O.C. BUSINESS PLUS : ORANGE COUNTY BRIEFLY : Day Runner Shares Fall 15.5% on Loss, Restatement
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Day Runner Inc. shares dropped 15.5% Wednesday, a day after the Irvine maker of address books and other personal organizers posted a higher fourth-quarter loss than expected and said it restated earnings for the first three quarters because of cost accounting errors in its manufacturing business.
The stock closed at $9.19, down $1.69 on trading of 390,800 shares, more than seven times the average daily volume over the last three months.
The company also said it has received a number of unsolicited bids from potential suitors as it considers a number of alternatives, from seeking more financing to selling the company.
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