LeCroy Corp. higher as Q2 profit beats forecast
Shares of LeCroy Corp. (Nasdaq: LCRY) are in positive territory on news before the opening bell that the supplier of oscilloscopes and serial data test solutions reported fiscal fourth-quarter net income that outpaced expectations.
Net income for the period ended June 30 was $1.4 million, or $0.12 per share, double the $0.06 per share expected by three analysts polled by Thomson Financial. The Chestnut Ridge, N.Y.-based company had a profit of $3.6 million, or $0.28 per share, during the same quarter of fiscal 2006.
Although LeCroy’s bottom line beat expectations, revenues came in below Wall Street’s projections. The company brought in $36.8 million during the fourth quarter, 1% below the expected $37.19 million and 4.66% below revenues of $38.6 million during the fourth quarter of fiscal 2006.
Looking ahead, CEO Tom Reslewic said that the company will begin fiscal 2008 with the launch of new oscilloscope products. He forecasts that LeCroy will end fiscal 2008 with revenues of between $155 and $165 million and a profit between $12 and $17 million. Analysts were calling for revenues of $160.58 million.
An oscilloscope is a piece of electronic test equipment that allows the user to view and measure signal voltages on a screen.
At 12:31 p.m. ET shares were up $0.71, or 10%, to $8.15. The 52-week low of $7.43 was set on August 10. The 52-week high of $13.89 was reached on September 29, 2006.
