missed Wall Street's sales estimates for its second quarter and will miss them by a greater margin in the third quarter, the company reported after the bell Thursday.
The news quickly sparked a selloff after hours; in recent trading, shares were off 67 cents, or 5.5%, to $11.56.
Revenue for the second quarter increased year over year by about 1% to $76.5 million; analysts polled by Thomson First Call were expecting sales of $78.3 million.
Net income was flat on a per-share basis and in line with expectations at $8.5 million, or 12 cents a diluted share.
Looking to the current third quarter, the company said to expect revenue in the range of $74 million to $78 million. Analysts were looking for revenue of $80.8 million. But the earnings picture was a bit brighter. The company forecast a per-share profit of 11 cents to 14 cents, compared with Wall Street's estimates of 13 cents.
In the fourth quarter, the company expects to earn a profit ranging from 15 cents to 19 cents a share on revenue ranging from $81 million to $85 million. Wall Street was looking for a 16-cent profit on sales of $87.53 million.