Daktronics Inc. slashed its fiscal fourth-quarter earnings forecast Wednesday, citing delayed bookings and contract design approvals as well as fewer Galaxy message sign orders.
The display and scoreboard maker now expects a profit between 5 cents and 9 cents per share, down from its prior outlook for net income between 12 cents and 19 cents per share.
Daktronics also cut its quarterly sales forecast to a range of $122 million to $126 million. It previously predicted revenue between $130 million and $138 million.
Analysts surveyed by Thomson Financial expects fourth-quarter profit of 16 cents per share on revenue of $134.7 million.
Daktronics anticipates fiscal 2009 sales will increase more than 20 percent from the prior-year period.
Shares of Daktronics fell $3.41, or 18.1 percent, to $15.48 in electronic trading. The stock closed at $18.89 Tuesday.
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