Shares of Qualstar Corp. rose sharply Friday as the company reported a steep drop in its losses during the fiscal second quarter.
The Simi Valley tape storage and power supply manufacturer reported a net loss of $251,000 (-2 cents a share) for the quarter ended Dec. 31, compared with a loss of $1.7 million (-14 cents) in the same period a year earlier.
Revenue held steady at $3.4 million, not meeting the expectations of a single analyst who estimated it at $3.58 million, according to Thomson Financial Network.
“I am extremely pleased with the progress we made in less than six months. We still have substantial work ahead of us but I am confident that we are on the right track,” said Chief Executive Steve Bronson, who led a successful takeover of the company in June.
Shares closed up 41 cents, or 36 percent, to $1.56 on Nasdaq.
Trio-Tech International cut its losses and reported a revenue gain in its fiscal second quarter on Friday, citing growth in its manufacturing and testing businesses.
The Van Nuys semiconductor testing and services company reported a net loss of $368,000 (-10 cents) for the quarter ended Dec. 31, compared to a loss of $594,000 (-15 cents) in the same period a year earlier.
Revenue increased 29 percent to $9.3 million.
Shares rose 2 cents to $3.07 on the New York Stock Exchange.