Archive for the ‘Technology Stocks’ Category

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iGo, Inc. (IGOI) shares soar on higher-than-usual volume

Monday, December 5th, 2011

Shares of power products maker iGo, Inc. (Nasdaq: IGOI) were up as much as 45 percent from Friday’s closing price in morning trading on Monday. Shares touched an intraday high of $1.28, up from Friday’s closing price of $0.88.

The Scottsdale-based company and its subsidiaries engage in the design, development, manufacture, and distribution of power products for high-power and low-power mobile electronic devices. The company’s products include AC/DC universal power adapters, DC-only power adapters, AC-only power adapters, DC cigarette lighter adapters, mobile AC adapters, combination AC/DC adapters, and battery-powered adapters. It also provides mobile device accessories, such as monitor stands, portable computer stands, and foldable keyboards.

For the three months ended September 30, iGo, Inc. reported revenue of $9.6 million, a decrease of 20 percent compared to revenue of $12.2 million reported in the same three month period in 2010. The company reported a net loss of $2.2 million, or $0.07 per share, compared to net income of $51,000, or break even in the same period a year ago. For the nine months ended September 30, iGo, Inc.’s revenue fell to $29.7 million, from $30.1 million in the same nine month period in 2010. The company’s net loss for the nine months ended September 30 was $5.8 million, or $0.17 per share, compared to net income of $419,000, or $0.01 per share in the same nine month period a year ago.

The quarterly revenue drop was primarily due to the decrease in sales to RadioShack and Belkin, offset by the addition of battery, audio and protection product lines as a result of Adapt and Aerial7 acquisitions in the second half of 2010 and the Pure Energy relationship in the first quarter of 2011, combined with the increases in sales to Walmart.

Shares of IGOI are down about 15 percent over the past three months.

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Fonar Corp. (FONR) shares soar as Q1 net income increases 360 percent

Tuesday, November 15th, 2011

Shares of MRI company Fonar Corp. (Nasdaq: FONR) were up as much as 26 percent from Monday’s closing price in morning trading on Tuesday after the company reported a 360 percent increase in first quarter earnings driven by an increase in management and service revenue, and a decrease in costs and expenses, offset by a decrease in product sales.

Fonar’s net income for the first quarter of fiscal 2012 increased to $1.8 million, from $363,0000 a year earlier. Basic earnings per common share increased 257% to $0.25 per share during the first fiscal quarter of fiscal 2012 as compared to $0.07 per common share for the first fiscal 2011 quarter ended September 30, 2010. In addition, the diluted earnings per common share increased 243% to $0.24 per share during the first fiscal quarter of fiscal 2012 as compared to $0.07 per common share for the first fiscal 2011 quarter ended September 30, 2010.

Total revenues rose 11 percent to $9.6 million, compared to $8.7 million for the same period last year.  Total operating costs and expenses decreased 5 percent to $7.8 million, from $8.3 million a year ago. Fonar’s product sales in the quarter ended September 30, 2011 dropped to $1.8 million, from $2.7 million a year ago. Service and repair revenue increased to $2.9 million in the quarter, from $2.7 million a year ago, and revenues from management and other fees increased to $4.9 million, from $3.3 million a year ago.

“”Over the last six quarters we have a net profit of $4.9 million,” said Dr. Raymond Damadian, Fonar’s Chairman and CEO in a November 15 press release. “This is due to changes that we have had to make including a focus on the management of our ten UPRIGHT® MRI imaging centers and some difficult cost reductions. While sales are not as robust as in prior years, we believe sales of the UPRIGHT® Multi-Position™ MRI will increase as the U.S. economy continues its recovery. This is because the UPRIGHT® MRI has huge value in medicine when it comes to diagnosing the spine. As time goes on, more and more physicians and patients recognize this. The discovery that an interrupted CSF flow causes MS is a valuable discovery and one that will immensely help those poor souls afflicted with the symptoms of MS as well as FONAR tremendously.”

 

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DynaVox, Inc. (DVOX) rises after reporting better-than-expected Q1 results

Thursday, November 10th, 2011

Shares of communication and education products maker DynaVox, Inc. (Nasdaq: DVOX) were up as much as 35 percent from Wednesday’s closing price in morning trading on Thursday, after the company reported better-than-expected earnings for the first quarter of fiscal 2012.

