Searching Osama Bin Laden’s computers for critical information about terrorist plots?

Just another day on the job for Guidance Software Inc., a Pasadena software company.

After the killing of the former Al-Qaeda leader last year, American authorities reportedly turned to the company’s forensic analysis software to search the hard drives for clues about his terrorist network.

Now, the company’s stock is getting a close look from investors.

Its share price doubled in the past year and gained 7.4 percent last week. Shares closed Oct. 10 at $12.14, making Guidance one of the top gainers of the week on the LABJ Stock Index. (See page 30.)

Mark Schappel, an analyst at Benchmark Co. in New York, said investors are likely expecting solid quarterly results to be reported in the coming weeks, since federal government agencies historically spend heaviest on software and other expenses during the last quarter of their fiscal year, which ended Sept. 30.

“Right now investors are focusing on earnings, and some are revisiting Guidance because September has been strong,” he said. “The federal business is going to do quite well. There’s a use-it-or-lose-it mentality for budgeted dollars.”

Schappel said he expects a return to profit for Guidance, which lost $1.6 million last quarter on revenue of $31 million.

The company, which was founded in 1997 by current Chairman Shawn McCreight, counts government agencies such as the Department of Homeland Security, NASA and the CIA among its clients. Though government agencies don’t typically disclose details about forensic work, analysts believe a program made by Guidance, one of the largest players in the e-discovery software market, was used to search Bin Laden’s computers.

Guidance executives could not be reached for comment.

But the majority of Guidance’s sales go to corporations that use its software to search millions of emails, memos and other archived information as part of the discovery process in civil trials. Clients include Chevron Corp. of San Ramon and video game maker Electronic Arts Inc. of Redwood City. Some companies pay in excess of $250,000 for the tools.

The market for Guidance’s e-discovery software has blossomed since a 2006 change to federal rules of civil procedures that allow more electronic records to be used in a civil trial discovery process.

In the past, e-discovery was handled by accounting or law firms, but some big companies have decided to take the document review work in-house to save money. That means there are more customers for Guidance and its competitors.

Even after the huge run-up in the company’s stock, Schappel said he still sees upside.

“There’s still room for the stock to appreciate,” he said.