BROOKINGS, S.D. (AP) -- Shares of Daktronics Inc. slumped Wednesday after the company said it took a loss in the fiscal fourth quarter and gave disappointing forecast for the current quarter.
Daktronics makes and services video display systems for customers around the world. The company said it lost $505,000, or a penny per share, over the three months ended April 28. In the fourth quarter of fiscal 2012 it earned $3 million, or 7 cents per share. Revenue fell 2 percent, to $112 million from $114.4 million.
Analysts expected the company to report a profit of 3 cents per share and $118.5 million in revenue, according to FactSet.
"Our results for the quarter were hampered by lower-than-expected sales due to changes in customer schedules and cost overruns primarily due to site-related costs on a few larger projects that were completed during the fourth quarter of fiscal 2012," Daktronics President and CEO Jim Morgan said in a press release.
Daktronics said revenue from its live events business fell 9 percent to $37.3 million and revenue for its commercial business rose 16 percent to $33.3 million.
The company also said its transportation business was awarded two contracts during the fourth quarter that were not executed before the end of the period. It said those contracts are worth a total of about $40 million and they will be included in its orders during the first quarter. The contracts are with an undisclosed airport and the New Jersey Turnpike Authority.
Daktronics said it had a backlog of $123 million in orders at the end of the quarter, down from $131 million a year ago.
For the full fiscal year, Daktronics said its profit fell to $8.5 million, or 20 cents per share, from $14.2 million, or 34 cents per share. Revenue grew 11 percent, to $489.5 million from $441.7 million.
The company said it believes revenue will increase slightly in the first quarter compared to the fourth quarter. It reported $118.7 million in revenue in the first quarter of fiscal 2012.
Analysts were forecasting $125.3 million in revenue, on average.
Shares of Daktronics dropped 72 cents, or 10 percent, to $6.57.