BOSTON (Thomson Financial) - LoJack Corp. Wednesday said first-quarter net
income fell to $1 million, or 5 cents a share, topping the mean estimate of
analysts polled by Thomson Reuters of 4 cents a share.
In the same period a year ago, the company posted net income of $6.1
million, or 32 cents a share.
Revenue for the Westwood, Mass.-based maker of vehicle-tracking devices
dropped 15% to $46.1 million from $54.1 million a year earlier. Analysts, on
average, had estimate revenue of $47.7 million.
"[O]ur financial performance in the first quarter was directly affected by
the continued domestic economic challenges, which have severely impacted the
automotive industry, and by the timing of orders from our international
licensees," the company said.
LoJack forecast 2008 earnings of 75 cents to 85 cents a share on revenue of
$213 million to $218 million. Analysts, on average, expect 2008 earnings of 75
cents a share on revenue of $214 million.
Shares closed Tuesday at $9.61.
Casey Logan
cl/pc
COPYRIGHT
Copyright Thomson Financial News Limited 2007. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content,
including by framing or similar means, is expressly prohibited without the prior
written consent of Thomson Financial News.
|