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UPDATE 1-Daktronics posts Q3 loss, shares fall
February 23, 2010 / 2:17 PM / 8 years ago

UPDATE 1-Daktronics posts Q3 loss, shares fall

* 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 (Reuters) - 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 Reuters I/B/E/S.

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 Warrier)

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