Forbes reports on Photo-Me UK’s recent earnings report and the slump in their stock price that followed this week.
Photo-Me International PLC posted a 10 pct decline in first-half profit and warned full-year earnings will fall well short of market expectations after customers put off purchasing digital photo-processing machines.
Shares in the British company, which is the world’s biggest photo-booth operator, slumped as much as 35 pct to a two-and-a-half-year nadir.
Closer to home, Photo-Me reports that due to a series of delays, they “would not be able to supply leading US drugstore chain CVS Pharmacy with equipment this fiscal year,” a failure that made up the bulk of their profit shortfall for the year. Things don’t look great for the company right now – “decline,” “short,” “slumped,” and “nadir” aren’t a great way to be described – so what’s really going on over there? We’ll be interested to find out.