SafeNet Inc., a Baltimore Internet security company, posted a third-quarter profit after reporting losses for five consecutive quarters and was a big gainer in a strong week for local stocks.
SafeNet earned $993,000 (12 cents a share) in the three months ended Sept. 30, up from a loss of $717,000 (10 cents) in the same period the previous year.
The company's third-quarter revenue rose 144 percent, to $8.8 million.
SafeNet said fourth-quarter revenue will be between $9.6 million and $9.8 million, and it predicted that for the year, revenue will rise 95 percent.
After the earnings release, SafeNet stock was upgraded from "hold" to "buy" by Janney Montgomery Scott LLC. Shares of SafeNet rose 21 percent last week, to $17.60.
The Washington Post-Bloomberg regional stock index jumped 9.26 points to close at 155.57.
The NVTC Potomac Tech 60, which tracks the progress of 60 local technology firms, closed at 521.29, up 12.8 points.
Strong earnings also helped Tessco Technologies Inc. post significant gains last week. The Hunt Valley, Md., supply-chain technology firm earned $1.2 million (26 cents a share) in the three months ended Sept. 29, compared with $899,700 (20 cents) in the same period the previous year.
Revenue for the firm's second fiscal quarter rose 13 percent, to $70.4 million. The company's stock closed at $9.70, up 25 percent.
CompuDyne Corp. shares rebounded after falling 29 percent the previous week when the company reduced earnings expectations for 2002.
The Hanover, Md., security firm regained 23 percent of its value to close at $6.93 Friday, but it is still far off its 52-week high of $17.87.
MicroStrategy Inc., a McLean firm that will report third-quarter earnings Thursday, also gained ground last week. Shares of the business software company rose 39 percent, to $13.03.
Disappointing earnings dragged down shares of Tredegar Corp., making it one of last week's biggest local losers.
The Richmond manufacturing firm lost $1.8 million (5 cents a share) during the three months ended Sept. 30, compared with a $1.1 million (3-cent) loss in the same period the previous year.
The company's third-quarter revenue fell to $190.3 million from $197.8 million.
The company said it hired a San Francisco firm, Probitas Partners, to analyze options for its venture capital investments, including selling much of its portfolio.
After taxes, the company's investments lost $12.7 million (33 cents) in the quarter. Shares of Tredegar lost 16 percent to close at $12.91.