Radiant Systems Inc. (Nasdaq: RADS) raced up 24 percent Friday after analysts praised its fourth-quarter report.
Shares in provider of client care and consulting services were up 10 5/8 to 55.
Credit Suisse First Boston said on Friday it had raised its rating to "strong buy" from "buy" and had raised its price target to $75 from $45. The company put fiscal 2001 estimates at $225 million in revenue and earnings of 75 cents a share; its fiscal 2000 earnings estimate is 45 cents a share. Business momentum had never been better, CSFB said.
On Thursday Radiant reported fourth-quarter revenue of $39.9 million and earnings of 17 cents a share. First call had expected earnings of 16 cents a share.
Radiant's revenue was up 81 percent over revenue for the same period in 1998. Total revenue for the year ended December 31 was $129.7 million, up 56.3 percent over revenue for the same period in 1998.
Net income for the fourth quarter was $3.2 million, or 17 cents a share, up from $3.6 million, or 19 cents per share, compared to a net loss before non-recurring charges of $350,000, or 2 cents per share, for the same period in 1998. Net income for the year was $7.6 million or 41 cents a diluted share, an increase of $10.2 million or 57 cents a share over the prior year.
The company recently signed an agreement with Exodus (Nasdaq: EXDS) to host RetailEnterprise.com. The company said it sees this as "the first in a series of alliance agreements related to our e-business offering," and will look for other alliance partners to provide services in the retail marketplace.