NaviSite posts disappointing Q1
NaviSite, Inc. (Nasdaq: NAVI), provider of application management, reported a bleaker-than-anticipated fiscal first-quarter this morning.
For the three months ended Oct. 31, the Andover, Mass.-based firm recorded a net loss of $4.1 million, or $0.14 per share, wider than the consensus of five analysts polled by Thomson Financial of a net loss of $0.03 per share.
The net loss included a loss on debt extinguishment of $1.7 million. Excluding the loss on debt extinguishment, the loss would have been $2.4 million, or $0.08 per share.
Revenue was $36.1 million, roughly in line with the Thomson Financial mean revenue estimate of $36.64, polled by five analysts on Wall Street. The current quarter’s top-line represents a 27% increase over the $28.5 million in revenue booked for the first quarter of fiscal year 2007.
For the second quarter of fiscal year 2008, NaviSite is projecting revenue to be between $39 and $40 million and projects revenue for fiscal year 2008 to be between $170 and $180 million. The consensus of five analysts polled by Thomson Financial is for revenues of $41.85 million and $172.5 million for the second quarter and full year of 2008 respectively.
Shares of NaviSite (NAVI) tumbled 27.21%, or $2.34, to $6.26 at 1:16 p.m. ET. Shares of NaviSite have been trading in the range of $4.53 to $11.29 for the past 52 weeks.
