Lumber Liquidators, Zumiez And Mistas Moving Big In Wednesday's After-Hours Session
Shares of Mistras Group Inc (NYSE: MG) were up more than 13 percent in Wednesday’s after-hours session, following the announcement of the company’s first quarter (fiscal 2016) financial results.
The small-cap provider of asset protection solutions reported earnings of $0.23 per share on revenue of $179.85 million, considerably ahead of the Street's consensus estimate of $0.10 per share and $164.92 million. In addition, the Board of Directors authorized a share repurchase program of up to $50 million of the company's Common Stock.
Sotirios Vahaviolos, Chairman and Chief Executive Officer said, "We have been using our improved cash flow to pay down debt for several quarters. We have improved our financial flexibility and can use our balance sheet to drive additional shareholder value. While we will continue to evaluate potential acquisitions, we believe that our stock price is trading well below its intrinsic value, and we have received approval from our board to commence a stock repurchase program of up to $50 million."
Another big gainer Wednesday afternoon is Zumiez Inc. (NASDAQ: ZUMZ), which was up more than 11 percent after the bell rang. The surge was triggered by the release of the small-cap specialty retailer's September sales data.
Also on the rise, up almost 14 percent was Lumber Liquidators Holdings Inc (NYSE: LL), which announced it had reached a settlement with the Environment and Natural Resources Division of the Department of Justice related to the former’s compliance with the Lacey Act, conservation law regarding the protection of plants and wildlife in the US.
"This concludes the DOJ's inquiry launched in 2013, which primarily related to certain foreign suppliers harvesting more timber than their permits allowed in foreign jurisdictions, such as Eastern Russia, and the Company's importation of flooring products made from this timber. This matter focused on some of the Company's hardwood flooring purchase orders and import declarations made concerning the origin of the timber of those orders."
Disclosure: Javier Hasse holds no positions in any of the securities mentioned above.
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