In an announcement Thursday that sent its stock price plunging 27%, Computer Automation said it expects to report a $2-million loss for its latest quarter on sharply lower sales.
The Irvine-based manufacturer of computer products and automatic test equipment did not disclose specific revenue estimates for the 3 months ended March 31. During the same period in 1988, the company's revenue was $5.8 million.
William L. Osmundsen, chief financial officer, said revenue for the period was "substantially lower than expectations and substantially lower than in previous quarters.
"We simply did not book and ship the orders," he noted.
Computer Automation's stock, which is traded over the counter, was down $1.25 to $3.375 per share. About a year ago, the stock was selling at $17.
For the 6 months ended Dec. 31, the company posted earnings of $700,000 on revenue of $10.5 million. In the same period in 1988, it earned $701,000 on revenue of $11.5 million.
The company will report its final results for the quarter later this month, Osmundsen said.