WASHINGTON (AP) -- Online exchange company Liquidity Services Inc.'s fiscal first-quarter profit surged because a steep jump in sales volumes boosted its revenue.
But the company also issued a disappointing profit prediction Wednesday for the current quarter. Shares of Liquidity Services fell $1.56, or 4.5 percent, to $32.94 in morning trading.
For the quarter ended Dec. 30, Liquidity Services posted net income of $9.1 million, or 28 cents per share, up from $1.4 million, or 5 cents per share, for the same quarter last year.
Excluding stock-option, acquisition and amortization costs, Liquidity Services said it posted an adjusted profit of $11.9 million, or 37 cents per share, for the recent quarter.
Revenue from continuing operations rose 41 percent to $106 million from $75.5 million, as the company's total sales volume increased about 41 percent to $179.2 million of merchandise.
Analysts, on average, expected a profit of 27 cents per share on $102.6 million in revenue, according to a FactSet poll.
Liquidity Services said that while the economic environment has improved, it's remaining cautious, given the potential for volatility.
For the fiscal second quarter, the company said it expects to post a profit of 28 cents to 32 cents per share, while analysts expect 36 cents per share.
But the company boosted its 2012 earnings prediction to $1.32 to $1.38 per share from its previous range of $1.26 to $1.32 per share. Analysts polled by FactSet expect a profit of $1.30 per share.
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