CyberGuard ( CGFW) threw investors for a loop for the second day running Tuesday.

A day after the Fort Lauderdale, Fla., computer security outfit unveiled an unsolicited $297 million bid for rival Secure Computing ( SCUR), the company warned Wall Street in a regulatory filing that earnings would fall short of estimates.

CyberGuard said in a filing late Monday with the Securities and Exchange Commission that earnings for its first quarter ending Sept. 30 would be 1 cent to 4 cents a share. That's short of the 6-cent analyst consensus quoted by Thomson First Call.

The company said revenue would be around $15.7 million, which is shy of the $15.9 million forecast.

Monday's filing came a day after the company sent a letter to the management of San Jose, Calif.-based Secure Computing, proposing an all-stock merger of the two companies. Secure Computing said Monday that its board would consider the matter in due course. As of Tuesday morning, the company hadn't issued any comment beyond that.

CyberGuard slipped 11% Tuesday, dropping 79 cents to $6.65.

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