Jones Soda leads Tuesday small-cap percentage losers
Shares of Integrated BioPharma, Inc. (Nasdaq: INBP), the Hillside, N.J.-based vitamin company, are down about 8% following the company’s announcement after Friday’s close of lowered 2007 revenue estimates. The company, which makes the Naturally Noni, Naturally Aloe and Naturally Pomegranate brands, blamed a decrease in consumer spending for the lowered revenue guidance. Poor weather conditions and increased gasoline prices hindered consumer spending, the company said in a press release. For the fourth quarter ending June 30, the company expects revenues to be in the range of $64 million and $66 million, down from the previous estimate between $68 million and $70 million.
Shares of On Track Innovations Ltd. (Nasdaq: OTIV), the Rosh-Pina, Israel-based developer of smart card systems, are down over 6% after the company’s announcement at the start of trading Tuesday of a widened loss for the first quarter from a year earlier. The company reported a net loss of $4.1 million, or $0.22 a share, from the same period in 2006. Analysts polled by Thomson Financial had expected the company to post a loss of $0.06 a share.
Share of BioProgress plc (Nasdaq: BPRG), the Cambridge, England-based pharmaceutical manufacturer, are down almost 6% following the company’s announcement before the start of trading Tuesday it is delisting from Nasdaq due to the “burdensome” compliance expenses. The company noted the Sarbanes-Oxley Act, the 2002 law that greatly widened SEC reporting guidelines in light of the Enron and WorldCom scandals, as a significant factor in the delisting decision, which will take effect June 18. The company announced it expects $4 million in savings from the decision.
These are the biggest percentage losers in Tuesday's trading among companies with market capitalizations under $500 million:
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