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Advanced Fibre beats 2Q estimates on record sales

Advanced Fibre Communications topped analysts' estimates in its second quarter Monday, earning $10 million, or 12 cents a share, on record sales of $101.2 million.

First Call Corp. consensus pegged the broadband communications equipment maker for a profit of 10 cents a share in the quarter.

Advanced Fibre (Nasdaq: AFCI) shares closed off 1 1/2 to 57 1/4 ahead of the earnings report.

Including a variety of charges, Advanced Fibre earned $9.3 million, or 11 cents a share, in the quarter.

"Obviously we are pleased that we have achieved the largest quarterly revenues in AFC's history," said CEO John Schofield in a prepared release. "The U.S. continues to be an area of particular strength for us as we expand relationships with a number of large accounts."

The $101.2 million in sales marks a 45 percent jump from the year-ago quarter when it earned $3.5 million, or 4 cents a share, on sales of $69.8 million.

Its shares peaked at 89 3/8 in March after falling to a 52-week low of 12 3/16 in August.

Twelve of the 14 analysts tracking the stock rate it either a "buy" or "strong buy."

Analysts expect the Petaluma, Calif. company to earn 47 cents a share in the fiscal year.