DVOX touched a high of $4.57 on Thursday, up from Wednesday’s closing price of $3.38.

For the quarter ended September 30, the Pittsburgh-based company reported net sales of $26.2 million, up 21 percent over net sales of $21.6 million for the same quarter last year, and above the consensus estimate of $22.97 million. Key drivers behind the sales growth included a 17 percent increase in the company’s speech generating devices, and a 39 percent increase in sales of  DynaVox’s special education software.

DynaVox’s net income was $0.05 per share, beating the Thomson Reuters consensus estimate of $0.02 by $0.03.

For fiscal year 2012, DynaVox continues to project net sales to grow in the range of 3 percent to 7 percent from fiscal year 2011. The Company also continues to expect Adjusted EBITDA for fiscal year 2012 to be in the range of $23 million to $27 million and adjusted pro forma net income per share to be in the range of $0.28 to $0.36.

“We are pleased with our double digit sales growth and significantly improved bottom line performance during the first quarter, which validate that we are executing well within the new normal operating climate,” said Ed Donnelly, DynaVox’s Chief Executive Officer in a November 9 news release.

Shares of DVOX are down about 15 percent over the past three months.

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Groupon, Inc. (GRPN) pops on first day of trading

Friday, November 4th, 2011

Shares of daily deals site, Groupon, Inc. (Nasdaq: GRPN) surged nearly 50 percent in its debut on the Nasdaq on Friday. Groupon shares touched a high of $31.14 in morning trading on Friday up from its IPO price of $20 per share.

The company on Thursday sold 35 million shares for $20 each, raising $700 million. It had filed with the U.S. Securities and Exchange Commission to sell 30 million shares for $16 to $18 each.

The three-year-old company is one of this year’s most hyped IPOs, and has one of the smallest floats of the past 10-years — slightly more than 5 percent of the company.

“Groupon is expensive. The $12.8 billion valuation is only achievable because of the low float,” Rob Romero, head of technology-focused hedge fund firm Connective Capital Management told Reuters.

At $12.8 billion, Groupon’s price tag is more than two-times what Google offered for the company last year.

Groupon “is a company with permission to market to 150 million consumers daily. No other company in the world has ever had that type of reach,” Boyan Josic, chief executive at DailyDealMedia, which tracks the industry, told Reuters.

 

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SMTC Corp. (SMTX) raises guidance, shares soar

Tuesday, October 25th, 2011

Shares of SMTC Corp. (Nasdaq: SMTX) were up as much as 60 percent from Monday’s closing price in morning trading on Tuesday after the electronics manufacturing services provider raised its fourth quarter EBITDA guidance to $4 million, up from previous Q4 guidance of $3 million in EBITDA.

“We continue to expect Q3 to be our weakest quarter of the year, and anticipate generating $825,000 in EBITDA for the quarter,” said Claude Germain, Co-Chief Executive Officer in an October 25 press release. “However, due to new program wins from both current and new customers, recent cost reduction initiatives, and our recent acquisition, we now expect the business to generate $4.0 million in EBITDA in Q4, up from our prior guidance of $3.0 million.”

EBITDA is a non-GAAP measure. EBITDA is computed as Net income from continuing operations excluding depreciation, amortization, restructuring charges, interest and income tax expense.

Founded in 1985, SMTC Corp. is a mid-size provider of end-to-end electronics manufacturing services including PCBA production, systems integration and comprehensive testing services, enclosure fabrication, product design, sustaining engineering and supply chain management services.

In addition to revising its fourth quarter guidance, SMTC Corp. also said it now expects 2012 EBITDA guidance of $13 million and $240 million in revenue.

“In order to meet higher Q4 orders, we added to labor and increased working capital in late Q3. However, we continue to expect to generate positive operating cash flow for the year, and to generate strong free cash flow in 2012,” said Alex Walker, Co-CEO of SMTC Corp. “We also expect our sizable tax loss carry-forwards to offset future taxable income and further increase earnings and cash flow.”

SMTC Corp.’s third quarter results conference call is scheduled to be held on Wednesday November 9, 2011 at 5 p.m. ET.

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