NEW YORK (Associated Press) - Shares of interactive software developer Silverstar Holdings Ltd. more than doubled Friday after the company said it swung to a fiscal fourth-quarter profit as it boosted its release schedule by more than 50 percent.

Shares of Silverstar rose $2.65 to $5.10 in afternoon trading and earlier reached $5.48, a 52-week high. Prior to Friday's surge, Silverstar shares ranged between $1.28 and $3 during the past year.

Silverstar reported net income of $2.6 million, or 24 cents per share, for the quarter ending June 30, compared with losses of $867,717, or 10 cents per share, during the same quarter a year ago.

Revenue grew to $12 million in the quarter, compared with $467,295 during the same quarter in 2006.

Quarterly revenue was lifted by the European release of Silverstar's video game FlatOut Ultimate Carnage for the Xbox 360 platform, which was a top-10 seller for 11 weeks. Warner Bros. Interactive Entertainment has signed on to distribute the game in North and South America beginning Oct. 2. Video game Double Dragon for the Xbox Live Arcade platform was also a top seller when it was launched, receiving more than 55,000 downloads during its first week, the company said.

For the year, the company reported a loss of $2.4 million, or 25 cents per share, compared with a loss $2 million, or 21 cents per share, a year earlier. Revenue rose to $19.8 million, from $3.3 million, a year earlier.