Shares of

Oak Technology

(OAKT)

were down 43% after the company reported first-quarter earnings.

Oak, which makes basic technology for controlling CD drives, posted a net loss of $5.7 million, or 10 cents a share, compared with a loss of $6.2 million, or 11 cents a share, a year earlier. Excluding one-time items, Oak reported a loss of 7 cents per share. Revenue fell to $30.2 million from $33.3 million a year earlier, missing analysts' expectations.

Oak also forecast that revenue could fall as much as 5% in the December quarter from September.

Its shares were down $1.22 at $1.60 in premarket trade.

The company also said it would acquire semiconductor maker TeraLogic for $38 million in cash.