PC Connection Inc., which sells technology products and services, said Tuesday its second-quarter profit dropped 12 percent because of softer demand from corporate customers, and warned of flat sales in the current quarter.
Its shares fell sharply on the news, losing $2.11, or more than 24 percent, to $6.63 in morning trading. The stock has ranged between $6.60 and $16.09 over the past 52 weeks, and is off 21 percent since the start of the year.
Issuing some results two days before its official earnings report, the company said net income fell to $5.1 million, or 19 cents per share, in the quarter ending June 30, from $5.8 million, or 21 cents per share, in the year-ago period.
The company also said net sales were up nearly 2 percent to $449 million.
“We believe the current economic environment has affected the demand for information technology solutions during this past quarter, and we see this trend continuing into the third quarter,” said Patricia Gallup, the company’s chairman and chief executive.
The company said it would issue more details Thursday.
No comments:
Post a Comment