E-Z-EM plunges on lower Q1 profit

E-Z-EM, Inc. (Nasdaq: EZEM) shares are taking a pounding after the maker of gastrointestinal radiology products said after Wednesday’s close that its first-quarter profit plunged 59% due to expenses related to expanding its sales force, research and development costs and higher legal fees.

The firm’s first-quarter profit fell to $0.6 million, or $0.06 per share, compared with profit of $1.6 million, or $0.14 per share, during the comparable period a year earlier. Sales were relatively flat at $33 million, from $33.4 million.

The Lake Success, New York-based company said it expects fiscal 2008 revenue to be in the range of $155 million to $160 million. E-Z-EM’s fiscal year ends in June.

In afternoon trading, EZEM shares are diving 18.98%, or $3.74, at $15.96. Over the last 52 weeks, shares have ranged from $11.68 to $20.

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