Tuesday after hours

Cypress Bioscience, Inc. (Nasdaq: CYPB) shares almost doubled in after-hours trading after it and Forest Laboratories (NYSE: FRX) announced positive results on a Phase 3 study for milnacipran in treatment of fibromyalgia syndrome. Cypress Bioscience, headquartered in San Diego, Calif., and Forest Laboratories have only reviewed so far initial top-line results; additional analyses on the results will be completed in the coming weeks. Subject to a favorable review of the full study results and based in part on communication with the FDA, the companies would plan to submit a New Drug Application for milnacipran around the end of 2007. Cypress Bioscience
was quoted at $16.85, up $8.40, or 99.41%.

Minneapolis, Minn.-based Wilsons The Leather Experts Inc. (Nasdaq: WLSN) reported a net loss for the first quarter ended May 5 of $0.54 per share, compared with an average analyst estimate calling for a loss of $0.34. In the same quarter a year ago, Wilsons The Leather Experts lost $0.17 per share. Quarterly revenues, at $57.6 million, were below both year-ago at $74.7 million and expectations for $65.02 million. Shares of Wilsons, a specialty retailer of leather accessories and apparel, was virtually unchanged in after-hours trading at about $1.19.

Giga-tronics, Inc. (Nasdaq: GIGA) was lower in after-hours trading after the company said net sales in the fourth quarter ended March 31 were $5.2 million, down 9% from the same quarter a year ago. The San Ramon, Calif.-based company reported a net loss of $0.10 per diluted share, compared with a net loss of $0.02 in the year-ago period. Giga-tronics, which shows no analyst coverage, produces microwave components for defense electronics and wireless telecommunications. Shares were 12% lower in after-hours trading at $1.80.

Excel Maritime Carriers Ltd (NYSE: EXM) reported earnings per share for the first quarter ended March 31 of $0.61, below the average analyst estimate of  $0.64 and up from $0.37 in the first quarter of 2006. The company, headquartered in Athens, Greece, said revenues for the quarter were $36.0 million, beating analysts' expectations for $35 million and up from $29.5 million for the same quarter in 2006. Excel Maritime--an owner of dry bulk carriers and transportation service provider for dry bulk cargoes--also announced it would distribute a quarterly dividend of $0.20 per common share, starting with the first quarter. In after-hours trading, shares were down $0.17, or less than 1%, at $25.29.

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