S&P 500 2,441.20 17.28
Gold$1,224.80 $5.30
Nasdaq 6,253.81 61.92
Crude Oil $60,490.00      $-1570.00
Market Update

American Software Net Jumps; Sonic, Finish Line Net Plunge


Author: Mukesh Buch
ticker.com
Last Update: 12:31 PM ET June 24 2016

12:30 PM New York American Software net soared 32%. Finish Line net plunged 30% and lifted comparable store sales outlook. Synnex net slumped 15% but revenues 4%. Sonic profit declined 25%.

Tollbooth Index declined 277.39 or 2.6% to 10,384.59.

Earnings Review

American Software, Inc (AMSWA) declined 5.8% or 60 cents to $9.72 after the software services provider said revenues in the fourth-quarter ending in April jumped 5% from a year ago to $28.9 million.

Net income in the quarter soared 32% to $3.4 million or 12 cents per diluted share compared to $2.6 million or 9 cents per share from the same quarter last year.

Finish Line Inc (FINL) surged 21.3% or $3.57 to $20.36 after the specialty retailer stated net sales in the first-quarter ending on May 28 jumped 2.3% from a year ago to $453.5 million.

Comparable store sales in the quarter increased 1.5%

Net income in the quarter plunged 30.4% to $9.6 million or 23 cents per diluted share compared to $13.8 million or 30 cents per share from the same quarter last year.

In the year, the company forecasted Finish Line comparable store sales to increase in the range of 3% to 5% and earnings per share between $1.50 and $1.56.

Synnex Corporation (SNX) increased 2.1% or $1.96 to $95.96 after the computer peripherals provider reported revenues in the second-quarter ending in May jumped 3.9% from a year ago to $3.38 billion.

Net income in the quarter slumped 14.5% to $44.4 million or $1.11 per diluted share compared to $51.9 million or $1.30 per share from the same quarter last year.

Synnex forecasted revenues in the third-quarter in the range of $3.40 billion to $3.53 billion and net income between $52.5 million and $54.5 million and diluted earnings per share in the range of $1.32 to $1.37.

Sonic Corporation (SONC) plunged 8.5% or $2.58 to $27.77 after the drive-in restaurants chain stated total revenues in the third-quarter ending in May rose 0.3% from a year ago to $165.2 million.

System same-store sales increased 2%, consisting 2.1% same-store sales increase at franchise drive-ins and an increase of 0.9%.

Net income in the quarter declined 24.5% to $15.4 million or 31 cents per diluted share compared to $20.4 million or 38 cents per share from the same quarter last year.

The restaurants operator estimated earnings per share in fiscal 2016 to jump in the range of 20% to 25%.

  1
Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc