Intricon Corporation (IIN) Warns for Q2

IntriCon Corporation (NASDAQ: IIN) reported preliminary results for its second quarter ending, June 30, 2016.

The company expects second-quarter net sales of approximately $16.8 million, versus $17.1 million in prior-year second quarter. IntriCon previously said that net sales would be consistent with 2016 first-quarter levels. The second-quarter net loss is anticipated to be in the range of $(1.3) million to $(1.5) million, or $(0.19) to $(0.22) per diluted share. Included in the loss is approximately $350,000, or $0.05 per diluted share, of both one-time corporate and non-operating charges. This compares to net income of $506,000, or $0.08 per diluted share, in the 2015 second quarter.

*** the consensus is $17.83M and $0.04 profit.

“While we are disappointed in our results, we believe that this is purely a timing issue beyond our control,” said Mark Gorder, president and chief executive officer of IntriCon. “Sales were primarily impacted by lower revenue from our largest customer as they manage the transition of their pending product approval and launch. We continue to make progress building the infrastructure required to secure high-potential growth opportunities in value hearing health, and the long-term outlook for our business remains healthy.”

IntriCon will provide final second-quarter results and third-quarter guidance during its regularly scheduled earnings release and second-quarter conference call scheduled for the week of July 25.

You May Also Be Interested In

• Bank of America (BAC) Tops Q1 EPS by $0.07, Beats on Revenue
• Mercantile Bank (MBWM) Tops Q1 EPS by 20c
• Wise shares down 7% after a 'mixed bag' FQ4 earnings report