Photon Dynamics higher on strong Q4 revenue forecast
Shares of Photon Dynamics, Inc. (Nasdaq: PHTN) are moving up on news before the opening bell that the maker of testing and repair equipment for flat panel display manufacturers forecast fiscal fourth-quarter profit significantly above Wall Street’s projections.
For the three months ended September 30, Photon Dynamics expects revenue of between $20 million and $25 million, which is between 17.86% and 47.32% above the $16.97 million three analysts surveyed by Thomson Financial expect the company to bring in.
Additionally, CEO Jeffrey Hawthorne said that Photon Dynamics is not yet ready to file its financial statement for the preceding quarter ended June 30. The company first reported on July 17 that it has under-recorded a customs duty expense related to the import of warranty parts into the foreign countries in which it operates and must therefore revise its previous financial statements.
“We are working to resolve the custom issue as rapidly as possible,” Hawthorne said.
At 3:34 p.m. ET the stock had added $1.55, or 18%, to $10.14.
