Positive comments from the company
Thursday February 4, 5:34 pm Eastern Time
INTERVIEW-Boron LePore exec. retires, stock slides
By David Brinkerhoff
NEW YORK, Feb 4 (Reuters) - The No. 2 executive at Boron, LePore & Associates Inc., which provides pharmaceutical information to doctors, retired from his post Thursday, helping to send its shares tumbling 43 percent.
Shares fell to $16.125 per share, down $12.625 on Nasdaq.
Chief Operating Officer Greg Boron, a co-founder of the Fair Lawn, N.J.-based firm, said the company's financial health was solid.
He said the stock went into free fall because it missed analysts' expectations and Wall Street was worried about uncertain revenue streams for the first and second quarters of this year.
''The company is very solid on meeting analyst expectations for '99,'' of $1.10 per share, Boron told Reuters in an interview. ''What we haven't been able to pinpoint is at what point clients will be dropping in.''
''Our revenue stream for Q1 and Q2 is a little cloudy right now,'' he added.
The company earlier missed Wall Street expectations for the 1998 fourth quarter after reporting profits of $0.24 per diluted share. Most analysts had expected the company to earn $0.25 per share.
The company acquired several new clients in the second half of 1998, it said in a statement.
Boron, who also served on the board of directors, called Wall Street's disappointment an overreaction. ''I have 5.7 percent of outstanding shares of common stock and I'm going to hang on to it,'' he said.
Boron said he will continue to consult for the company and pursue other projects.
He said no other top management departures were expected.
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