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PHOENIX (AP) - Stun-gun maker Taser International Inc. said Friday it will delay filing its first-quarter financial report after finding it used incorrect methods to calculate manufacturing expenses and a clerical error.
Investors responded by sending shares of the Scottsdale, Ariz.-based company down nearly 7 percent in trading on the Nasdaq, with the stock losing 70 cents to close at $9.44 a share.
Taser also noted in its a Securities and Exchange Commission filing that sales for the first quarter rose 36 percent compared with the first quarter of 2005, from $10.2 million to $13.9 million. It said its net income would be 1 cent per share, up from a break-even first quarter in 2005.
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