Shares of Globecomm Systems Inc. fell Thursday although the satellite communications company's fiscal fourth-quarter report beat analysts' expectations.
Globecomm shares lost $1.18, or 12 percent, to $8.81. In the past year, the stock has traded between $7.77 and $16.49.
For the quarter that ended June 30, Globecomm's net income soared to $16.9 million, or 82 cents per share, from $3.3 million, or 19 cents per share, in the year-ago quarter.
Excluding some items _ such as a gain from a reduction in the company's deferred tax asset valuation allowance _ Globecomm earned 21 cents per share, up a penny per share from the same quarter last year.
Analysts polled by Thomson Reuters expected a profit of 20 cents per share on $53.9 million in revenue. The estimates typically exclude special items.
The company's revenue rose 15 percent to $56.4 million, helped by growth in services and infrastructure solutions revenues.
For the full fiscal year, Globecomm earned $27 million, or $1.34 per share, compared with $8.3 million, or 50 cents per share, in the prior year.
On an adjusted basis, the company earned 80 cents for the year, up from 53 cents per share in the previous year.
The company's annual revenue rose 30 percent to $196.5 million.
Globecomm used a great number of share to calculate its earnings on a per-share basis for the more recent fiscal quarter and year.
Going forward, the company expects earnings of 49 cents per share in fiscal 2009, or 84 cents per share when excluding items.
Globecomm also expects revenue of between $225 million and $235 million.
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