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Morgan Stanley Cuts CompuDyne Estimates

Morgan Stanley cut 2004 and 2005 estimates for security-products company CompuDyne (CDCY).

Analyst Brian Ruttenbur says CompuDyne's results were 16 cents below his forecast. He widens his 11 cents 2004 loss estimate to a 44-cent loss, and cuts his 23 cents 2005 earnings-per-share estimate to a 17-cent loss. He notes management tied much of its difficulty to issues it felt were either behind it or being addressed, including hiring costs associated with new management, problems with its ISS West Coast business, and continued high levels of spending related to Sarbanes Oxley.

Ruttenbur says the company is still optimistic it will return to profitability in 2005 and maintains his market perform rating. He will remain conservative until he sees material improvements in financial results.

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