The following small-cap companies were making news in after-hours trading Thursday:

Lakeland Industries, Inc. (Nasdaq: LAKE) said net sales decreased 6% to $25.6 million for the first quarter of fiscal 2008 ended April 30, 2007, from the same quarter the previous year. Earnings per share were $0.10 for the quarter, compared with the year-ago's $0.26, and well below the sole analyst's estimate for $0.24. The Ronkonkoma, N.Y. company designs and manufactures protective apparel for industry, municipalities, and the field of homeland security. In after-hours trading Lakeland was $0.07 lower at $13.76. CEO Christopher Ryan said the restructuring of the company’s Mexican operations was the largest component of the weak first quarter. He added that "this quarter represents a nadir in our earnings and each quarter should improve sequentially as we reap the benefit of our Mexican restructuring, and fire gear, glove and international sales improve, over the coming three quarters."

Synergetics USA, Inc. (Nasdaq: SURG) said it had record sales for the third quarter of fiscal 2007 ended April 30, rising 9.9% to $11.5 million from a year earlier. O'Fallon, Mo.-based Synergetics reported a net loss for the three-month period of about $92,000, or $0.00 per basic and diluted share, compared with net income of approximately $1.2 million, or $0.05 per basic and diluted share, for the third quarter of fiscal 2006. There were no analyst forecasts for comparison. Synergetics makes surgical instruments and devices. Synergetics closed 3% lower at $3.61 in the regular trading session. Shares had yet to trade in after-hours.

Lancaster, Pa.-based Herley Industries, Inc. (Nasdaq: HRLY) said its earnings for the third quarter ended April 29 more than doubled to $3.9 million, or $0.27 a share on a diluted basis, from $1.7 million, or $0.11 per share, for the same quarter of 2006. Earnings outdid analysts' expectations for $0.22. Net sales for the quarter were $44.4 million, down slightly from $45.7 million a year earlier but in line with forecasts of $44.06 million. Herley designs and manufactures microwave technology systems for the defense, aerospace and medical industries. Shares were higher in after trading, up 3.4% at $16.55.

These companies were the biggest percentage gainers at 10:42 ET among companies with market capitalizations under $500 million:

Shares of Netlist Inc. (Nasdaq: NLST) fell $0.86, or 14.4%, to $5.11 in after-hours trading Monday after the memory subsystems manufacturer issued a lower-than-expected revised first-quarter guidance. Irvine, Calif.-based Netlist said it now expects to report earnings per share of $0.02 to $0.03 per share on revenue of $37 million to $38 million. The firm had previously issued guidance of $0.07 to $0.08 per share on revenue of $40 million to $42 million. Three analysts polled by Thomson First Call were expecting earnings per share of $0.08 on revenue of $41.2 million for the quarter ended March 31. Netlist CEO Chuck Hong cited operating expenses and decreased customer demand for the revised guidance.