Corporate Executive Board Co (EXBD) posted a drop in quarterly profits hurt by a fall in the value of its contracts, slashed quarterly dividend and cut its outlook for 2009, sending its shares down as much as 10 percent in extended trading.
For 2009, the company expects to earn 90 cents a share to $1.40 a share. It had previously forecast earnings to range between $1.30 and $1.60 a share.
Revenue for 2009 is expected to be $410 million to $450 million, down from its previous forecast of $445 million to $475 million.
For the first quarter, the company posted earnings of $13.1 million, or 38 cents a share, compared with $14.8 million, or 42 cents a share.
Analysts were expecting earnings of 25 cents a share, excluding items, on revenue of $112.8 million, according to Reuters Estimates.
Shares of the company fell 10 percent to $15.98 in trading after the bell. They closed at $17.69 Monday on Nasdaq.