Renaissance Learning Shares Slip

Shares of Renaissance Learning(RLRN Quote) were down 4% after the company said third-quarter earnings are likely to fall below analysts' expectations.

Recently, shares were down 65 cents at $14.15 on the Nasdaq.

The company expects to earn between 22 cents and 23 cents a share, compared with 28 cents a share in the same period a year ago. Analysts were expecting the company to earn 30 cents a share. Revenue is expected to fall 11% to $32.5 million.

The company said many of its customers are undergoing budget cuts due to the weakened economy. Wisconsin Rapids, Wis.-based Renaissance provides research-based learning software, teacher training and school-improvement programs.