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Barnes &


on Monday reported a wider quarterly loss than analysts had expected, sending its shares plunging in after-hours trading.

The New York-based company said it still expects to turn a profit within two years.

For the second quarter ended June 30, losses were $39.9 million, or 27 cents a share, excluding amortization, stock-based compensation charges and "equity in losses of equity method investees." In the comparable quarter last year, the company lost $22 million, or 17 cents a share.

Analysts polled by

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First Call/Thomson Financial

had expected a loss of 18 cents a share. Shares of Barnes & fell 1/8 to close regular trading at 5 1/8. They dropped an additional 3/4 to 4 3/8 after hours, according to



Sales rose 77% to $67.4 million from $38.2 million in the same quarter of the previous year.

"We firmly believe in the future of this business, and our second quarter sales growth indicates that we continue to gain market share, fueled by an increase in the number of new customers and the growing loyalty of existing customers," said Steve Riggio, vice chairman of Barnes & He said the company has enough cash to sustain it for two years.