Applied Signal posts narrower 1st-quarter profit on drop in shipments of tactical products
By APTuesday, March 2, 2010
Applied Signal posts fiscal 1Q profit
SUNNYVALE, Calif. — Applied Signal Technology Inc., a manufacturer of intelligence, surveillance and reconnaissance products, posted a smaller first-quarter profit than a year ago as shipments of some tactical products declined.
The company said Tuesday it earned $3.1 million, or 23 cents per share, compared with earnings of $3.5 million, or 27 cents per share, in last year’s fiscal first quarter.
Revenue was $48.1 million, up 6 percent from $45.4 million in the year-ago period.
But new orders received during the first quarter were $30 million, down 9 percent from $33.1 million last year. While demand for broadband and cybersecurity development remained strong, a delay in the authorization of the 2010 defense budget caused some delays in new orders.
“While our pace of growth was undercut specifically by an expected decline in shipments of some tactical products and, more generally, as a result of the shift in timing of the (fiscal year) 2010 defense budget process, we were pleased with the growth we experienced this quarter,” said William Van Vleet, the company’s president and CEO.
Analysts polled by Thomson Reuters expected earnings of 22 cents per share on revenue of $51.3 million.
Shares of Applied Signal rose 54 cents, or 2.9 percent, to $19.51 during regular trading, then gave up 86 cents, or 4.4 percent, to $18.65 in after-hours trading.
