of software-maker Socrates Technologies
Corp. were up sharply for the second day in a row Tuesday, apparently on
earnings news and the completion of a management restructuring.
Shares of Socrates (SOCT) rose $1.625, or 42%, to $3.875 Tuesday on
volume of 2.3 million shares, compared with average daily volume of
114,803. In Monday trading, the stock rose 59.4 cents, or 35.8%.
George Cowan, executive vice president in charge of investor
relations for the Largo, Md.-based company, attributed the stock's rise
to better-than-expected fourth-quarter and full-year results reported
Monday and Tuesday's announcement of the completion of a management
restructuring.
"It's really a combination of the two," Cowan told Dow Jones.
On Monday, Socrates reported revenue from continuing operations for
the fourth-quarter ended Sept. 30 of $18.1 million, up 92% from year-ago
revenue of $9.4 million. For the year, Socrates reported revenue of $62
million, up 81% from $34 million a year ago.
Cowan said the company had forecast fourth-quarter revenue of $17
million and full-year revenue of $60 million.
For the year, the company reported a loss of 31 cents a fully diluted
share, compared with net income of one cent a fully diluted share a year
ago. Per share figures for the quarter weren't available.
Cowan noted that income from continuing operations for the year was
nine cents a share, compared with six cents a share a year ago.
"But if you go back to the third quarter, you'll see that we had some
stock sales that created a positive hit in the third quarter," Cowan
said. "Without that, for the year we lost about three cents on
continuing operations."
The just-completed management restructuring will bring the company
under one name and management structure. The company, formerly MVSI Inc.
Technology Co., also said it added new employees in certain areas and
downsized unprofitable units. Its board also approved changing the
company's fiscal year end to Dec. 31 from Sept. 30.
Mark Yost, 201-938-5360
Copyright (c) 1998 Dow Jones & Company, Inc.
All Rights Reserved.
|
