PC Mall Inc. shares fell more than 9 percent Wednesday after the online technology retailer reported third quarter revenues and profits that fell short of Wall Street expectations.
Torrance-based PC Mall reported net income of $2.6 million (18 cents per shares), compared with $3 million (22 cents) a year ago. Sales rose 13 percent to almost $326 million, with net sales in its consumer segment down 19 percent to $47.8 million.
Analysts surveyed by Thomson First Call were expecting earnings of 21 cents on sales of $339 million.
Net sales in the company's MME segment, which provides complex technology products, services and solutions to businesses, grew 128 percent to more than $113 million, in large part due to an IT company acquisition in August 2007.
Chief Executive Frank Khulusi said his company performed well given the current tough economy.
"Despite the economic headwinds during Q3, we achieved record consolidated revenues," said Khulusi in a statement. "While we will be closely monitoring the developments in our demand environment, and make adjustments as we deem necessary, our plan calls for continued investments for growth, including investments which may be an offset to the aforementioned savings."
PC Mall shares closed down 28 cents, or 9.5 percent, to $2.67 on the Nasdaq.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- PC Mall Slips to Loss
- PC Mall to Offer Hyper-Local Deals on New Web Service
- Earnings Rise at PC Mall
- PC Mall Stock Falls After Earnings Drop
- Earnings Roundup
- CORPORATE FOCUS---Shift From Internet Strategy Boosting Computer Reseller
- Higher Vet Revenue Lifts VCA Antech’s Quarter
- Teledyne Profits Fall Sharply