Spanish bank Santander has submitted an offer to buy Royal Bank of Scotland's (RBS) Williams & Glyn's subsidiary.
RBS is selling the unit and its 318 branches after the European Commission ruled last year that it must dispose of the business as a condition of the bank being bailed out by the UK government.
Virgin Money, who had earlier dropped out of the bidding, told the BBC it was still interested in the RBS branches.
Santander said it was not sure when the tender process would end.
Santander is understood to have offered considerably less than £2bn.
"There is a pretty high probability that the board of RBS will conclude that Santander is not offering enough and will therefore withdraw the branches from sale, in the hope that market conditions for the auction of such assets improve in a year or two's time," BBC business editor Robert Peston said.
Under the agreement RBS reached with the European Commission on the disposal of certain of its businesses, RBS has another three and half years to complete the sale of the branches.
'Sale still open'
RBS said it was "seriously reviewing" Santander's offer, but added that the tender process remained open to other interested parties.
"This remains a competitive process and we will continue to do what is right for our shareholders in disposing of these assets," it said in a statement.
A number of other banks have been named as potential bidders, including National Australia Bank and US private equity group Blackrock, but reports have said they have dropped out of the running.
Santander already has a substantial presence on the UK High Street having bought Abbey National, Alliance & Leicester and Bradford & Bingley in recent years.
vineri, 18 iunie 2010
Obama warns G20 leaders on budget cuts
Barack Obama has warned against cutting national debts too quickly as it would put economic recovery at risk.
In a letter to G20 leaders, the US president said that while it was important to put in place "credible plans" to cut deficits, withdrawing economic stimulus early was dangerous.
"[In the past] stimulus was too quickly withdrawn and resulted in renewed hardships and recession," he warned.
But Mr Obama said the US would still aim to halve is own deficit by 2013.
The US budget deficit would be cut to 3% of GDP by 2015, the president said.
The leaders of the world's 20 leading economies are due to meet in Toronto on 26 June.
Mr Obama said the priority of the meeting should be "to safeguard and strengthen the recovery".
The BBC World Service's economics correspondent Andrew Walker said the letter appeared to express the US administrations reservations over recent changes in economic policy in Europe.
"There has been a marked change in emphasis in the G20 in the last few weeks," he said.
"For many of the group's member countries, especially in Europe, the case for stimulating economic recovery using the public finances has been overtaken by concerns about stabilising government debt."
The governments of several large European countries, Germany and the United Kingdom among them, have recently outlined plans for spending cuts.
In comments apparently directed at China, Mr Obama also stressed the need for flexible exchange rates to ensure a balanced global economy.
China has been criticised by the US for failing to allow its currency to trade freely.
The G20, which includes both developed and developing economies such as Russia, China and Argentina, has taken the lead in efforts to tackle the global financial crisis.
In a letter to G20 leaders, the US president said that while it was important to put in place "credible plans" to cut deficits, withdrawing economic stimulus early was dangerous.
"[In the past] stimulus was too quickly withdrawn and resulted in renewed hardships and recession," he warned.
But Mr Obama said the US would still aim to halve is own deficit by 2013.
The US budget deficit would be cut to 3% of GDP by 2015, the president said.
The leaders of the world's 20 leading economies are due to meet in Toronto on 26 June.
Mr Obama said the priority of the meeting should be "to safeguard and strengthen the recovery".
The BBC World Service's economics correspondent Andrew Walker said the letter appeared to express the US administrations reservations over recent changes in economic policy in Europe.
"There has been a marked change in emphasis in the G20 in the last few weeks," he said.
"For many of the group's member countries, especially in Europe, the case for stimulating economic recovery using the public finances has been overtaken by concerns about stabilising government debt."
The governments of several large European countries, Germany and the United Kingdom among them, have recently outlined plans for spending cuts.
In comments apparently directed at China, Mr Obama also stressed the need for flexible exchange rates to ensure a balanced global economy.
China has been criticised by the US for failing to allow its currency to trade freely.
The G20, which includes both developed and developing economies such as Russia, China and Argentina, has taken the lead in efforts to tackle the global financial crisis.
Chevron vows to pay for Salt Lake City oil spill
By PAUL FOY, Associated Press
Salt Lake City attorneys expect Chevron Corp. will quickly agree to a financial settlement related to last weekend's pipeline spill that dumped 33,000 gallons of crude oil into city waterways, a spokeswoman for Mayor Ralph Becker said Friday.
