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Symbol Tech swings to Q1 profit

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SAN FRANCISCO (CBS.MW) - Symbol Technologies on Monday said growth in its mobile computing, wireless and data-capture product lines helped the technology company turn a first-quarter profit compared with a year-ago loss.

Symbol SBL, +2.94%, which makes barcode scanners, mobile computers, and other devices, reported a net profit of $6.8 million, or 13 cents a share, on revenue of $420 million. During the same period a year ago, Symbol lost $31 million, or 13 cents a share, on $386 million in revenue.

Excluding charges related to income taxes and a previously disclosed government investigation, Symbol earned $20.3 million, or 8 cents a share, which was in line with estimates of analysts surveyed by Thomson First Call.

Chief Executive William Nuti said product revenue growth was a key driver of Symbol's performance during the quarter. For the quarter ended March 31, product revenue made up $348 million of Symbol's total sales, a 12-percent rise from a year ago.

However, service revenue fell to $71.4 million, a 6-percent decline from the $75.6 million Symbol reported a year ago. Symbol said the decline was partly due to a new plan to have the company's channel partners deliver professional services.

In after-hours trading, Symbol's shares shed 25 cents to $11.95.

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