Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

NCI Plunges as Revenue Forecast Falls Short: Washington Mover

Don't Miss Out —
Follow us on:

Jan. 20 (Bloomberg) -- NCI Inc., a technology contractor to the federal government, fell as much as 33 percent in New York for the biggest intraday drop since August after forecasting revenue that trailed analysts’ estimates.

The scope of some orders has been reduced and a “high number” of contract awards are under protest, the Reston, Virginia-based company said in a statement yesterday. Sales will total $340 million to $360 million in 2012, missing the $510.8 million average estimate of 11 analysts in a Bloomberg survey.

“An unfavorable competitive environment, pricing pressures and delayed or canceled procurements” contributed to the shortfall, President Brian J. Clark said in the statement.

NCI also expects restructuring costs of 11 cents to 14 cents a share from 2011 for job cuts and ending or renegotiating leases on buildings. About 60 indirect NCI employees or consultants are being cut, the company said.

The stock dropped 29 percent to $8.10 at 10:14 a.m. on the Nasdaq Stock Market and earlier plunged as low as $7.70. The shares lost almost half their value last year.

To contact the reporter on this story: Cesca Antonelli in Washington at fantonelli@bloomberg.net

To contact the editor responsible for this story: Cesca Antonelli in Washington at fantonelli@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.