Becker has vowed to make Chevron pay for the cleanup, and the company has repeatedly pledged to cover the city's expenses, as well as damage or reimbursement claims from others.
A deal could be announced next week, said Lisa Harrison Smith, the mayor's spokeswoman.
"We won't be satisfied until it's done," she said.
San Ramon, Calif.-based Chevron believes an improbable series of events led to last Saturday's spill, which sent crude oil into pristine Red Butte Creek.
A short in an overhead 46,000-volt power line traveled to a fence post that acted like an electric arc welder, melting a quarter-size hole in the pipeline, the company said.
The bottom of the fence post was anchored just inches above the buried pipeline — an obvious danger that went unnoticed for 30 years, Chevron said.
"It would be highly unusual, but it's a plausible theory," Rocky Mountain Power spokesman Dave Eskelsen said.
Some of the spilled oil traveled in the creek through Salt Lake City to the Jordan River, which drains into the Great Salt Lake.
Chevron said it has cleaned up 21,000 of the 33,000 gallons of spilled oil. Much of that has been mopped and vacuumed from city waterways. Absorbent booms on the Jordan River have been capturing traces of oil, and workers were seen digging up oil-soaked soil Wednesday and sucking up residual oil from Red Butte Creek near the spill site.
Chevron said it plans to flush the Red Butte Creek with water Saturday to capture residual oil with absorbent booms. It warned residents the flushing could stir up oil fumes for three or four hours.
But the latest samples from 13 locations along Red Butte Creek and the Jordan River show no danger to human health or aquatic life, Utah Division of Water Quality officials said.
The U.S. Department of Transportation has jurisdiction over oil pipelines and is investigating what caused the spill, said Patricia Klinger, a spokeswoman for the department's pipeline-safety group. A metallurgist is examining the pipe, she said.
The department's Pipeline and Hazardous Materials Safety Administration can fine Chevron, but has no authority over Rocky Mountain Power, which owns the nearby fenced compound and power lines near the pipeline, Klinger said.
Chevron officials said earlier this week that more than 30 claims had been filed with the oil company. The company is taking full responsibility and expects to get hit with a large amount of bills for damages and expenses, Chevron spokesman Dan Johnson said Friday.
"We think that's appropriate," he said. "People who pay their bills are trusted."
The Utah Rivers Council on Friday called for Chevron to deposit $15 million into an escrow account to pay for damages and cleanup expenses. But the expected settlement agreement would make an escrow account unnecessary, Smith said.
Stocks post biggest two-week gain since November
By TIM PARADIS and SETH SUTEL, AP Business
Here's something for investors beaten down by the market's sharp declines this spring: The Dow Jones industrial average just had its best two weeks since November.
The Dow's gain of 16 points on Friday was relatively modest, but it capped a surge of 5.2 percent over the past two weeks that puts the average nearly halfway back to the high for the year that it reached on April 26.
Stocks had a longer winning streak earlier this year, an eight-week stretch that ended in late April, but those gains were more gradual. Then a sharp drop in May and early June brought the Dow down as much as 12.4 percent below its 2010 high, a decline that market analysts call a "correction."
The debate now is focusing on whether that correction phase is over. A correction is generally considered a drop of 10-20 percent from a recent peak. The Dow has risen back 6.5 percent from its lowest close of the year on June 7, but it's still down 6.7 percent from its 2010 high.
"I don't know that we're totally through the correction," said Stu Schweitzer, global markets strategist at JPMorgan's Private Bank in New York. "I do expect markets to remain quite volatile all through the rest of this year, but I still expect that we're going to end the year higher."
Minerals companies led other shares higher after gold settled at another record high. Barrick Gold Corp. jumped 3.5 percent, while Newmont Mining Corp. rose 2.6 percent.
Corporate news also brought out buyers. CVS Caremark Corp. rose 1.9 percent and Walgreen Co. rose 2.8 percent after the two companies settled a dispute over pharmacy prescriptions that had threatened to hurt profits. Dow component Caterpillar Inc. gained 1.4 percent after reporting sharply higher sales.
The Dow rose 16.47, or 0.2 percent, to close at 10,450.64. The broader Standard & Poor's 500 index rose 1.47, or 0.1 percent, to 1,117.51. The Nasdaq composite index edged up 2.64, or 0.1 percent, to 2,309.80.
