Why RMG Networks (RMGN) Plummeted to a One-Year Low Today (Update)

Update (5 p.m.): Updated with one-year low information and Thursday closing price.

NEW YORK (TheStreet) -- RMG Networks  (RMGN) plummeted more than 70% to a one-year low of 89 cents on Thursday after the visual communications solutions company reported first-quarter results that were well short of analysts' expectations.

The company posted a net loss of $1.04 a share, 80 cents worse than the estimate of a loss of 24 cents from analysts polled by Thomson Reuters. Revenue for the quarter totaled $11.8 million, which came up short of analysts' expectations of $12.1 million.

The stock closed down 70.61%, or $2.33, to 97 cents Thursday. More than 3.2 million shares changed hands, which dwarfed the average volume of 10,815.

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