Syntax-Brillianundefined shares lost a quarter of their value after the company slashed guidance and announced the departure of its finance chief.
The Tempe, Ariz., distributor of Olevia flat screen TVs says CFO Wayne Pratt is leaving Sept. 30 to take a job at another company in Tempe.
"We are extremely sorry to learn of Wayne's decision to leave the company to pursue an opportunity with a privately held company," CEO Vincent Sollitto said in a press release.
Citing a credit crunch among its Asian suppliers, the company cut its guidance for the fiscal first quarter. Syntax-Brillian says it expects sales to be about $175 million for the quarter ending Sept. 30. Analysts had expected revenue of $256 million.
The company also expects gross margins to narrow to about 16% from the 20.2% level last quarter.
The news comes as the high-definition TV shop says it swung to an adjusted profit on better-than-expected adjusted earnings and strong sales for the fiscal fourth quarter ended in June.
For the fiscal fourth quarter ended in June, Snytax-Brillian posted a pro forma profit of $26.3 million, or 36 cents a share. That compares with an adjusted loss of $580,000 in the year-ago quarter. Analysts were looking for a 12-cent adjusted profit, according to Reuters Research.
Sales for the quarter were $205.3 million, up 243% from the year-ago quarter. The consensus estimate called for sales of $198.1 million.
For the full year, sales were $697.6 million, up 261% from the prior year.
The company says it also collected $138.1 million in overdue payments from its Asian distributor South China House of Technology, or SCHOT.
Syntax-Brillian shares fell $1.59 to $4.54 in after-hours trading Wednesday. Supplier
rose 49 cents to $25.53.