Smith-Gardner & Associates, Inc. (Nasdaq: SGAI) fell 2 11/32 to 4 29/32 Friday after the Delray Beach, Florida-based e-commerce software maker warned of lower revenue and a net loss for the second quarter ending June 30th.
The company said it expects revenue for the quarter to total $9 to $11 million — down from $12.3 million in last year’s second quarter — resulting in a net loss of 13 to 16 cents per share. In the year-earlier quarter, Smith-Gardner earned 12 cents per share.
The company said on May 25th that earnings would be reduced by about five cents per share because of an increase in an accounts-receivable reserve for a client that was experiencing cash-flow problems. Smith-Gardner also said that a number of customers delayed purchases from the second quarter to the third, and a shift in business from startup “dot-coms” to established companies with longer purchasing cycles is leading to slower sales.
“We remain optimistic about our future market opportunities,” said Chairman, President and Chief Executive Officer Gary G. Hegna.
Loading ...
Social Media
See all Social Media