Slowing economy could hurt Renaissance Learning
Shares of Renaissance Learning, Inc. (Nasdaq:RLRN) are falling on news after the close on Tuesday that the provider of computer-based assessment technology for schoolchildren could be hurt by the economic slowdown.
“We expect that the economic downturn will hurt school funding and our sales in a number of states, particularly California and Florida, and now believe that our initial order projections of 15%-20% growth for the full year may be too aggressive,” CEO Terrance Paul said in a statement.
The Wisconsin Rapids, Wis.-based company also reported that first-quarter profit was $2.6 million, or $0.09 per share, compared with $1.3 million, or $0.05 per share, a year earlier.
At 3:32 p.m. ET, the stock had let go $0.65, or 5%, to $13.52. For detailed price information and recent news stories about Renaissance Learning, click RLRN.
