Fingerprint Cards Shares Drop After Sales Fall: Stockholm Mover
Fingerprint Cards AB (FINGB) fell the most in eight months in Stockholm after first-quarter revenue declined 59 percent and the maker of biometric technology said sales prospects for the second quarter appear weak.
The shares dropped as much as 19 percent, the biggest intraday fall since Aug. 18. Gothenburg, Sweden-based Fingerprint Cards was down 12 percent at 6.05 kronor as of 9:54 a.m., the second-biggest decline on the Stockholm All Share index.
First-quarter sales dropped to 5.2 million kronor ($777,000) from 12.8 million a year earlier, Fingerprint Cards said today in a statement. The company said delays in a couple of major bank projects in China caused stockpiling at distributors. While the company sees “weak” sales in the second quarter it kept its forecast for 2012 unchanged. Fingerprint Cards said Feb. 9 it expected sales this year to be between 70 million kronor and 90 million kronor.
“Sometimes wine, sometimes water is a fitting description for the first quarter of 2012,” Chief Executive Officer Johan Carlstroem said in today’s statement. “While sales matched what we budgeted, they were lower than we had hoped.”
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