Shares in Computer Network Technology ( CMNT) slid 8% in after-hours action after the Minneapolis-based storage networking firm warned of a soft first quarter.

The weak forecast overshadowed fourth-quarter revenue and earnings that were in line with Wall Street's expectations. Shares fell 80 cents to $9.52 in postclose action after gaining 38 cents during the regular session.

For the latest quarter, CNT earned a profit of $3.6 million, or 12 cents a share, compared with year-ago a loss of $21.7 million, or 81 cents a share. Last year's earnings were held down by a $19.7 million income tax expense related to valuation of deferred tax assets and other charges.

Fourth-quarter revenue totaled $112.2 million, compared with $61.5 million in the same quarter of 2002.

CNT expects to post a first-quarter profit of between 2 cents and 5 cents a share. Analysts polled by Thomson First Call had projected a 5-cent profit. Revenue in the seasonally slower April quarter, the company said, will range from $95 million to $100 million, short of the $111.1 million Wall Street estimate.

The company said its first-quarter outlook reflects "the lower first-quarter revenues and higher first-quarter expenses relating to employment taxes, sales conferences, Sarbanes-Oxley compliance and year-end audit and reporting expenses."