Hurt by excess inventory, InFocus’ first-quarter results fell far...
Hurt by excess inventory, InFocus’ first-quarter results fell far short of expectations, the company said. Based on a preliminary review, InFocus said, its operating loss will be $21.4-$23.4 million, or 30-35 cents per share, for the first quarter ended…
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March 31. Excluding restructuring charges, InFocus’ adjusted operating loss for the period will be $17-$19 million, or 19-24 cents per share, the company said. Analysts had projected a 4 cents quarterly loss, Thomson Financial said. InFocus forecast its quarterly revenue at $136-$138 million, below a previous forecast of $150-$160 million. The average analyst estimate was $152.5 million. A year ago, InFocus posted a loss of 10 cents per share and took in $145 million in revenue. The company projects a 7-8% gross margin, compared with expectations of 16-18%. Gross margins suffered amid write-downs for remanufactured product inventories, service spare parts and slow-moving finished goods, InFocus said. “The level of excess inventory available across the industry further exacerbated the competitive pricing environment, resulting in lower revenues and gross margins for us across all 3 of our geographic regions,” InFocus CEO Kyle Ranson said.