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Shares of

Wegener

(WGNR)

sank Tuesday on news that the company's fourth-quarter financial results would fall short of its expectations.

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The provider of equipment for television, audio and data distribution networks chalked up the revenue shortfall to "unexpected difficulties with new product development that affected product shipments for the quarter" as well as lower-than-anticipated bookings.

Revenue for the fourth quarter is expected to range from $4 million to $4.5 million, compared with a previously estimated range of $5.4 million to $6.4 million.

"The inconsistent nature of our large project-oriented business makes it difficult to maintain steady revenue levels from quarter to quarter," CEO Robert Placek said. "Until this situation changes, we will refrain from giving specific revenue guidance. We are implementing plans to progressively add more stand-alone products to our portfolio to help minimize this effect."

The company plans to report its fourth-quarter and full-year earnings by Nov. 30.

Shares of Wegener were down 13 cents, or 10.4%, at $1.12 in recent trading Tuesday.