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IKOS Systems hurdles analysts&#039 estimates in 4Q

IKOS Systems beat the Street in its fourth quarter Wednesday, earning $3.2 million, or 32 cents a share, on sales of $22.1 million.

Analysts surveyed by First Call Corp. predicted it would earn 25 cents a share in the quarter.

Ahead of the earnings report, IKOS (Nasdaq: IKOS) shed 50 cents to $11.63.

The $22.1 million in sales marks a 36 percent improvement from the year-ago quarter when it earned $1.4 million, or 14 cents a share, on sales of $16.3 million.

"Our results for the fourth quarter and fiscal year 2000 highlight the progress we continue to make in executing our business strategy and are key indicators that we have largely completed our transition to emulation," said CEO Ramon Nunez in a prepared release. "We are particularly pleased with our customers' demand for our current and soon-to-be-released products, which resulted in record bookings for the quarter."

For the fiscal year, it returned a profit of $8.3 million, or 84 cents a share, on sales of $72.8 million compared to a profit of $2.5 million, or 27 cents a share, on sales of $56.3 million in fiscal 1999.

Its shares rallied up to a 52-week high of $15.50 in March after falling to a low of $7 in November.

The lone analyst following the stock rates it a "strong buy."

Analysts are projecting a profit of 94 cents a share in fiscal 2001.