delivered another one-two punch to investors in its latest quarterly report on Tuesday.
Even after warning last month that it would post disappointing first-quarter results, the specialty chipmaker reported a wider loss than Wall Street anticipated.
On top of that, the company forecast that its bottom line for the second quarter would come in much worse than expected.
Investors sold the stock on the news. In recent after-hours trading, Sigmatel shares were off 34 cents, or nearly 3.9%, to $8.50.
"The results for the first quarter are disappointing," acknowledged company CEO Ron Edgerton in a statement. "The company must execute to reverse this setback."
The company, which produces chips for some of
iPods, lost $24.7 million, or 69 cents a share, on $33 million in sales in the just-completed period.
Those totals were far off the year-ago period, when the Austin, Texas-based company earned $25.5 million, or 68 cents a share, on $99.3 million in sales.
Excluding charges for stock options and amortization, Sigmatel would have lost $21.8 million, or 61 cents a share, in the just-completed period.
On average, analysts polled by Thomson First Call were expecting the company to lose 57 cents a share in the quarter on sales of $32.6 million, excluding those charges.
warned last month that it would post a much wider than expected loss because of disappointing sales. The company predicted that sales would range from $30 million to $35 million -- down from its prior range of $52 million to $60 million -- but declined to specifically update its bottom-line outlook from its
previous guidance of a loss of 10 cents to 17 cents a share.
The company's outlook going forward wasn't much better. For the second quarter, Sigmatel expects to lose 59 cents to 66 cents a share -- or 50 cents to 57 cents a share, excluding options and amortization costs -- on sales of between $40 million and $46 million.
The Street had previously predicted that the company would lose 36 cents a share, excluding costs, in the current quarter on $44.7 million in sales.
In the same quarter last year, Sigmatel earned $10.9 million, or 29 cents a share, on $69.6 million in sales.
Shares of Sigmatel closed regular trading on Tuesday up 17 cents, or about 2%, to $8.84.