February 1, 2007 - Shares of Callidus Software Inc. climbed Friday after the incentive management software maker moved to a profit in the fourth quarter on sharply higher sales.
Net income rose to $102,000, or break-even per share, compared with a year-ago loss of $1.5 million, or 6 cents per share. Callidus' revenue grew 40 percent to $24 million, driven by a 50 percent increase in maintenance and security sales.
Addionally, the company forecast first-quarter revenue of $20.5 million to $22 million, up 21 percent to 29 percent over last year's $17 million in sales, with operating expenses of $14.4 million to $14.9 million. The operating expenses include stock-based compensation of about $1.2 million.
Piper Jaffray & Co. analyst Gene Munster raised his price target for Callidus to $8 from $6, and said he had anticipated a 9 cent-per share loss in the fourth quarter from the San Jose, Calif.-based company. He increased his first-quarter revenue forecast to $21.5 million from $18.2 million, and expects losses of 7 cents per share instead of 10 cents. Munster maintained the stock at "Outperform."
Callidus stock picked up 59 cents, or 9.3 percent, to $6.97 in afternoon Nasdaq trading. The stock has traded between $3.93 and $7.27 in the past 52 weeks.
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