PMTR getting hammered after postponing its conference call:
biz.yahoo.com
Wednesday May 8, 9:34 am Eastern Time
Pemstar Postpones its 4th Quarter Earnings Conference Call
ROCHESTER , Minn. -(Dow Jones)- Pemstar Inc. (PMTR) postponed its fourth quarter earnings release and investors conference call, which was scheduled for Wednesday, and said it may adjust previous guidance for the period.
The conference call and Webcast will be rescheduled at a date to be announced.
In a press release Wednesday, the company said it is completing its determination and audit of reserves for accounts receivable and inventory, as well as potential charges for goodwill impairment and valuation reserves for tax assets.
The previously announced guidance of a GAAP-basis loss, which was provided net of tax benefit, may be adjusted as a result of any valuation reserves needed for tax assets and is subject to further adjustment in connection with the company closing its books and completion of the audit.
A Thomson Financial/First Call survey of nine analysts yielded a fourth quarter earnings estimate of 3 cents a share, excluding goodwill.
As reported Monday, Pemstar lowered its fourth quarter revenue and earnings expectations, citing flat end-market demand.
On Monday, Pemstar said it expects a loss of 21 cents to 32 cents a share on a cash basis for the quarter ended March 31 . On Jan. 29 , Pemstar said it expected fourth quarter results within the range of analysts' estimates. At that time, the average First Call estimate was for earnings of 9 cents a share.
Pemstar said Monday it expects fourth quarter sales of $145 million, less than a First Call estimate of $152.7 million. Including amortization expense, Pemstar expects a loss of 22 cents to 33 cents a share for the quarter, the company said Monday. |
