Lake Forest-based contact lens and surgical products maker Cooper Cos. reported a lower quarterly profit Tuesday and warned about results for the rest of this year and next.
Cooper posted a profit of $13.7 million for the quarter ended April 30, down 51% from a year ago. Revenue was up 1% to $211.7 million. Acquisition and restructuring charges impacted profits, Cooper said.
Analysts expected Cooper to earn $31.6 million on revenue of $221 million in the quarter.
The news sent Cooper’s shares tumbling 5% in afterhours trading.
The results came a week after an analyst predicted that Cooper’s quarterly results would fall short of expectations. After Cooper saw its shares fall in heavy trading, it confirmed that it cut workers as part of a restructuring of its U.S. sales and marketing operations earlier this month.
Cooper also slashed its 2006 and 2007 profit and revenue forecasts. The company said it expects to earn $126.9 million to $142.4 million for this year, down from a previous forecast of $151.3 million to $160.2 million.
The company said it expects sales of $878 million, down about 6% from a previous forecast.
For 2007, Cooper said it expects profits of between $149.1 million and $178 million, excluding stock option expenses. Cooper previously said profits for that year would come in between $173.6 million and $191.4 million.
It said it expected revenue for that year to come in between $948 million to $1 billion, down from $998 million to $1.05 billion, based on expectations of lower new product sales in Japan and lower U.S. product sales.
