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Turnstone blows past 1Q expectations

    Turnstone Systems (Nasdaq: TSTN) easily topped analyst estimates and turned a profit in its first quarter as a publicly-traded company.

    After market close Monday, the provider of equipment and software for DSL networks reported fiscal first quarter net income of $4.6 million, or 14 cents per share. First Call's survey of three analysts predicted a profit of 3 cents per share for the quarter ended Mar. 31.

    That net income includes $1.8 million in amortization costs related to stock options.

    Shares of Turnstone traded as high as 79 15/176 in afterhours activity on the Island electronic communications network, following the earnings report. The stock closed Monday's regular trading at 65 15/16, down 11 1/16 for the session.

    First quarter revenue increased to $23 million, up 85 percent from $12.5 million in the fourth quarter.

    Turnstone went public in February.

    Competitors of Turnstone include Nortel Networks (NYSE: NT).>