All three indicators posted solid gains for the week. The Dow is up 2.3 percent, the S&P 500 2.4 percent and the Nasdaq 3 percent.
The Dow posted its second consecutive weekly gain of more than 2 percent. Before that, the Dow had been down for three weeks. The last time the Dow had a two-week stretch of gains that strong was in November 2009.
Advancing stocks narrowly outpaced those that fell on the New York Stock Exchange, where consolidated volume came to 4.9 billion shares, versus 4.6 billion the day before. Volume was heavier because of the simultaneous expiration of four kinds of futures and options contracts, which occurs once every quarter.
Trading was relatively quiet considering the options and futures expirations, which can often bring volatility as traders adjust their portfolios. The week that follows the June expiration is often a losing one for investors. The Dow has posted a loss during that week for the past 11 years, according to the Stock Trader's Almanac.
Bond prices slipped, pushing interest rates higher. The yield on the benchmark 10-year Treasury note rose to 3.23 percent from 3.20 percent late Thursday.
The dollar edged lower against the British pound and Japanese yen, while the euro edged down versus the dollar. The euro has regained strength over the past week amid encouraging signs in Europe's efforts to control its debt crisis. Spain had successful bond sales this week, and European leaders pledged to disclose the results of stress tests on banks.
Crude oil rose 39 cents to settle at $77.18 per barrel on the New York Mercantile Exchange.
Randy Frederick, director of trading and derivatives at Charles Schwab, said the market's bounce from its recent lows has come too quickly. He said professional traders are building up positions in investments that would cushion their losses if the market fell again.
"Not that we're going into this big ugly bear market but to go back down to the lows that we were at just a few weeks ago, I think, seems very possible based on what I see," Frederick said. "I see a reason to be a little cautious right now."
The coming week brings readings on home sales and consumer sentiment. The Federal Reserve also will meet on interest rates.
Gold settled up $1,258.30 an ounce, a gain of $9.60. Barrick Gold rose $1.56, or 3.5 percent, to $46.38, and Newmont Mining climbed $1.57, or 2.6 percent, to $61.25.
CVS rose 59 cents to $32.43, while Walgreen gained 82 cents to $30.09. Caterpillar gained 90 cents to close at $65.85.
The Russell 2000 index of smaller companies rose 1.07, or 0.2 percent, to 666.92.
joi, 17 iunie 2010
On the Call: Kroger CEO David Dillon
By The Associated Press
Companies always keep a close eye on competitors, but when your rival is the biggest retailer on earth the pressure is even tougher. Supermarket retailer Kroger Co. reported its first-quarter results Thursday — net income fell but the results beat expectations and sales grew. However, the grocer is facing tough competition from Wal-Mart Stores Inc., which recently rolled out some of its fiercest reductions in food prices to help boost its slumping sales. Wal-Mart gets about half of its revenue from groceries.
Kroger CEO discussed the issue during a conference call with analysts:
QUESTION: Wal-Mart started the roll-back campaign on April 1st and started to do the deep discounts on May 1st. Wondering in markets where you overlap with a Wal-Mart super center, have you seen any discernible trends since they began that roll-back activity?
RESPONSE: Let me talk generally about Wal-Mart and how we see our markets for a moment.
We don't often talk about individual competitors, but many of you have asked about them, so it is probably worth commenting.
Wal-Mart affects any of the marketplaces in which they operate like any other competitor affects those marketplaces. Wal-Mart has become publicly more aggressive in what they're saying that they're doing, and if you look at what's happening in the stores and in the markets — just like we said the last two quarters — the marketing behavior, merchandising behavior Wal-Mart is (doing is) a lot more consistent with a traditional grocery supermarket operation than it is consistent with what Wal-Mart used to do.
It is a lot more feature items, sometimes features are on a little longer than a week, but it is feature items. And when you operate that way, there are items that come down in price which get lots of publicity, but there are also items that go up in price that don't get much publicity.
So we see the behavior as there is a lot of marketing noise around it, but we see the behavior as pretty much what happens in a lot of grocery. ... As a result, the most important thing I think for you to think about is that our behavior in those markets and in every market is based upon our plan and what we believe to be consistent with our customer-first strategy and what we think our customers want.
We can't do that with a blind eye to what competition does, but we also can't let competition dictate what we're going to do in those markets and we have chosen not (to do).
