Interlink stumbles despite decent earnings

2 min read

Interlink Electronics shares fell 3 3/16, or 14 percent, to 20 1/16 Monday after meeting analysts' estimates in its first quarter.

The maker of interactive remote control devices posted a profit of $712,000, or 6 cents a share, on sales of $7.7 million.

First Call consensus pegged it for a profit of 6 cents a share in the quarter.

The $7.7 million in sales marks an 18 percent improvement from the year-ago quarter when it raked in $408,000, or 4 cents a share, on sales of $6.5 million.

"The first quarter's financial results were on target and our strategic milestones were accomplished," said CEO Michael Thoben in a prepared release.

Last week, Interlink (Nasdaq: LINK) postponed an add-on offering of common stock, citing the severe volatility of technology stocks of late.

Company officials expect the waiting period to be brief. It filed last month to sell about 2.14 million shares to the public.

"We remain committed to our existing business plan, including the offering, and we expect to resume the marketing process as soon as external conditions will permit an orderly process," the company said in a statement.

Last quarter, Interlink earned $646,000, or 9 cents a share, on sales of $7.4 million. For fiscal 1999, it pocketed $2.1 million, or 32 cents a share, on sales of $28.1 million.

Its shares moved as high as 69 1/8 in March ahead of a 3-for-2 stock split earlier this month. The stock hit a 52-week low of 3 1/4 in May.

The lone analyst covering the stock rates it a "buy."

First Call consensus predicts it will earn 30 cents a share in the fiscal year.>