Earnings - 19th May 2008

6:43PM Tower Semicon misses by $0.04; guides Q2 revs below consensus (TSEM) 1.16 -0.07 : Reports Q1 (Mar) ($0.24), $0.04 worse than the First Call consensus of ($0.20); revenues rose 3.6% year/year to $57.6 mln vs the $57.6 mln single-analyst est. Co sees Q2 revs of $56-60 mln vs $63.4 mln single-analyst est.

5:06PM The9 Ltd beats by $0.14, beats on revs (NCTY) 25.79 +0.54 : Reports Q1 (Mar) earnings of $0.46 per share, $0.14 better than the First Call consensus of $0.32; revenues rose 62.9% year/year to $62.7 mln vs the $58.1 mln consensus.

4:13PM DryShips beats by $0.08, beats on revs (DRYS) 104.50 -6.24 : Reports Q1 (Mar) earnings of $4.13 per share, $0.08 better than the First Call consensus of $4.05; revenues rose 167.8% year/year to $232.1 mln vs the $218.6 mln consensus. the co reported an average number of vessels operated of 38.3 at an average day rate of $63,127 , which compares with the prior period of 32.1 ships at an average day rate of $28,930. Co says, "The acquisition of Ocean Rig, which already operates two UDW rigs, and the agreement to construct two state of the art drillships creates a significant platform for our foray into this sector. As we have mentioned before, we to spin off this business unit to our shareholders through a U.S. listing within the next 12 month."

4:05PM China Grentech beats by $0.01, beats on revs (GRRF) 6.15 +0.42 : Reports Q1 (Mar) loss of $0.24 per share, $0.01 better than the First Call consensus of ($0.25); revenues rose 126.7% year/year to $10.2 mln vs the $8.4 mln consensus. "GrenTech believes that in the second quarter, revenue from the RF business will increase over the first quarter 2008, as the Company has won the bids from the two largest Chinese base station manufacturers and expects customer demand to increase in the second quarter 2008. Additionally, the Company will continue to supply RF modules to international base station manufacturers on a trial basis. Furthermore, following the successful completion of customer tests of its TD-SCDMA amplifier modules, RRU products and filter products, GrenTech is ready to support Phase II TD-SCDMA network construction."

4:02PM China Techfaith Wireless misses by $0.01, beats on revs; guides Q2 revs slightly above consensus (CNTF) 6.67 +0.12 : Reports Q1 (Mar) earnings of $0.07 per share, $0.01 worse than the First Call consensus of $0.08; revenues rose 81.8% year/year to $49.6 mln vs the $48.7 mln consensus. Co issues guidance for Q2, sees Q2 revs of $52-54 mln vs. $51.95 mln consensus.

3:31PM Mexco Energy announces completion of a well in Loving County, Texas (MXC) 27.90 +8.25 : Co announces completion of a well in Loving County, Texas. Mexco Energy Corporation acted as operator of a discovery well drilled to a depth of apporx 6,680 feet in the Cherry Canyon producing interval in Loving County, Texas. This well produced from a 45 acre drilling and spacing unit on a 24/64" choke flow test on May 16, 2008 at a rate of 3,450,000 cubic feet of gas per day with a flowing tubing pressure of 1,000 pounds per square inch, 912 barrels of water and 48 barrels of oil per day. Mexco's working interest in this well is 31.25% (net revenue interest of 22.94%). Further testing, exploration and development of this discovery is anticipated and the co will issue an update later in the week. (stock is halted)

9:15AM Patriot Coal announces 49% stake in joint venture to develop metallurgical coal reserves in Central Appalachia; initial investment is $10.1 mln (PCX) 93.25 : The joint venture is expected to build production to over 500,000 annual tons by the end of 2008.

8:40AM Excel Maritime Carriers beats by $0.14, beats on revs (EXM) 57.72 : Reports Q1 (Mar) earnings of $1.93 per share, $0.14 better than the First Call consensus of $1.79; revenues rose 93.9% year/year to $69.8 mln vs the $61.8 mln consensus. "Post-merger, Excel's combined fleet will be deployed in a more balanced employment approach. We will take advantage of the current strong rate environment to expand our charter coverage for 2009 and beyond to secure consistent cash flows and ongoing profitability to our shareholders, but at the same time we will always leave a part of our fleet to operate under short-term period charters or in the spot market."

8:32AM Campbell Soup misses by $0.01, reports revs in-line; reaffirms FY08 EPS guidance (CPB) 35.95 : Reports Q3 (Apr) earnings of $0.43 per share, excluding non-recurring items, $0.01 worse than the First Call consensus of $0.44; revenues rose 7.4% year/year to $1.88 bln vs the $1.9 bln consensus. Co reaffirms guidance for FY08, sees EPS of $2.05-2.09 vs. $2.06 consensus.

7:05AM Enersys guides Q4 & Q1 FY09 above consensus (ENS) 29.51 : Co issues upside guidance for Q4 (Mar), sees EPS of $0.42, excluding non-recurring items, vs. $0.34 First Call consensus; sees Q4 (Mar) revs of $582 mln vs. $563.70 mln consensus. Co issues upside guidance for Q1 (Jun), sees EPS of $0.40-0.44 vs. $0.34 consensus.

5:55AM Perfect World beats by $0.03, beats on revs (PWRD) 31.30 : Reports Q1 (Mar) earnings of $0.38 per share, $0.03 better than the First Call consensus of $0.35; revenues increased 247.8% year/year to $43.23 mln vs the $39.39 mln consensus. Co anticipates total revenues for Q208 to be between RMB303 -318 mln, an increase of 0% -5% on a sequential basis. (Soft revenue guidance)

1:33AM Longtop Financial beats by $0.03, beats on revs; guides Q109 and FY09 revs in-line (LFT) 20.45 : Reports Q4 (Mar) earnings of $0.12 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.09; revenues rose 111% year/year to $16.14 mln vs the $12.58 mln consensus. Co issues in-line guidance for Q109, sees revenue of $15.3 mln vs the $15.76 mln estimate; issues in-line guidance for FY09, sees revenue of $86.0 mln vs the $87.54 mln consensus. (Soft revenue guidance)