Audio technology developer DTS Inc. beat analyst estimates on earnings per share in the first quarter with the introduction of a new product.
The Calabasas company reported net income of $6.3 million (36 cents a share) for the quarter ending March 31, compared with net loss of $1.5 million (-8 cents) in the same period a year earlier. Revenue increased 12.5 percent to $36.8 million.
Analysts on average expected net income of 35 cents on revenue of $35.6 million, according to Thomson Financial Network.
Contributing to first quarter sales was the launch of the Headphone: X with surround sound for a smartphone, said DTS Chief Executive Jon Kirchner.
“We believe that our performance puts us solidly on track to achieve our 2014 goals,” Kirchner said in a prepared statement.
Shares closed up 25 cents, or less than 2 percent, to $17.83 in trading on the Nasdaq.
Talon International Inc. reported profit despite drastically reduced net income for the first quarter.
The Woodland Hills supplier of zippers and apparel accessories reported net income of $17,000 (zero cents a share), which was down from $280,000 (3 cents) in the same quarter the previous year. Revenue grew 11.9 percent to $11.3 million.
No analysts follow the company.
The company said last year’s profits were inflated by a one-time litigation settlement.
In a statement, Chief Executive Lonnie Schnell noted the company achieved profitability strictly from operations. He said Talon historically sees a loss in profit the first quarter of the year, but this year he attributes profits to double-digit revenue growth and a “keen focus on costs.”
“Once again we are pleased to see continued growth and improvement throughout our business, even during our historically slowest quarter of the year,” he said in a statement.
Shares closed up 1 cent or 4 percent to 25 cents in trading on the over-the-counter market.