DETROIT – Compuware Corp. shares surged in early trading on Wall Street Friday to $1.22, or 14 percent, to $10.05, following a better than expected profit posted by the business-software company in the second-quarter.
Late Thursday, Compuware reported a quarterly profit of $26 million, or 12 cents a share, compared with earnings of $28 million, or 12 cents a share, in last-year’s second quarter. Compuware said sales for the period ended Sept. 30 were $225.9 million.
While Compuware’s earnings slipped, the results surpassed the estimates of analysts surveyed by Thomson Reuters, who forecast a profit of 9 cents a share on $221.6 million in revenue. Compuware?s market cap is estimated at $2.21 billion.
Quarterly revenue was $225.9 million, up from $217.9 million, driven by higher maintenance and subscription fees. That gain was offset by higher operating expenses, which rose to $185 million, from $176.5 million. Interest income fell to $907,000, from $1.26 million.
The Detroit-based company said total assets at the end of the quarter were $595.4 million, compared with $809.2 million at the end of the second quarter of last year.
a>>
