Ditech Communications (Nasdaq: DITC) easily surpassed the consensus estimate in the fourth quarter.
After market close Thursday, the telecom equipment supplier reported fiscal fourth quarter earnings of $16.2 million, or 54 cents per share, excluding non-cash expenses. First Call's survey of four analysts predicted a profit of 43 cents per share for the quarter ended April 30.
Including all charges, Ditech earned $8.9 million, or 30 cents per share in the fourth quarter.
Revenue in the fourth quarter increased to $46.8 million, a 537 percent improvement year-over-year. That figure included $42 million in voice revenue, said Tim Montgomery, president and CEO.
For fiscal 2000, Ditech earned $37.3 million, or $1.38 per share, not counting special charges. Revenue for the full year rose 360 percent to $116.9 million.
The company's customer total rose to more than 89 in fiscal 2000, from 56 in 1999, Montgomery said."Additionally, we significantly strengthened our balance sheet, which enhances our ability to invest and grow the company," he said. "Finally, while we grew the company at this fast pace, we also increased our gross margins and profitability."
Shares of Ditech rose 6 7/8 to 92 5/8 in Thursday's regular trading, prior to the earnings report.
Competitors of Ditech include Lucent (NYSE; LU) and Nortel Networks (NYSE: NT).>