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Day Runner Shares Fall on Earnings News

December 25, 1996|Times Staff and Wire Reports

Day Runner Inc. shares fell 20% after the Irvine firm said fiscal second-quarter earnings and sales would be lower than the year-earlier quarter and analysts' expectations. The stock fell $4.75 to close at $19.25 on Nasdaq. Earlier, shares were as low as $15.50. The company, which makes date books and planners, said it expects per-share earnings of 63 cents to 68 cents a share, down from 75 cents in the year-ago quarter ended Dec. 31. Analysts had expected Day Runner to report earnings of 90 cents to 92 cents a share. Day Runner also said sales would fall to $34 million to $36 million from $40.1 million in the year-ago quarter. It blamed the decline on lower-than-expected sales to Wal-Mart Stores Inc. It also said other retailers were carrying less inventory, thereby ordering less merchandise.

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