En Pointe jumps on Minnesota contract

En Pointe Technologies shot up $3, or 59 percent, to $8.13 Monday after it landed a two-year contract to provide technology products and services to the state of Minnesota.

Company officials said the deal is worth more than $150 million a year with options for renewal.

En Pointe will provide procurement of hardware and services for over 1,100 entities in Minnesota, including 130 state agencies, 87 counties, 155 cities, and 75 school districts.

"Their decision to award us both the procurement and service portion of their annual IT contract testifies to En Pointe's ability to serve all of its customers' needs," said Tom Dresser, vice president of global services, in a prepared release.

En Pointe posted a loss of $9 million, or $1.38 a share, on sales of $118 million in its third quarter.

There is no First Call Corp. consensus estimate for En Pointe in its fourth quarter.

Its shares moved up to a 52-week high of $55 in February before falling to a low of $3.06 in October.