Banyan beats earnings estimates
The networking software provider beats estimates for its fiscal second quarter by a cent, continuing a comeback from a sea of red ink.
Banyan reported earnings of 3 cents a share, or $627,000, for the quarter before one-time charges, compared with a net loss of 79 cents a share, or $13.7 million, for the same period a year ago. A portion of that loss was related to one-time restructuring charges.
Including one-time charges related to the acquisition of Lucent Technologies' Maps on UsWeb site and technology, Banyan reported a net loss of four cents, or $773,000.
Estimates pegged the company's earnings at two cents a share, according to First Call.
The company said its quarter was boosted by strong revenue from its Switchboard Web site and network services group.
Revenues for the quarter were $18.1 million, up from $17 million for the same period the previous year.
Banyan makes the Vines network operating system, StreetTalk directory services software, and an email system. It has also expanded its operations to include the Switchboard Web directory.
"We believe that the successful implementation of Banyan's strategy to rejuvenate its business will result in continued improvement in both top- and bottom-line performance," said William Ferry, the company's chairman and chief executive officer, in a statement.
Banyan continues on a comeback trail that has resulted in a stock jump since May of this year. The company's shares have doubled since that time, though the stock is still mired in the single digits.