Renaissance Learning down on lower Q3 profit
In after-hours trading, Renaissance Learning, Inc. (Nasdaq: RLRN) shares are down after the education software maker announced after the closing that its third-quarter net income fell to $1.4 million, or $0.05 per share, below analyst estimates of $0.07 per share and from $2.1 million, or $0.07 per share, a year earlier. Third-quarter revenue increased to $25.8 million, below Wall Street projections of $26.6 million and compared with $25.2 million during the same period of 2006.
"Though not apparent from the reported revenue and earnings because of our transition to subscription software pricing, which delays revenue recognition, this was a very good quarter for us from an operations standpoint," CEO Terrance Paul said in a statement.
In after-hours trading, RLRN shares are down 1.02%, or $0.13, at $12.60. Over the last 52 weeks, shares have ranged from $10.55 to $18.80.
