Rakon's fall from grace took another turn for the worse yesterday when the specialised electronic components maker revised down its 2012-13 earnings forecast for the second time since December.
The company's shares, at one point one of the market's most sought-after, closed at a record low of 26c - 12c or 31.6 per cent down from its close on Tuesday.
Rakon shares listed on the NZX at $1.60 in 2007, hitting $5.80 just one year later. Rakon said it had revised down its earnings guidance for the year to March because of "sudden, aggressive" price reductions demanded of all key component suppliers.
The company also said it would be looking at restructuring its balance sheet, but chief executive Brett Robinson said Rakon, which remained within its banking covenants, was not looking at raising capital from the market.
Robinson said the escalating value of the New Zealand dollar against the US dollar was affecting earnings at a time when Rakon's major Japanese competitors were benefiting from a decline in the value of the yen against the greenback.