Monotype Imaging income rises 63 percent

Text imaging technology provider Monotype Imaging Holdings Inc. of Woburn said today that its net income rose 63 percent in the second quarter, meeting analysts' estimates on a drop in interest expenses.

Income grew to $3.2 million from $2 million in the same period last year. On a per-share basis, the company recorded a profit of 9 cents compared with a year-ago loss of $4.95.

The second quarter of 2007 included a $16.5 million reduction to per-share net income available to common shareholders for accretion of convertible redeemable preferred stock.

In the latest quarter, the company's earnings were reduced by 4 cents per share because of a mainly non-cash loss of $1.2 million associated with foreign currency exchange losses and about $700,000 related to increased expenses associated with the recently completed secondary offering of its securities.

Revenue gained 12 percent to $28.8 million from $25.8 million.

On average, analysts polled by Thomson Financial expected earnings of 9 cents per share on sales of $28.3 million.

Interest expense fell to $1.9 million from $5.3 million.

Shares slid 15 cents to $12.96 in morning trading on the Nasdaq Stock Market. (AP)