LoJack 2Q profit falls on auto industry woes

LoJack Corp., which makes vehicle-tracking devices, said Wednesday its second-quarter profit plummeted 85 percent on a drop in sales stemming from a weak U.S. automotive market.

LoJack earned $1 million, or 6 cents per share, compared with $6.7 million, or 35 cents per share, for the same quarter last year.

Revenue dropped 12 percent to $51.4 million from $58.2 million in the year-ago period.

The results fell short of Wall Street predictions. Analysts polled by Thomson Financial expected a profit of 17 cents per share on $52.5 million in revenue.

Domestic revenue dropped 20 percent to $32.6 million on a 16 percent decline in unit volume, while international revenue rose 7.3 percent to $13.3 million on a 7 percent increase in unit volume, LoJack said.

The company blamed the drop in domestic sales on the ongoing steep decline in U.S. vehicle production and sales, adding that it is working to better align its business with the changing automotive market.

LoJack shares fell 11 cents to $5.87 in morning trading.