Shares in Evans & Sutherland Computer dropped 13 per cent to a 52-week low of 15 1/2 today, following a third quarter profits warning due to slower than expected sales of its Windows NT based workstations.
The hardware and software graphics supplier said it expected earnings per share to be between two and four cents rather than the 43 cents expected by a First Call consensus.
James Oyler, Evans' chief executive, said: "We believe this decline started in the second quarter of 1998 and will extend at least into the first quarter of 1999", although he added that he expected to see a "substantially stonger fourth quarter" due to anticipated growth in the company's simulation business and a partial recovery in its graphics unit.
Oyler blamed the third quarter shortfall on a decline in orders for the firm's Windows NT workstations, but said he expected sales to hit $50 million compared with $38.4 million for the same quarter last year. Profits then were $3.8 million or 40 cents per share.
Last quarter, however, Evans turned over $43.6 million, on losses of $25 million.
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