Net income for the three months ended Sept. 30 rose to $2.9 million, or 9 cents per share, from $2.4 million, or 8 cents per share, in the prior-year period. Excluding charges, Radiant earned $6.3 million, or 19 cents per share, up 28 percent from $4.9 million, or 15 cents per share, a year ago. On that basis, analysts polled by Thomson Financial expected earnings of 19 cents per share on revenue of $65.6 million.

While revenue rose 8.7 percent to $62.5 million from $57.6 million a year earlier, the company expected to post revenue between $63 million and $65 million for the quarter.

"Our revenues fell slightly short of the guidance due to the growing demand we have seen for our subscription-based offerings which has shifted revenue into future periods, and because of nominal delays we experienced with a new customer program," said John Heyman, Radiant's chief executive.

Looking ahead, the company expects to record adjusted earnings in a range of 21 cents to 22 cents per share on revenue between $67.5 million to $69 million in the fourth quarter.

Analysts surveyed by Thomson Financial forecast earnings per share of 22 cents and revenue of $70.6 million.

Shares plummeted $2.32, or 13.4 percent, to $15 in extended trading, after shares had already fallen 63 cents, or 3.5 percent, to close at $17.32 during the regular trading session. The company's stock, which has traded between $9.30 and $18.03 over the last year, hit a new 52-week high of $18.33 during Thursday's trading session.