(RTTNews) - RadioShack Corp. (RSH) is on the rise during pre-market trading on Thursday following the release of better-than-expected quarterly results.
At 8:50 am ET the stock is trading at $16.20 up $2.19 from Wednesday's close.
With the advance, the stock will open above recent resistance and at its highest level in just under three months.
RadioShack reported net income of $41.4 million, or $0.32 per share, compared with $47.0 million, or $0.34 per share, in the prior year.
The company's net income was negatively impacted by $4.3 million related to the one-time charge of the previously announced amendment to its corporate headquarter lease.
Meanwhile, second quarter 2007 net income was favorably impacted by a $10.0 million reversal of an income tax contingency reserve.
After adjusting for these items, pro forma earnings per share increased to $0.35 from $0.27 in the same quarter of 2007.
Total sales were $994.9 million in the quarter, up from $934.8 million for the same period last year. Comparable store sales increased 6.9%.
Analysts were looking for earnings of $0.26 per share on sales of $908.55 million.
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