3.01%QQQQ 43.66 3.24%XLF 20.98 4.90%
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ST. LOUIS - Zoltek Cos., which makes carbon fibers used in wind turbine blades, car parts and sports equipment, said Tuesday it swung to a fiscal second-quarter profit on a 35 percent increase in sales, but results missed Wall Street expectations.
| ZOLT | 16.46 |  -1.1 |
The company earned $4.3 million, or 13 cents per share, compared with a loss of $6,000 and a break-even position in the year-ago period.
Revenue soared 35 percent to $49.6 million from $36.7 million in the prior-year period.
Analysts surveyed by Thomson Financial expected a profit of 22 cents per share on revenue of $50.4 million.
The company revealed earlier this month that its chief financial officer resigned amid the revelation that some previously issued financial statements contained accounting errors and unauthorized payments.
The company is delaying filing its 10-Q statement with the Securities and Exchange Commission and will also restate financial results from fiscal fourth quarter of 2007 and first quarter of 2008.
RBC Capital Markets analyst Stuart Bush said that Zoltek shares would likely come under pressure "as investor confidence in near-term fundamentals and management capability is reduced."
He has a "Sector Perform" rating on the stock.
Shares of Zoltek were down 62 cents, or more than 2 percent, to $24.33 in premarket trading.
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6th, 2007
12:23am
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