* Q3 loss $0.20/shr vs EPS $0.10 yr ago
* Rev falls 44 pct
* Shares fall 8 pct in pre-market trade
Feb 23 Electronic scoreboards supplier
Daktronics Inc (DAKT.O) swung to a third-quarter loss, hurt by
lower order bookings, sending its shares down 8 percent.
For the third quarter ended Jan. 30, the company, which
uses LED technology to light up displays, posted a loss of $8.4
million, or 20 cents a share, compared with a profit of $4.2
million, or 10 cents a share, a year ago.
Revenue fell 44 percent to $72.4 million.
Analysts on average had expected a loss of 2 cents a share,
before items, on revenue of $88.2 million, according to Thomson
Third-quarter orders fell 34 percent to $82.5 million, with
orders from live events seeing the sharpest fall. Orders from
live events dropped 54 percent to $32.3 million.
Order bookings were lower primarily due to the lack of any
large professional baseball projects moving forward and a delay
in a number of other orders, some of which Daktronics expects
to book in the fourth quarter, the company said in a statement.
Daktronics said it has become much more aggressive on cost
reduction to ensure that it returns to profitability.
Shares of the Brookings, South Dakota-based company were
down 8 percent at $6.84 in trading before the bell. They closed
at $7.44 Monday on Nasdaq.
(Reporting by Manasi Phadke in Bangalore; Editing by Gopakumar