Procom Technology Shares Fall 14%

Procom Technology Inc. shares fell 14% Tuesday after the company reported first-quarter earnings were 1 cent per share higher than analysts’ estimates.

RAF Financial Corp. analyst Stephen Wing called Procom’s results “excellent” and said investors had failed to take into account that there were more shares outstanding in the latest period.

The Irvine maker of computer data-storage devices had first-quarter net income of $2.5 million, 25% more than the year-earlier $2 million. But with 22.2% more shares after a public offering, earnings per share matched the year-earlier quarter’s 22 cents. Analysts had predicted Procom would earn 21 cents a share in the first quarter.

Sales rose nearly 26% to $31.3 million from $24.9 million.

But investors seemed unimpressed. The company’s shares fell $2.50 to $15.25 on the Nasdaq market.