Gerber Scientific swings to fiscal 3Q loss

Gerber Scientific Inc., which manufactures equipment used in making signs, specialty graphics, apparel and optical lenses, said Thursday it posted a fiscal third-quarter loss on a plunge in product sales.

The company lost $2.2 million, or 9 cents per share, compared with profit of $3.1 million, or 13 cents per share, during the same period a year prior. Revenue fell to $120.1 million from $152 million.

Third-quarter results included a 6 cents per share charge for impairments on an investment. The fiscal 2009 third quarter ended Jan. 31.

On average, three analysts surveyed by Thomson Reuters forecast a quarterly profit of 6 cents per share.

"We saw a continued, significant slowdown in sales due to the pervasively weak global economic conditions," said President and Chief Executive Marc Giles, in a statement.

Product sales fell 23 percent to $102.5 million while service revenue fell 4 percent to $17.9 million.

Shares of Gerber plunged 64 cents, or 24.2 percent, to $2.01 in afternoon trading. The stock has traded between $1.79 and $12.64 over the last 52 weeks.