Shares of Central European Distribution fall by 37 pct.

Shares of Central European Distribution Corp. were down as much as 37 percent Friday after the Mount Laurel-based vodka producer lowered its sales and earnings guidance.

The company cut its projected 2011 sales range to $850 million to $950 million, from $900 million to $1.05 billion. It also slashed the earnings per share range to 25 cents to 45 cents, from 80 cents to $1.

Central European Distribution reported a net loss of $839.9 million, or $11.59 per share, for its third quarter ended Sept. 30. For the same three months of 2010, the company had net income of $99.9 million, or $1.42 per share.

The company said the loss was driven by an impairment charge for goodwill and trademarks of $674.5 million.

Net sales for the third quarter were $228.85 million, up 45 percent from $157.76 million for the same quarter in 2010.

In a statement, the company said it observed "an overall market environment of declining vodka consumption" and pricing pressure in its core markets of Poland and Russia.

In trading shortly before 2 p.m. Friday, shares of Central European were down $1.85, or 37 percent, to $3.19.