hi/fn, inc. swings to profitability in Q3
Data security company hi/fn, inc. (Nasdaq: HIFN) posted revenue of $11.7 million for the third quarter ended June 30, compared with $11 million in the same period of 2006. The Los Gatos, Calif.-based company reported quarterly GAAP net income of $0.28 million, or $0.02 per share, compared with a loss of $2.2 million, or $0.16 per share, in the year-ago period.
The small-cap company’s non-GAAP EPS of $0.07 beat Wall Street estimates of $0.06 earnings per share.
“The positive effects of our realignment and cost containment measures completed in previous quarters have settled in," CEO Albert Sisto said. "This has been the turnaround quarter for hi/fn. Orders from longstanding customers continued at expected levels while we continued to improve our execution and operating performance at every level of our business.”
In pre-market trading, shares of the company were up $0.57, or 9%, at $6.90.
