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.