September 3, 1998 4:40 PM PDT
CMP Media sees lower earnings
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The publisher of high-tech magazines and Web sites estimated net income would fall in the range of $200,000 to $500,000, or 1 cent to 2 cents per share. A consensus of analysts had forecast CMP to post a profit of 21 cents, according to First Call.
Based in Manhasset, New York, CMP earned 26 cents per share for the year-ago third quarter, which ends September 30. It estimated revenue for this quarter would be between $116 million and $120 million, compared to revenue of $114.2 million a year ago.
"The widespread slowdown in sales-growth rates among technology companies, as well as uncertainty about the continuing instability in Asia and other foreign markets, has resulted in reductions in technology advertising and marketing budgets and a heightened sensitivity to page rates," CMP chief executive Michael Leeds said in a statement.
CMP's stock closed at 10.625, down more than 31 percent or 4.875 points, in trading of 324,900 shares.