Emeryville-based Peet's Coffee & Tea Inc. perked up with third-quarter profits that topped Wall Street's expectations and issued a rosy outlook for future results. The beverage retailer earned $2.5 million, or 19 cents a share, on revenues of $73.9 million. Compared with the year before, profits zoomed 25 percent higher and revenues rose 7.9 percent. "I'm very pleased with our performance," Peet's CEO Patrick O'Dea said. Peet's raised its guidance for all of 2009, predicting profits would range from $1.04 to $1.06, up from a prior range of 97 cents to $1. For all of 2010, profits should range from $1.24 to $1.30, Peet's estimated.
Union City-based medical products maker Abaxis Inc. posted record revenues, although profits were slightly weaker, for its second quarter of fiscal 2010 ended Sept. 30. Abaxis earned $3.2 million, down 3 percent from the year before. Revenues totaled an all-time high of $30.3 million, up 9.4 percent.
Oakland-based Scientific Learning Corp. powered to record profits and revenues for its third quarter of fiscal 2009 ended Sept. 30. Profits totaled $6.4 million, or 35 cents a share, on revenues of $20.3 million. Compared with the year-ago quarter, profits soared 849 percent higher and revenues surged 60 percent.
San Jose-based Cisco Systems Inc. agreed to buy software company
Pleasanton-based Spigit has raised $10 million in equity funding from Warburg Pincus. Spigit has created social networks that can be used inside a corporation or other big organization. Spigit will use the investment to broaden its customer base, expand product development and increase sales and marketing.
San Francisco-based Visa Inc., the world's largest electronic-payments network, will continue to sponsor the Olympic Games through 2020. Financial terms weren't disclosed.
Compiled from staff and wire reports. Got Bay Area business news? Reach Drew Voros at 925-943-8099 or email@example.com.