Updated from 3:08 p.m. EDT

Taser ( TASR) gave back about 25% of its recent run-up Tuesday after the stun-gun promulgator reported first-quarter earnings that only beat analysts' forecasts by 2 cents a share.

Taser, whose stock is one of the best performers on any market over the last 12 months, earned $3.55 million, or 24 cents a share, in the latest quarter compared with $229,000, or 3 cents a share, last year. Revenue rose to $13.1 million from $3.4 million last year.

Analysts surveyed by Thomson First Call were forecasting earnings of 22 cents a share on revenue of $12.8 million. The stock, which traded for a split-adjusted $2 last April, was recently down $31.07, or 26%, to $87.63 on the Nasdaq. It is still commanding valuations that strike bears as ridiculous, including more than 90 times 2004's forecast earnings.

The stock, which only has about 9.3 million shares available for trading, 45% of which are sold short, had done 28 million shares traded heading into Tuesday's close.

Taser said it received a record $13.1 million in new orders last quarter, as "financial progress continues to track our projections for 2004."

But the company also disclosed that 92 police departments started deploying its stun guns in teh quarter, "lower than in the previous quarters" because of a marketing effort to move existing departments toward a new product.

"In the first quarter, we experienced continued growth in new business, increased sales to existing customers, made improvements in our operating efficiencies and growth in our cash reserves. We also generated $3.6 million in net income despite our increased expenditures in developing our infrastructure to support the anticipated sales for the year, and absorbing manufacturing costs associated with upgrading the software utilized in our Taser X26 product and implementing several design improvements in our holsters and weapon platforms," the company said in a statement.