Rimage cuts Q2 forecast on slow sales
Minneapolis / St. Paul Business Journal - by Carissa Wyant Staff Writer
Rimage Corp., which makes CD and DVD publishing machines, is expecting lower second quarter revenue, citing a sluggish economy taking a toll on sales of its products.
Edina-based Rimage (Nasdaq: RIMG) now predicts second-quarter earnings of 9 cents to 12 cents per diluted share on revenues of $20 million to $22 million. Rimage's previously issued guidance for this period called for earnings of 22 cents to 27 cents per diluted share on revenues of $24 to $26 million.
In response, Rimage said it would move to reduce expenses by about $2 million annually.
The company detailed that sales of its disc publishing hardware are below previously forecast levels, as customers have held back on purchasing.
Rimage is slated to release second quarter results in July.
cwyant@bizjournals.com | (612) 288-2108
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