We're approaching this from purely from the point of view of 'What do we think our customers want from us in this kind of environment?' and using our data and insight in order to drive that.
Companies always keep a close eye on competitors, but when your rival is the biggest retailer on earth the pressure is even tougher. Supermarket retailer Kroger Co. reported its first-quarter results Thursday — net income fell but the results beat expectations and sales grew. However, the grocer is facing tough competition from Wal-Mart Stores Inc., which recently rolled out some of its fiercest reductions in food prices to help boost its slumping sales. Wal-Mart gets about half of its revenue from groceries.
Kroger CEO discussed the issue during a conference call with analysts:
QUESTION: Wal-Mart started the roll-back campaign on April 1st and started to do the deep discounts on May 1st. Wondering in markets where you overlap with a Wal-Mart super center, have you seen any discernible trends since they began that roll-back activity?
RESPONSE: Let me talk generally about Wal-Mart and how we see our markets for a moment.
We don't often talk about individual competitors, but many of you have asked about them, so it is probably worth commenting.
Wal-Mart affects any of the marketplaces in which they operate like any other competitor affects those marketplaces. Wal-Mart has become publicly more aggressive in what they're saying that they're doing, and if you look at what's happening in the stores and in the markets — just like we said the last two quarters — the marketing behavior, merchandising behavior Wal-Mart is (doing is) a lot more consistent with a traditional grocery supermarket operation than it is consistent with what Wal-Mart used to do.
It is a lot more feature items, sometimes features are on a little longer than a week, but it is feature items. And when you operate that way, there are items that come down in price which get lots of publicity, but there are also items that go up in price that don't get much publicity.
So we see the behavior as there is a lot of marketing noise around it, but we see the behavior as pretty much what happens in a lot of grocery. ... As a result, the most important thing I think for you to think about is that our behavior in those markets and in every market is based upon our plan and what we believe to be consistent with our customer-first strategy and what we think our customers want.
We can't do that with a blind eye to what competition does, but we also can't let competition dictate what we're going to do in those markets and we have chosen not (to do).
We're approaching this from purely from the point of view of 'What do we think our customers want from us in this kind of environment?' and using our data and insight in order to drive that.
Feds announce arrests in mortgage fraud crackdown
By KEN RITTER, Associated Pres
Some 500 people have been arrested in a nationwide crackdown on mortgage fraud, and federal officials pointed to Las Vegas as one of the centers of the scams that pumped up home prices until the housing market bubble finally burst.
"I heard this many times," said Scott Hunter, a Las Vegas FBI agent who has interviewed hundreds of so-called "straw buyers" lured into buying homes by unscrupulous real estate agents, brokers and loan officers. "They said, 'Don't let your good credit go to waste. You can purchase these properties. This is how you acquire wealth.'"
"What happened here was, when the party stopped and they were not able to keep inflating the prices on these houses, the whole thing collapsed."
Nevada's U.S. attorney, Daniel Bogden, counted 123 defendants charged, convicted or sentenced in the Silver State since March 1 as part of a national crackdown dubbed Operation Stolen Dreams. Bogden put losses in Nevada alone at almost $250 million.
In Washington, the Justice Department linked nearly 500 arrests nationwide to the crackdown. U.S. Attorney General Eric Holder called the push the largest collective enforcement effort aimed at confronting mortgage fraud.
Holder said 1,215 criminal defendants had been netted in cases that uncovered more than $2.3 billion in losses, and said the Justice Department also engaged in civil enforcement actions to recover more than $147 million in the operation.
FBI Director Robert Mueller called mortgage fraud "a risk to our economic stability" as a nation.
More than lending institutions were victimized, said Michael Gibson, a Los Angeles-based federal Housing and Urban Development inspector who has been investigating cases in Las Vegas.
Homeowners, taxpayers, reputable real estate industry officials and the Federal Housing Administration were also hurt, Gibson said. "They're all victims in this. Every time you have a bad loan that's FHA-insured, the federal government pays that claim amount."
Real estate analyst Rick Sharga, of Irvine, Calif.-based RealtyTrac Inc., said places with the most foreclosures today were the most fertile places for mortgage scams during the housing boom.
"The states that had the highest fallout in foreclosure and price depreciation certainly didn't have markets built on sound business practices," Sharga said. "The running gag was, you'd put a home on the market at breakfast and have three offers for twice the asking price by lunch. We're seeing the consequences of that now."
