Affymetrix ( AFFX) issued its second profit warning inside of a month, saying production issues continue to hamper its revenue growth.

The company, a supplier of products used in genetics research, said it's still seeing low production yields on a certain array products, a trend it expects to persist in the fourth quarter. As a result, product and product-related revenue for the fourth quarter will be at least $10 million below its previous guidance.

Based on that outlook, Affymetrix said its fourth-quarter product-related revenue will be $120 million and total revenue will be around $123 million. Shares of Affymetrix were lower in after-hours trading, falling $2.47, or 5.6%, to $42.

Late last month Affymetrix cut its third-quarter revenue target by $10 million to $12 million. At the time, analysts surveyed by Thomson First Call were expecting revenue of $95 million for the quarter.

Along with Thursday's latest reduced guidance, the company released its actual third-quarter results, which showed earnings of $8.7 million, or 13 cents a share, down from a profit of $15.4 million, or 24 cents a share, a year ago.

Total revenue for the quarter was $83.4 million, of which $2.2 million was related to the sale of products to Perlegen Sciences. Revenue was $79.9 million in the third quarter of 2004. On average, analysts surveyed by Thomson First Call expected earnings of 11 cents and revenue of $84.3 million for the most recent quarter.

Affymetrix also said it expects fourth-quarter earnings of around 19 cents a share, including merger-related charges of 24 cents from its acquisition of ParAllele BioScience. For the fiscal year, the company projected product revenue of roughly $365 million, total revenue of $380 million and earnings of 66 cents, including merger costs.

Using those figures, Affymetrix's forecast implies a fourth-quarter profit of roughly 43 cents and full-year earnings of 90 cents. Analysts are calling for 46 cents in the quarter and 92 cents for the year. The consensus revenue projections are $127.3 million for the fourth quarter and $384.2 million for the year.

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