Zagg Inc.(ZAGG) posted first-quarter net income of $0.9 million or $0.03 per share, compared to $5.1 million or $0.16 per share in the comparable quarter last year.
Pro forma net income for the latest first quarter was $3.6 million or $0.11 per share, down from $8.1 million or $0.26 per share in the prior year quarter.
On average, six analysts polled by Thomson Reuters expected the company to earn $0.21 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the first quarter of 2013 decreased 7% to $51.47 million from $55.48 million in the same quarter last year, while six analysts had a consensus revenue estimate of $66.57 million for the quarter.
For fiscal 2013, the company lowered its revenues to a range of $274 million - $280 million from the previous range of $313 million - $318 million. Analysts currently expect fiscal 2013 revenues of $315.79 million.
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