Shares of Guidance Software, Inc. (GUID) slid 20 percent in extended trade Thursday after the digital software maker's results for the first quarter missed analysts' estimates. The company also lowered its 2013 outlook, citing the constraints of the federal spending environment.
The Pasadena, California-based company's loss for the first quarter widened from last year, while revenues edged up slightly.
Victor Limongelli, President and Chief Executive Officer of Guidance Software said, "While the macroeconomic environment has created some headwinds in the first half of 2013, we are continuing to execute on our long-term EnCase Everywhere strategy, with the addition of 65 new EnCase Enterprise customers during the quarter."
Guidance Software's net loss for the first quarter was $6.53 million or $0.26 per share, wider than loss of $3.60 million or $0.15 per share in the year-ago period.
Excluding share-based compensation and amortization of intangibles, adjusted pre-tax net loss was $3.91 million or $0.15 per share, compared to adjusted pre-tax net income of $0.56 million or $0.02 per share in the prior-year quarter. On average, analysts polled by Thomson Reuters expected the company to report a loss of $0.03 per share for the quarter. Analysts' estimates typically exclude special items.
Revenue for the quarter edged up to $26.94 million from $26.02 million in the same period last year, while adjusted revenue rose 4 percent to $27.20 million from $26.23 million. Analysts had a consensus revenue estimate for the quarter of $30.20 million.
Product revenue declined 29 percent to $7.53. million, while services and maintenance revenue grew 18 percent to $16.83 million. Subscription revenue more than doubled to $2.58 million.
Looking ahead to fiscal 2013, Guidance Software now forecasts revenue of $133 million to $138 million and adjusted pre-tax results in a range of loss of $0.20 per share to breakeven or $0.00 per share. Earlier, the company forecast revenues for the year in a range of $144 million to $148 million and pre-tax earnings of $0.25 to $0.30 per share.
Analysts currently expect the company to earn $0.30 per share for the year on revenue of $146.06 million.
GUID closed Thursday's regular trading at $10.02, down $0.05 or 0.50 percent on a volume of 126,825 shares. In after-hours, the stock further declined $2.02 or 20.16 percent to $8.00.
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