were down 14.3% in premarket trading, after the company posted a second-quarter loss.
After special charges, the company lost $58 million, or 47 cents a share, compared with a loss of $64,000, or break-even, in the year-ago period. The results were in line with company and analyst expectations. Riverstone cited project delays and weakness in the telecommunications sector for the results.
Before the market opened, the company's shares were at 60 cents, according to Instinet. The shares closed at 70 cents Wednesday on the
The charges the company cited were $618,000 in stock-based compensation, a restructuring charge of $8.3 million and a noncash charge of $10.7 million from the impairment of investments in privately held companies.
On a pro forma basis, the company lost $38.5 million, or 31 cents a share, compared with earnings of $1.6 million, or a penny a share, a year ago. Analysts had predicted the company would lose 21 cents a share.
Revenue was $10.7 million, compared with $55.3 million a year ago.
California-based Riverstone is a network solutions provider.