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ModusLink shares soar after hours on 4Q results

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The Associated Press | October 15, 2013 07:00 PM EST | AP


NEWS: Shares of ModusLink Global Solutions Inc. soared in after-hours trading Tuesday after the corporate supply chain manager reported a narrower loss and higher revenue in its fourth quarter.

DETAILS: The company, based in Waltham, Mass., said that it results improved due to a reduction of costs. It cut the number of people it employs by 16 percent to 3,250 from 3,870 over the last year. It said that the increase in revenue was due to a program for a consumer electronics client.

NUMBERS: The company reported a loss of $8.8 million, or 17 cents per share, in the three months ending July 31. That compares to a loss of $20.2 million, or 46 cents per share, in the same period a year ago.

Revenue rose to 4.5 percent to $181 million from $173.1 million.

STOCK: Up 31 cents, or 11 percent, to $3.22 in after-hours trading Tuesday. They rose 17 cents, or 6.2 percent, to $2.91 during normal trading hours.