Lantronix Lowers Yearly, 1st-Quarter Estimates

Lantronix Inc., citing shipping problems and economic uncertainty after the terrorist attacks, on Wednesday lowered its earnings and revenue estimates for the first quarter and full fiscal year.

The Irvine company, which makes technology that connects devices to the Internet, estimated revenue of $16.5 million to $17 million for the quarter ended Sept. 30, down from a previous range of $18.5 million to $20 million.

Lantronix did not give new earnings per share estimates. The old estimate had been 4 cents to 5 cents.

For the fiscal year, the company now estimates revenue of $87 million to $92 million, down from previous projections of $105 million to $120 million. Estimated earnings per share were reduced to a range of 20 to 24 cents from 30 to 35 cents.

Lantronix said the Sept. 11 attacks interrupted cargo transportation, delaying shipments of a number of products.

The lowered estimates were announced after the close of regular U.S. trading hours. The stock moved up 94 cents to $6.05 on Nasdaq, then fell as low as $5 after hours.