Business-to-business direct marketing company New England Business has lowered its expectations for the second quarter and for the current fiscal year ending June 29.
A shortfall in sales of holiday cards and decreased demand for the company's apparel segment resulting from lower promotional spending by businesses contributed to the lower estimates, according to the company.
New England Business said it expects revenue of about $155 million and earnings per share, before restructuring-related charges, of 73 cents to 77 cents for the quarter ended Dec. 31. This compares with revenue of $166 million and earnings, before restructuring-related charges, of 69 cents per share in the prior year's second quarter.
The company expects fiscal 2002 revenue to be $550 million to $560 million and earnings per share, before restructuring-related charges, to be $1.90 to $2. The company recorded revenue of $586 million in fiscal 2001.
