Entrust Technologies Inc. (Nasdaq: ENTU) also plunged after issuing a warning about quarterly results. The stock was down 35 43/64 at 41 29/64 early Wednesday, after the Plano, Texas, e-business software maker said results for the quarter just ended will be below analysts’ estimates.
Entrust said earnings from operations for the second quarter ended June 30th will be about 2 cents per share, compared with 8 cents forecast by analysts. Revenue will be “up substantially” from the $19.8 million recorded a year earlier and “slightly above” the first quarter’s $29.1 million, the company said.
President and Chief Executive Officer John Ryan said the shortfall is a result of delayed order closings. “The issue here is simply revenue timing, not lost business,” he said. “I remain optimistic about Entrust Technologies’ prospects for the remainder of 2000 and beyond.”
The company plans to report results after the close of trading on July 18th.
Entrust shares fell 5 5/8 Monday to 77 1/8 following reports that an analyst at Davenport & Co. downgraded the stock to “accumulate” from “buy.”