"As soon as prices stopped going up, the whole house of cards came down," he said.
Prosecutors and investigators said schemes typically involved straw buyers with good credit buying homes at an inflated price or obtaining loans greater than the cost of the home. The resulting cash was skimmed by the person controlling the scheme.
Homes were "flipped," or quickly sold at inflated prices, driving up prices of comparable or neighboring homes, said Hunter, supervisor of the Las Vegas FBI white collar crime unit.
"If you didn't lie on your loan application, and you later go into foreclosure, there's no fraud there," he said. "But if you lie about everything about the application, and you mislead a lender into believing that all the information on that document is accurate, that's what we're going after."
Foreclosures have decreased in Nevada during the last year, according Realty Trac. But the state continued to lead the nation in May, followed by Arizona, Florida, California and Michigan. One of every 66 homes in the Las Vegas area received a foreclosure filing last month.
The Justice Department said the probe announced Thursday resulted in significant criminal cases in places like Duluth, Minn.; New Jersey and Atlanta.
Officials said that in Chico, Calif., a home builder sold houses built before the market cooled in 2006 to straw buyers at inflated prices, then rebated tens of thousands of dollars to shell companies controlled by the buyers' agents. The lenders were unaware of the rebates. The Justice Department said that to date, 38 of the homes are in foreclosure.
In New Jersey, a servicing manager at U.S. Mortgage pleaded guilty in the fraudulent sale of more than $136 million in mortgage loans to Fannie Mae and other investors.
In Oregon, the U.S. attorney said the FBI had received almost 5,000 reports of fraud since the height of the housing market in 2006.
In Detroit, investigators broke up a "ghost loan" mortgage scheme in which conspirators recruited more than 108 straw buyers and obtained some 500 mortgages totaling more than $100 million.
In Minnesota, convicted mortgage fraud defendant Michael Fiorito was sentenced in April to more than 22 years in prison for conspiracy and mail fraud. Prosecutors said he led homeowners who were in or near foreclosure to refinance or sell their homes, then stole their money.
An indictment in Miami accused two defendants of targeting Haitian-Americans, with one defendant also offering help with immigration issues.
In Las Vegas, Hunter said industry insiders controlling scams didn't spend their own money, but reaped cash from homes "like ATMs."
"They took as much money out of them as they could, and when they were done, they left southern Nevada in the wreckage," the FBI agent said. "Now it's our job to hold these people accountable."
Some 500 people have been arrested in a nationwide crackdown on mortgage fraud, and federal officials pointed to Las Vegas as one of the centers of the scams that pumped up home prices until the housing market bubble finally burst.
"I heard this many times," said Scott Hunter, a Las Vegas FBI agent who has interviewed hundreds of so-called "straw buyers" lured into buying homes by unscrupulous real estate agents, brokers and loan officers. "They said, 'Don't let your good credit go to waste. You can purchase these properties. This is how you acquire wealth.'"
"What happened here was, when the party stopped and they were not able to keep inflating the prices on these houses, the whole thing collapsed."
Nevada's U.S. attorney, Daniel Bogden, counted 123 defendants charged, convicted or sentenced in the Silver State since March 1 as part of a national crackdown dubbed Operation Stolen Dreams. Bogden put losses in Nevada alone at almost $250 million.
In Washington, the Justice Department linked nearly 500 arrests nationwide to the crackdown. U.S. Attorney General Eric Holder called the push the largest collective enforcement effort aimed at confronting mortgage fraud.
Holder said 1,215 criminal defendants had been netted in cases that uncovered more than $2.3 billion in losses, and said the Justice Department also engaged in civil enforcement actions to recover more than $147 million in the operation.
FBI Director Robert Mueller called mortgage fraud "a risk to our economic stability" as a nation.
More than lending institutions were victimized, said Michael Gibson, a Los Angeles-based federal Housing and Urban Development inspector who has been investigating cases in Las Vegas.
Homeowners, taxpayers, reputable real estate industry officials and the Federal Housing Administration were also hurt, Gibson said. "They're all victims in this. Every time you have a bad loan that's FHA-insured, the federal government pays that claim amount."
Real estate analyst Rick Sharga, of Irvine, Calif.-based RealtyTrac Inc., said places with the most foreclosures today were the most fertile places for mortgage scams during the housing boom.
