How did this leak out. That's BS when people know of news before everyone else. Oh well, I will look to see if management can rebound and recover their earnings growth. Short term bears will pillage this stock. |
Wednesday June 9, 9:22 am Eastern Time
Ocular Sciences sees Q2 revs under expectations
LOS ANGELES, Calif, June 9 (Reuters) - Contact lens maker Ocular Sciences (Nasdaq:OCLR - news), whose stock dropped on Tuesday on rumors of an earnings shortfall, said on Wednesday that the company expects revenue in the second quarter to be below expectations.
Ocular Sciences did not give specifics but said ''we currently expect that earnings per share will be in the range of analysts' estimates for the second quarter, on solid, but lower than originally expected revenue.''
Growing investor concern over the company's revenue outlook sliced off more than a quarter of Ocular's value on Tuesday. Shares closed at $19-10/16 after opening at $27.00.
On Wednesday, Ocular said revenues would be impacted by the ''little or no growth'' in the U.S. optical market.
''Continued softness in the U.S. marketplace and the resulting competitive pressures would have an adverse impact on our rate of growth in the second half of the year,'' the company said in a statement, adding it will put more emphasis on international markets.
One analyst, Richard Leza of John G. Kinnard & Co., said he expects the South San Francisco-based company to report second quarter revenues of $45 million and quarterly earnings per share of 39 cents.
Analysts surveyed by First Call expected the company to earn 40 cents a share in the quarter ending June 30.