Gerber Scientific cuts fiscal 2009 expectations

Gerber Scientific Inc., which manufactures equipment used in making signs, specialty graphics, apparel and optical lenses, cut its fiscal 2009 forecasts Thursday because the economic slump is leading to delayed orders and decreased demand.

The company now expects a profit of 50 cents to 65 cents per share in fiscal 2009, which ends in April, on $600 million to $620 million in sales. Previously Gerber forecast 72 cents to 82 cents per share in profit, and revenue of $660 million to $690 million.

On average, Thomson Financial reports that analysts expected net income of 54 cents per share for the year.

Gerber said it expects to complete its job cuts in the fiscal third quarter, which will end in January 2009. The company announced the elimination of 135 jobs, or about 6 percent of its work force, in August.

Also on Thursday, Gerber reported results for the fiscal second quarter. The company received a large tax benefit for the period, but also cut costs, which offset a decline in revenue. In morning trading, Gerber shares advanced 24 cents, or 11.1 percent, to $2.40.