The electronic security manufacturer posted $50 million in revenue for the quarter, missing the $52 million target set by Wall Street analysts. While the company saw a modest profit of $13 million—up from $12.2 million a year ago—its adjusted earnings of 34 cents per share failed to reach the anticipated 38 cents.

Chief Executive Kevin Buchel attributed the soft performance to a decline in equipment revenue, which slipped to $23.9 million from $25.7 million. Although service revenue grew to $26.1 million, the reduction in purchasing volume from two specific locking distributors weighed heavily on the firm's bottom line. With this latest slide, the stock is down 22% for the year.