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Article: Rochester, Minn.-Based Electronics Firm Pemstar Delays Earnings Report.
- Article from:
- Post-Bulletin (Rochester, MN)
- Article date:
- May 8, 2002
CopyrightCOPYRIGHT 2002 Post-Bulletin. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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May 8--Pemstar Inc. abruptly postponed the release of its fourth-quarter and year-end earnings this morning, saying results might differ from company guidance issued just last Friday. It will be rescheduled at a later date, which has not been set, the company announced.
Investors reacted quickly, cutting the price of Pemstar stock almost one-third, to $1.59 a share, at 9:40 a.m. Early volume was about five times a full day's normal daily trading.
In an announcement, Pemstar said Friday's estimate, which projected a fourth quarter loss of $8 million to $12 million, "may be adjusted."
This morning, the company said it continues to work on setting ...