Primus Knowledge Solutions (Nasdaq: PKSI) fell 46 percent Tuesday after warning its third quarter results would miss expectations; it also announced a new CFO.
Shares in the provider of eCRM software were down 6.19 to $4.69 and the stock was also cut to "neutral" from "buy" at FAC/Equities Tuesday morning.
The company announced Monday night that third quarter revenue will be about $10 million, which is lower than expectations, but in excess of 40 percent growth compared with $6.9 million for the same period last year.
This quarter's revenue performance was lower than expected due to delay in closing domestic and international transactions, rather than any lessening in demand for Primus's products or services. The company said it is aggressively working to close these transactions.
Primus also announced the appointment of Ronald M. Stevens to the position of chief financial officer. He joins Primus from OnHealth Network Co., were he served as president and chief operating officer.
Stevens succeeds Elizabeth Huebner, whose resignation was announced in July.