Day Runner Stock Slides on Falling Profit
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FULLERTON — Day Runner Inc.’s stock plunged 19% after the Fullerton manufacturer of personal organizers reported declining profit for the third quarter in a row.
In Nasdaq trading, the company’s stock lost $2.50 a share Tuesday to close at $10.50.
On Monday, Day Runner said its earnings fell 24% to $1.3 million, or 22 cents a share, for the third quarter. Year-to-date profit slipped 8% to $2.4 million, or 40 cents a share.
“For the fifth quarter in a row, they have not hit estimates. Something’s just not right over there,” said Seth Feinstein, a senior analyst with Crowell, Weedon & Co., a regional brokerage in Los Angeles. “I like the product and I like the company, but something’s just not working.”
Feinstein said that, as the company puts its products in mass merchandising markets such as Wal-Mart, it is facing increased competition from other companies with paper-based organizers. Day Runner, however, is not addressing this new competitive environment.
A spokeswoman for Day Runner said Tuesday that no one at the company could comment on the stock’s plunge.
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