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SoftNet Systems misses 2Q forecasts

SoftNet Systems posted a wider-than-expected loss in its second quarter Thursday, losing $22.1 million, or 66 cents a share, on sales of $1.7 million.

Analysts expected the cable-based provider of high-speed Internet access to lose 59 cents a share in the quarter.

SoftNet (Nasdaq: SOFN) shares closed up 3/16 to 15 9/16 ahead of the earnings report.

The $1.7 million in sales marks a 65 percent jump from the year-ago quarter when it posted a loss of $8 million, or 71 cents a share, on sales of $1 million.

Company officials said subscriptions improved 54 percent from the first quarter to 16,027.

Last quarter, SoftNet posted a loss of $20.6 million, or 70 cents a share, on sales of $1.3 million.

Its shares hit a 52-week high of 50 1/4 in February before tumbling to a low of 12 5/8 in April.

All six analysts covering the stock rate it either a "buy" or "strong buy."