"The states that had the highest fallout in foreclosure and price depreciation certainly didn't have markets built on sound business practices," Sharga said. "The running gag was, you'd put a home on the market at breakfast and have three offers for twice the asking price by lunch. We're seeing the consequences of that now."
"As soon as prices stopped going up, the whole house of cards came down," he said.
Prosecutors and investigators said schemes typically involved straw buyers with good credit buying homes at an inflated price or obtaining loans greater than the cost of the home. The resulting cash was skimmed by the person controlling the scheme.
Homes were "flipped," or quickly sold at inflated prices, driving up prices of comparable or neighboring homes, said Hunter, supervisor of the Las Vegas FBI white collar crime unit.
"If you didn't lie on your loan application, and you later go into foreclosure, there's no fraud there," he said. "But if you lie about everything about the application, and you mislead a lender into believing that all the information on that document is accurate, that's what we're going after."
Foreclosures have decreased in Nevada during the last year, according Realty Trac. But the state continued to lead the nation in May, followed by Arizona, Florida, California and Michigan. One of every 66 homes in the Las Vegas area received a foreclosure filing last month.
The Justice Department said the probe announced Thursday resulted in significant criminal cases in places like Duluth, Minn.; New Jersey and Atlanta.
Officials said that in Chico, Calif., a home builder sold houses built before the market cooled in 2006 to straw buyers at inflated prices, then rebated tens of thousands of dollars to shell companies controlled by the buyers' agents. The lenders were unaware of the rebates. The Justice Department said that to date, 38 of the homes are in foreclosure.
In New Jersey, a servicing manager at U.S. Mortgage pleaded guilty in the fraudulent sale of more than $136 million in mortgage loans to Fannie Mae and other investors.
In Oregon, the U.S. attorney said the FBI had received almost 5,000 reports of fraud since the height of the housing market in 2006.
In Detroit, investigators broke up a "ghost loan" mortgage scheme in which conspirators recruited more than 108 straw buyers and obtained some 500 mortgages totaling more than $100 million.
In Minnesota, convicted mortgage fraud defendant Michael Fiorito was sentenced in April to more than 22 years in prison for conspiracy and mail fraud. Prosecutors said he led homeowners who were in or near foreclosure to refinance or sell their homes, then stole their money.
An indictment in Miami accused two defendants of targeting Haitian-Americans, with one defendant also offering help with immigration issues.
In Las Vegas, Hunter said industry insiders controlling scams didn't spend their own money, but reaped cash from homes "like ATMs."
"They took as much money out of them as they could, and when they were done, they left southern Nevada in the wreckage," the FBI agent said. "Now it's our job to hold these people accountable."
Smart Modular Technologies returns to 3Q profit
Smart Modular Technologies Inc., which makes computer memory products, on Thursday reported a profit for its fiscal third quarter, as renewed spending by businesses on technology helped it recover from a loss posted in the same period last year.
For the three months ended May 28, Smart Modular Technologies' net income was $14.9 million, or 23 cents per share. In the same period last year, the company reported a net loss of $2.4 million, or 4 cents per share.
Excluding stock options expenses and the divestiture of a business, the company earned 26 cents per share in the latest quarter.
Analysts surveyed by Thomson Reuters had forecast net income of 18 cents per share. Analyst estimates typically exclude one-time items.
Revenue more than doubled to $201.2 million from $91.6 million in the year-ago quarter. Analysts predicted revenue of $180.7 million.
Shares jumped 25 cents, or 3.9 percent, to $6.75 in after-hours trading. During the regular session, the stock added 3 cents to close at $6.50.
For the three months ended May 28, Smart Modular Technologies' net income was $14.9 million, or 23 cents per share. In the same period last year, the company reported a net loss of $2.4 million, or 4 cents per share.
Excluding stock options expenses and the divestiture of a business, the company earned 26 cents per share in the latest quarter.
Analysts surveyed by Thomson Reuters had forecast net income of 18 cents per share. Analyst estimates typically exclude one-time items.
Revenue more than doubled to $201.2 million from $91.6 million in the year-ago quarter. Analysts predicted revenue of $180.7 million.
Shares jumped 25 cents, or 3.9 percent, to $6.75 in after-hours trading. During the regular session, the stock added 3 cents to close at $6.50.
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