Concord Camera Guides Lower

Concord Camera (LENS Quote) lowered third-quarter guidance Tuesday, citing pricing pressures in the digital camera market.

The Hollywood, Fla.-based photographic equipment company said it expects to lose $19 million to $20 million compared with a profit of $1 million a year ago. Revenue is expected to fall to $26 million to $28 million, down from $36 million in the year-ago period.

Analysts were expecting a loss of about $3.4 million, or 12 cents a share, on revenue of $31.9 million.

In sum, the company said the decline in net revenue was primarily due to pricing pressures for digital cameras, lower unit sales for all products and increases in estimated sales returns and allowances.

The greater-than-expected third-quarter loss reflects several charges, including one for "significant inventory provisions" of about $6 million to $7 million.

Concord previously said it expected to lose $3 million to $4 million, or 10 cents to 14 cents a share, on revenue of $30 million to $35 million for the quarter ended March 27.