Actuate Corp. rises to 52-week high on record Q3 profit
Shares of Actuate Corp. (Nasdaq: ACTU) have hit a new 52-week high on news after the close on Monday that the maker of business services software booked a record third-quarter profit.
Net income for the three months ended Sept. 30 was $6 million, or $0.09 per share, compared with a net income of $4.5 million, or $0.07 per share, a year earlier. Analysts were looking for earnings of $0.08 per share, on average.
The San Mateo-based company also reported that total revenues increased 9% to $34.7 million, in line with Wall Street’s forecast of $34.6 million in revenue. Actuate posted a revenue of $31.8 million during the third quarter of 2007.
The increase was mainly due to a 16% rise in license revenue, which came to $13.4 million from $11.6 million a year ago.
“Actuate extended the number of consecutive quarters of double digit year-over-year growth for both license revenue and non-GAAP net income to seven in the third quarter,” said president and CEO Pete Cittadini in a statement.
Investment bank JMP Securities responded by upgrading the company’s shares to “market outperform” from “market perform”.
At 12:30 p.m. ET, shares of Actuate Corp. (ACTU) were up $1.15, or 16%, to $8.53. The previous 52-week high was $7.95, which was reached on Oct. 29. The 52-week low of $4.82 was touched on Jan. 19.
