On its lowered outlook, CNT shares today fell 16 percent, closing at $6.09, amid a mixed broader market.
CNT's total revenue for the quarter ended January 31, 2003, was $61.5 million, up 10 percent from $55.9 million the previous quarter. It reported a net loss of $21.7 million, or 81 cents per share, which included a $1.7 million charge related to its layoffs last month and a $19.7 million tax adjustment. For the year 2002, CNT posted $211.5 million in sales, 13 percent over the $187.0 million in 2001 (see CNT Posts Q4 Results).
In late January, CNT said it would lay off 10 percent of its work force, about 80 employees, leaving it with a headcount of 692. The Minneapolis company says it expects to start realizing savings from those layoffs in the second quarter (see CNT Lays Off 10% of Workforce).
For the first quarter of 2003, CNT said it anticipates revenue between $52 million and $55 million, or down about 10 to 15 percent sequentially. The company blamed this on "normal first quarter seasonality," as well as uncertainty on IT capital spending.