The value of small cap stock for ACCO Brands Corporation (NYSE:ACCO) was lower on Thursday after the company's quarterly financial report showed its revenue came in lower than analysts expected and that the company slashed its full-year forecast on economic worries.
According to Bloomberg, Acco, which makes office products such as staplers and notepads, paid $860 million to acquire MeadWestvaco's consumer and office products division, which gave Acco control over brands like Mead, Five Star and Trapper Keeper. Although the company increased its revenue by 33 percent to $438.7 million that figure still came in lower than the $40 million in revenue Wall Street expected.
"The environment in which we operate has become increasingly more challenging since the acquisition," said Chairman and CEO Robert Keller.
Acco also lowered its estimates for future profits, with income expected to be about $1.02 cents per share in 2013, compared to the $1.24 per share analysts were expected the company to report.
As of 3:29 pm on August 9, 2012, ACCO stock was down 15 percent to $7.51.
