shares were sinking Wednesday, a day after the company said it expects second-quarter revenue to fall 11% to 18%.
Shares of Genesis were recently dropping $2.75, or 20%, to $11 in
The company said Tuesday after the bell that second-quarter revenue will probably be $44 million to $48 million, depending on the growth rate of the flat-panel monitor market, pricing levels and its ability to maintain design wins.
Analysts are calling for sales of $55.7 million. Genesis had sales of $46.3 million in last year's second quarter.
The forecast came after the company reported earnings of $1.4 million, or 4 cents a share, in the first quarter ended June 30, compared with a loss of 4 million, or 13 cents a share, in the year-ago quarter.
Excluding items, Genesis earned $4.1 million, or 13 cents a share. Analysts were expecting 12 cents a share.
"Because of the favorable shift to higher-margin products and reductions in operating costs, we exceeded our profitability target for the quarter," said interim Chief Executive Eric Erdman, who is also the company's CFO. The company's CEO, James E. Donegan,
resigned on July 21, saying it was in the best interest of the company.
Sales rose 30% to $53.9 million. Analysts' were expecting $54.1 million. Gross margin was 42.9%, up from 38.7% last year.
Separately, Pacific Growth Equities downgraded Genesis to equal weight from overweight and cut its estimates on the company.