Semiconductor gear maker Photronics Inc forecast a wider-than-expected loss for the fourth quarter, hurt by higher interest costs, sending its shares down 8 percent.
The company projected a loss of 9 cents to 15 cents per share, excluding items, on revenue of $92 million to $97 million.
Analysts on average were expecting a loss of 8 cents a share, before special items, on revenue of $94.9 million, according to Reuters Estimates.
In June, the company entered into a new $27 million credit facility with its primary lenders and repaid a foreign term loan of an equal amount, it said on a conference call with analysts.
Photronics said $9.1 million of the new credit facility is due Jan. 31, 2010.
While we have some financial flexibility as a result of our amended agreements, we are also faced with higher interest costs, the company said.
On Tuesday, Photronics posted a narrower-than-expected quarterly loss, helped by lower expenses.
Shares of the Brookfield, Connecticut-based company were trading down 7 percent at $4.75 Wednesday morning on Nasdaq.
(Reporting by Mansi Dutta in Bangalore; Editing by Anne Pallivathuckal)