Shares of

NMS Communications

(NMSS)

dropped 15% late Monday after the communications gear outfit warned of a sharp first-quarter shortfall.

The Framingham, Mass., company expects to lose 3 cents a share on revenue of $22 million for the quarter ended last month. Analysts had forecast a 2-cent-a-share profit on sales of $27 million.

"The shortfall in our first quarter results is due primarily to lower than expected orders from our Platform Solutions customers, based on reduced and deferred demand in their businesses," CEO Bob Schechter said in a statement. "The shortfall is not the result of any competitive losses. During the quarter we continued to win operator business with our newest products, MyCaller, our ringback tone application, and AccessGate, our wireless backhaul optimizer. We expect to report our results on April 18, 2005 and we will have further analysis and information at that time."

At this time, NMS shares are down 61 cents at $3.33.