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Kit Digital Drops to Record in Prague After Sales Miss Estimates

May 4 (Bloomberg) -- Kit Digital Inc. fell to a record in Prague trading after the online video software maker missed its quarterly sales estimates and said its full-year guidance was too “high.”

The stock plunged 12 koruna, or 13 percent, to 83.7 koruna at 3:49 p.m., its lowest level since the company listed in Prague in January 2010. After a detailed review of earnings the management concluded its guidance was too “high”, Chief Executive Officer Barak Bar Cohen said in a statement yesterday. The company plans to publish revised guidance on May 15, together with first-quarter results, he said.

“The news is clearly negative and shows that management has not been honest with investors over the earnings performance and development,” J&T Banka AS’ analyst team, led by Milan Vanicek, wrote in a note to clients today.

The company reiterated on March 15 that it expects 2012 revenue to be between $320 million and $330 million.

To contact the reporter on this story: Lenka Ponikelska in Prague at lponikelska1@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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