Datum Warns of Sales Delays, Earnings Drop

Datum Inc.’s stock plunged 40% as the company warned that a major customer’s change in purchasing practices will delay some sales and drop third-quarter earnings below Wall Street estimates. Datum shares tumbled $18.25, closing at $27.38 on Nasdaq after dropping to $26.38 during the session. The Irvine-based company, which makes sophisticated timing devices and other wireless communications components, said it will report earnings of 26 cents to 28 cents a share in the third quarter, which ended Tuesday. Analysts had predicted earnings of 35 cents to 36 cents a share for the quarter. Analysts said the major customer, Lucent Technologies Inc., switched to an inventory system that forces suppliers such as Datum to maintain ownership of the products until they are actually used. The move cut Datum’s sales by $2.5 million for the third quarter, company officials said.