slid 10% early Tuesday after the company issued weak second-quarter guidance.
The Palm Beach Gardens, Fla.-based company earned $9.6 million, or 24 cents a share in the first quarter ended Oct. 28, compared with $10.7 million, or 23 cents a share, a year ago. Analysts surveyed by Thomson Financial were expecting the company to earn 25 cents a share.
First-quarter total contract revenue rose 6.6% from a year ago to $278.2 million as against analysts' expectation of $267.6 million.
For the second quarter, the company expects to earn 10 cents a share to 15 cents a share, on revenue of $240 million to $260 million. Analysts forecast earnings of 19 cents a share on revenue of $261.7 million.
Interest expenses in the quarter were $3.8 million compared with $842,000 a year ago.
In its voluntary review of its stock award granting practices covering the period from Aug. 1, 1996 through Oct. 28, 2006, Dycom said it did not find any instances of back dating of equity awards nor any evidence of fraud. However, in some instances, primarily associated with annual grants, the administrative activities necessary to complete the allocation of stock options to individual employees were not final at the grant date. Dycom determined that proper measurement dates were not applied for certain awards.
The company added that the impact to the consolidated operating results of applying these new measurement dates to the awards was not material.
Shares fell $2.37 to $21.37.
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