GTSI Rides Stock Surge

The stock of GTSI Corp. of Chantilly, Va., received an upward bounce when the company announced that 2000 profits had jumped nearly 300 percent from 1999.

GTSI's stock rose from $4.09 on Feb. 2 to $5.75 when the company released its earnings on Feb. 5. The next day the stock hit a 12-month high of $6.75. On Feb. 12, GTSI closed at $5.81.

The surge was set off when the company announced that its net income reached $10.6 million in 2000, or $1.18 per share, up 296 percent over the $2.7 million reported as net income in 1999.

The company also is planning to spend $4.7 million to buy back its stock because the shares are undervalued, said Dendy Young, company chairman and chief executive officer.