Cavalier has again downgraded its earnings estimate because of poor sales in May in Australia of broadloom carpet.
The listed carpet manufacturer expects normalised annual earnings will be $5-6 million.
That is down from its February guidance of at least $6 million, which itself was a downgrade from the $8-10 million estimate provided last November.
The downgraded result will still be an improvement on the $3 million net profit for the year ended June 2013, which was a turnaround from the previous year's $1.6 million loss.
Cavalier managing director Colin McKenzie said the realisation of the sales shortfall came as a surprise and that it was recoverable - but not before the end of June.
"It was largely linked to very soft trading in Australia in our broadloom business during the month of May, which really only surfaced, as we were pulling the results together for May, and by that stage we were halfway through June, so we had no time to recover the situation before year-end," he said.
"So unfortunately we've had to put out the revised earnings range.
"We know exactly what the issues are. We know that we can recover the situation but unfortunately we can't do it before the 30th of June."
Mr McKenzie said at last year's annual shareholders' meeting that the problems which had led to two difficult years in which profits fell well below traditional levels were largely behind the company.
