Profit warning hammers Fischer stock
Share prices of x-ray vendor Fischer Imaging of Denver took atumble last month after the company announced that it expectedto post disappointing results for its third quarter (end-September).Fischer shares, which had been hovering in the $12-a-share
Share prices of x-ray vendor Fischer Imaging of Denver took atumble last month after the company announced that it expectedto post disappointing results for its third quarter (end-September).Fischer shares, which had been hovering in the $12-a-share rangebefore the announcement, dropped by nearly half and were tradingat under $6 last week.
Fischer said revenues for the quarter are expected to be slightlyhigher, at $20 million compared with $19.1 million in the sameperiod last year. The company's operating earnings will be aboutbreak-even, compared with operating earnings of $1 million inthe third quarter of 1995.
Fischer experienced weaker order rates across its product linesin the third quarter, according to chairman and CEO Morgan Nields.Nields said Fischer would move to cut expenses to counter thelower earnings.