Phoenix Tech Cuts Sales Estimate - TheStreet

Phoenix Tech Cuts Sales Estimate

The company cites a decline in PC basic input/output software revenue.
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Citing a decline in PC basic input/output software revenue,

Phoenix Technologies

(PTEC)

lowered its third-quarter total revenue forecast Wednesday.

The company now expects to record $20 million to $21 million in revenue during the quarter, which is below analysts' consensus estimate of $23.9 million. The company had $31.9 million in revenue in last year's quarter. The company said applications and non-PC revenue represented at least 25% of total sales.

Analysts expect the company to earn 3 cents a share in the quarter ended June 30. Phoenix earned 2 cents a share in the prior-year quarter. The company said it couldn't provide an earnings estimate until it completes an assessment of tax liabilities and other nonoperating expenses.

Phoenix will release quarterly results on July 17. Shares of the San Jose, Calif., company were down 4.2% recently at $5.71.