ParkerVision Jumps; Lindsay, Movado, Micron, Progress Software Fall

Mukesh Buch
31 Mar, 2016
New York City

Bassett Furniture net plunged 47% while sales surged 15%. Lindsay and Micron Technology net swung to a loss. Movado profit declined 22% but revenues jumped 7%. Progress Software net swung to profit after revenues soared 10% and lowered fiscal outlook.

[R]12:00 PM New York – Bassett Furniture net plunged 47% while sales surged 15%. Lindsay and Micron Technology net swung to a loss. Movado profit declined 22% but revenues jumped 7%. Progress Software net swung to profit after revenues soared 10% and lowered fiscal outlook.[/R]

Tollbooth Index edged down 4.63 to 10,828.11.

Earnings Review

Bassett Furniture Industries Inc ((BSET)) jumped 2.2% or 72 cents to $33.05 after the home furnishings retailer said revenues in the first-quarter ending on February 27 jumped 15% from a year ago to $106.9 million.

Comparable store sales in the quarter advanced 6.1%.

Net income in the quarter plunged 46.7% to $3.2 million or 30 cents per diluted share compared to $6 million or 56 cents per share from the same quarter last year.

Lindsay Corporation ((LNN)) slumped 7.4% or $5.80 to $72.77 after the agricultural machinery maker stated revenues in the second-quarter ending in February dropped 14.5% from a year ago to $120.6 million.

Net in the quarter swung to a loss of $4.1 million or 37 cents per diluted share compared to profit of $9 million or 75 cents per share from the same quarter last year.

Movado Group, Inc ((MOV)) plummeted 8.5% or $2.59 to $27.75 after the watches designer and retailer reported net sales in the fourth-quarter ending in January rose 7% from a year ago to $143.3 million.

Net income in the quarter declined 21.8% to $7.9 million or 34 cents per diluted share compared to $10.1 million or 40 cents per share from the same quarter last year.

Movado forecasted net sales in the fiscal 2017 in the range of $585 million to $600 million and net income between $43.3 million and $46.7 million and diluted earnings per share in the range of $1.85 to $2.

Micron Technology, Inc ((MU)) dropped 4% or 42 cents to $10.06 after the memory chip maker reported revenues in the second-quarter ending on March 3 plunged 30% from a year ago to $2.93 billion.

Net in the quarter swung to a loss of $97 million or 9 cents per diluted share compared to profit of $206 million or 19 cents per share from the same quarter last year.

Progress Software Corporation ((PRGS)) declined 7.4% or $1.89 to $23.70 after the business applications developer stated revenues in the first-quarter ending in February soared 10% from a year ago to $89.5 million.

Net in the quarter swung to profit $3.2 million or 6 cents per diluted share compared to a loss of $1 million or 2 cents per share from the same quarter last year.

The company lowered yearly revenue forecast between $414 million and $420 million compared to earlier estimated range of $427 million and $433 million and earnings per share in the rage of $1.57 and $1.63 from previously forecasted range of $1.59 to $1.65.

ParkerVision, Inc ((PRKR)) jumped 5.9% or 17 cents to $3.02 after the wireless communication products provider said net loss in the quarter narrowed to $3.3 million or 33 cents per diluted share compared to $5.5 million or 57 cents per share from the same quarter last year.

PAR Technology Corporation ((PAR)) surged 17% or 98 cents to $6.75 after the hardware, software services provider stated revenues in the fourth-quarter ending in December slipped 4.2% from a year ago to $56.8 million.

Net in the quarter swung to profit of $0.9 million or 6 cents per diluted share compared to a loss of $2 million or 13 cents per share from the same quarter last year.