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Imnet to miss mark
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April 3, 1998: 1:13 p.m. ET
Shares tumble as health-care technology firm says it will post a loss
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NEW YORK (CNNfn) - Shares of Imnet Systems, Inc. plummeted Friday after the company announced it will not meet third-quarter earnings expectations.
Imnet said it expects to report third-quarter revenues of between $12 million and $14 million, resulting in a loss of 12 cents to 15 cents per share. Analysts had predicted a profit of 20 cents a share, according to the consensus estimate compiled by First Call.
The company earned 13 cents per share in the year-ago period.
Imnet (IMNT) shares sagged 6-7/16, or about 28 percent, to 16 in midday trading on the Nasdaq.
Imnet, which makes electronic health-care information systems, said its disappointing earnings were the result of several customer decisions to delay the purchase of its systems.
"A couple of contracts we had anticipated closing during our fiscal third quarter did not execute as we had expected, resulting in a revenue and, therefore, earnings shortfall from analysts' expectations," said Kenneth D. Rardin, Imnet's chairman and chief executive officer. 
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Imnet Systems, Inc.
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