NEW YORK (
was a big loser in extended trading after the company ousted its chief financial officer and said it plans to writedown the value of Chinese hog production business by $16.8 million.
The company, which also operates an animal nutrition business, said a review of the hog production business found it couldn't be operated profitably enough to justify the acquisition prices for some assets or the resulting goodwill.
AgFeed named Edward Pazdro to the acting CFO post, replacing Selina Jin, who it said would be reassigned. Pazdro is currently the CFO of the company's animal nutrition business. The company, which also announced its third-quarter results, made other executive changes as well, including removing Zhengru Xiong, one of its founders, from management of the hog production business.
For the three months ended Sept. 30, AgFeed swung to a loss of $18.4 million, or 43 cents a share, from a profit of $3.1 million, or 7 cents a share, in the same period a year earlier. The red ink, which includes the impact of the previously mentioned writedown, came despite revenue rising to $53.6 million in the latest period from $45.1 million last year.
AgFeed shares were last quoted at $2.51, down 20%, on late volume of almost 120,000, according to
. Based on a regular session close of $3.13, the shares were down nearly 33% year-to-date.
Another stock being sold off in afterhours action was
, a maker of digital whiteboards. The Canadian company reported its second-quarter results after the closing bell and said it was taking a "more conservative" view of its growth in North American in the second half because of slower than anticipated sales in its recently acquired NextWindow business.
The company, which completed its IPO in July, also reported a year-over-year decline in its overall profits, falling to $44.3 million for the three months ended Sept. 30 from $56.7 million in the same period a year earlier, mainly because of a much lower foreign currency-related gain in the latest quarter. Revenue rose, however, to $222.7 million in the quarter from $177.8 million last year, and adjusted income came in at $38.7 million, or 33 cents a share, in the latest period.
The stock, which came to market priced at $17, was last quoted at $10.72, down 18%, on volume of around 185,000.
were also taking a beating late Tuesday, falling more than 11% to $8.83 on volume of nearly 200,000 after the Watertown, Mass.-based maker of lithium ion batteries reported its third-quarter results and told investors it now expected to begin ramping up production volumes in the second quarter of 2011 instead of previous expectations for the current fourth quarter.
The company cited the latest estimates from "certain transportation customers" for the change but maintained that its long-term expansion plans remain intact. For the third quarter ended Sept. 30, A123 reported a loss of $43.7 million, wider than its year-ago equivalent loss of $22.8 million.
was weak in extended trades, sliding 9.5% to $2.20 on volume of more than 70,000, according to
. The Emeryville, Calif.-based operator of Jamba Juice restaurants reported a loss of $800,000, or 2 cents a share, for the September quarter, down from a profit of $2.8 million, or 4 cents a share, in the same period a year earlier.
Revenue at the smoothie purveyor fell 16.3% to $66.1 million for the three months ended Sept. 30 from $79 million a year ago.
Year-to-date, based on a regular session close at $2.43, Jamba shares were up more than 50%, but the stock was down 37% since hitting a 52-week high of $3.83 on April 27. For 2011, Jamba said it's targeting same-store sales growth of 2% to 4%.
Written by Michael Baron in New York.
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