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UPDATE 2-Argon ST Q2 profit up; shares down on lower bookingsWed May 6, 2009 2:34pm * Q2 EPS 28 cents ex-items

* Q2 rev $95.6 mln vs $88.4 mln yr ago

* Backs FY sales view of $375 mln to $395 mln

* Shares down 13 percent (Adds details, analyst comments, share movement)

BANGALORE, May 6 (Reuters) - Defense equipment maker Argon ST Inc (STST.O) posted a 6 percent rise in quarterly profit, helped by higher revenue and strengths across all its businesses, and it reaffirmed its full-year revenue forecast.

Shares of the company, however, fell nearly 16 percent on concerns of tepid booking levels.

"Some of this relates to timing and some of it relates to the size of the company -- in that a delay in bookings can make things look worse than they actually are," Stifel Nicolaus & Co analyst Stephen Levenson said.

Analyst Michael Ciarmoli of Boenning & Scattergood said, "They have been targeting a book to bill for the year in the range of 1.1 to 1.2 and it is going to be lower than that." He has an "outperform" rating on the stock.

However, analyst Levenson said the weakness in the stock today was undeserved, but added that he sees a good entry point for investors.

Argon said bookings for the second quarter were $40.2 million down from $64 million in the previous quarter and that it was experiencing delays in government orders.

Argon expects the recent recommendation by U.S. Defense Secretary Robert Gates -- for a $2 billion increase in intelligence, surveillance, and reconnaissance for fiscal year 2010 -- to be a positive for the company.

Analyst Levenson expects Argon to see benefits from the recommendation in the back half of their 2009 and some in 2010.

Q2 PROFIT IN LINE

The company reported a second-quarter profit of $5.8 million, or 26 cents per share, up from $5.5 million, or 25 cents a share, a year ago.

Excluding items, earnings were 28 cents share, in line with Wall Street estimates.

Revenue rose 8 percent to $95.6 million and came above expectations of $98 million.

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