Telecom & Wireless
magicJack Results Trump Insider Share Sales (CALL)
Published:
Last Updated:
magicJack VocalTec, Ltd. (NASDAQ: CALL) is indicated higher after its earnings results, despite some insider selling into the news. Just before the long weekend came word that insiders were selling up to 5 million shares. The company has further announced that it sees all-time record revenues of $37.4 million and income of $7.8 million for the first quarter of 2012. The company is also noting that it hopes to accelerate its own share buyback plan.
The revenue compares to $30.8 million with income of $1.8 million a year ago.
magicJack had a cash balance of $49.0 million and 23,076,112 shares outstanding at the end of the first quarter 2011 and noted: “Comparing first quarter 2011 cash balances to first quarter 2012 saw an increase of $11.5 million even after the Company bought back over 2 million shares in this time frame.”
The Company hopes to reach the upper limits of its previous expectations of 20% to 30% annual revenue growth in 2012 and also $1.25 to $1.50 in earnings per share. Thomson Reuters has estimates of $1.14 EPS and $153.46 million in sales, but we would note that there are too few analysts to really count as a ‘consensus’ in normal stocks.
magicJack shares are indicated up 4% at $21.75 and the 52-week trading range is $9.49 to $28.22.
JON C. OGG
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
