For the full year 2003, the tape company said, its profits jumped 49 percent to $6.7 million, or 54 cents a share, up from its 2002 profits of $4.5 million, or 40 cents a share. As impressive as that may sound, the companys profits were a penny short of meeting analysts' expectations for the year. Its revenues for fiscal 2003 leapt 20 percent to $195.9 million, from $163.4 million in 2002.
Despite these advances, Overland saw its stock price plummet 24 percent in afternoon trading today, dropping $4.39 to $14.10 per share.
Relatively flat OEM sales for the quarter could be part of the problem, industry analysts say. "I think the Street was expecting more strength from Hewlett-Packard and IBM [OEM sales] in the quarter," Tanous says.
The companys outlook could also be contributing to its stock price dive. While Overlands forecast of 16 cents a share in earnings for the first fiscal quarter of 2004 is far better than its loss of 5 cents a share for the same quarter last year, it's well below the 21 cents per share profit Wall Street analysts are anticipating.
The company also said it expects its revenues for the first quarter to be flat, noting that its first fiscal quarter is usually seasonally slower than its fourth.
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