HQ Sustainable Maritime Industries Inc. (AMEX:HQS) saw its shares drop by more than 28% this morning after reporting second-quarter revenue that missed analysts’ estimates.

Before the market opened, the Seattle, Wash.-based aquatic product producer said its sales for the three months ended June 30 totaled $14.5 million. Analysts polled by Thomson First Call had estimated revenue of $16.2 million.

The firm said sales were below expectations because many buyers delayed or reduced purchases due to expected substantial price corrections at the end of the summer.

HQ’s stock is trading at $8.56 on Wednesday afternoon, down $3.37 from Tuesday’s close after trading on volume of nearly 1 million shares, compared with a three-month average volume of 91,000.

The stock has traded as low as $7.40 and as high as $16.45 in the past 52 weeks.

For detailed price information and news stories on HQ Sustainable Maritime Industries, click HQS.

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