Source Interlink trades down after hours
Source Interlink Companies, Inc. (Nasdaq: SORC) traded on both sides of Monday’s close in after hours trading, following news that the company missed analysts’ estimates in the latest quarter.
For the fiscal first quarter 2008 ended April 30, Source Interlink reported earnings of $0.03 per share, compared with $0.06 per share a year earlier. Analysts polled by Thomson First Call expected EPS of $0.13. Company officials stated that it earned $0.10 per share, excluding $3.9 million in one-time charges for depreciation and amortization of acquired intangibles.
The Florida-based provider of home entertainment products and marketing services reported a 6% increase in revenues of $475.4 million for the first quarter, compared with $ 447.9 million a year earlier. Operating income increased 33% to $8.8 million, from $6.6 million in the first quarter of fiscal 2007.
“We continue to perform favorably against the backdrop of challenging markets at retail for music and at the newsstand for magazines, posting solid revenue and adjusted EBITDA growth,” said Source Interlink Chairman Michael R. Duckworth. “We are expanding our market share and enhancing our retailer relationships, while moving aggressively to improve the cost structure of our company.”
At 5:30 p.m. ET, Source Interlink was up $0.06, or 1.46% at $5.57.
