FORG got whacked but good today, watching for bounce.
Reuters Company News
Forgent posts profit on a one-time patent revenue
Wednesday September 18, 4:33 pm ET
AUSTIN, Texas, Sept 18 (Reuters) - Forgent Networks (NasdaqNM:FORG - News), a videoconferencing software and services company, on Wednesday swung to a quarterly profit, helped by a one-time gain from a patent revenue.
Forgent's revenue jumped to $21.6 million from $6.5 million a year earlier, from a one-time $16.2 million patent revenue from its still-image compression technology. Excluding the patent, Forgent's revenue would have been down about 16 percent from a year earlier.
News on weak sales sent the company's shares plummeted $1.71, or about 40 percent, to close at $2.60 on Nasdaq. Volume was 1.6 million, more than 10 times the stock's average volume.
In the fiscal fourth-quarter ended July 31, the Austin, Texas-based company earned $2.5 million, or 10 cents a share, reversing a loss of $7.9 million, or 32 cents a share, a year earlier. Excluding a loss from discontinued operations, Forgent earned $3.1 million or 12 cents a share, compared with a loss of $2.7 million, or 11 cents a share, in the year-ago period.
Looking forward, Forgent forecast software revenue will increase at 30 percent to 40 percent for all 4 quarters of 2003, while service revenue will be flat to declining.
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