* Q1 adj EPS $0.08 vs est $0.23
* Q1 sales down 6 pct to $66.8 mln
* Shares fall 23 pct
Aug 9 (Reuters) - Medical Action Industries Inc MDCI.O posted a lower-than-expected quarterly results, hurt by rising raw material costs and weak product demands, sending its shares down as much as 23 percent to a year-low.
For the first quarter ended June 30, the company, which makes medical disposable products, reported net income of $496,000, or 3 cents a share, compared with earnings of $3.7 million, or 23 cents a share, a year ago.
Excluding items, the company earned 8 cents a share.
Net sales for the quarter fell 6 percent to $66.8 million.
Analysts on average had expected the company to post earnings of 23 cents a share, excluding items, on revenue of $72.5 million, according to Thomson Reuters I/B/E/S.
Medical Action said fluctuating ordering patterns from two of its major customers hurt revenue for the quarter.
Shares of the Brentwood, New York-based company were down 23 percent at $10.54 Monday on Nasdaq. They touched a low of $10.45. (Reporting by Siddharth Cavale in Bangalore; Editing by Don Sebastian)