NEW YORK (AP) ¿ Shares of digital imaging provider Schawk Inc. plunged nearly 6 percent Friday after the company reported sharply lower fourth quarter and year-end results, reflecting a steep decline in its consumer products packaging business.
The Des Plaines, Ill.-based company said Thursday it lost $58.4 million, or $2.27 cents a share, for the quarter ended Dec. 31. That compares with net income of about $7.8 million, or 28 cents a share, in the same period last year.
Excluding charges, the company lost a penny per share. Analysts were looking for earnings of 3 cents a share, according to a poll by Thomson Reuters.Schawk's sales slipped 23 percent to $108.9 million from $141.3 million in the year-earlier period. The company, which provides graphics services to a variety of Fortune 1000 companies, said many of its clients delayed projects due to the recession, but are now becoming more active. Sales at the firm's consumer products packaging division, which makes up roughly two-thirds of total sales, tumbled 22.6 percent to $69.3 million in the quarter, compared to $89.6 million last year.