Breaking Finance News

Why Performance Technologies Inc. is up 80 Percent Friday (PTIX)

Shares of Performance Technologies Inc (PTIX) are up nearly 80 percent in Friday trading after reporting earnings that impressed investors.

In the release, the company reported non-GAAP Q2 EPS of $0.06 per diluted share versus a net loss of ($0.12) per share in the same quarter in 2012. Net income was $600,000 versus a loss of ($1.4 million) during the same quarter in 2012.

Note: the release includes numerous charges and a statement as to why GAAP and Non-GAAP numbers are so far apart.

Popular Today: BREAKING- Unconfirmed Rumors of Buffett Bidding $75 for Joy Global

John Slusser, president and chief executive officer, said,

“Following our 19% sequential revenue growth in the first quarter, we are pleased to report 13% sequential quarterly revenue growth in the second quarter and GAAP profitability. We also continue to be gratified by the level of market activity we are seeing associated with our overall SEGway® Signaling Systems portfolio for both Diameter and SS7 signaling. Making a strong push into the Diameter Signaling market is our key 2013 initiative and during the quarter we added new Diameter customers, expanded the breadth of our Diameter solution set and filled several important sales and marketing positions.”

Company Profile:

Performance Technologies is a global supplier of advanced, high availability network communications solutions. Its SEGway® Diameter and SS7 Signaling Systems provide tightly integrated signaling and advanced routing capabilities and applications that uniquely span the mission critical demands of both existing and next-generation 4G LTE and IMS telecommunications networks.

[stock-tools exchange="NASDAQ" symbol="PTIX" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

New to Breaking Finance News? Read about our format here.

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with MarketBeat.com's FREE daily email newsletter.