Earnings - 28th May 2008

5:56PM KMG Chemicals expects fiscal 2008 sales to come in at expected levels in excess of $135 mln vs $148.6 mln consensus; sees EPS 10-20% lower Fy07's $0.80 (KMGB) 12.49 +0.44 : Co guides FY08 EPS and revs below consensus. Co expects FY08 sales to come in at expected levels in excess of $135 mln vs $148.6 mln consensus. However, due to lower than expected Q3 sales in its Penta and Animal Health segments, it anticipates FY08 EPS to decline 10-20% below fiscal 2007's $0.80 per diluted share, which equates to ~$0.64-0.72 (consensus is $0.99), which was up dramatically over FY06 EPS. The Co expects Q4 2008 EPS to be significantly higher than Q4 of 2007, but will not offset the downturn experienced in the third quarter. KMGB's recently acquired High-Purity Process Chemicals business has been performing well and as expected, will be accretive to earnings and cash flow for FY08, with a more meaningful positive effect projected for FY09. Co says, "Our Animal Health business is very seasonal, with sales impacted by weather patterns. Cooler than normal weather in the southern part of the United States for much of Q3 delayed the onslaught of the fly season. We believe this has shifted the weighting of sales this year from Q3 to Q4... we expect FY08 sales in this segment to increase relative to the previous year, although not to the degree we originally expected... On a more positive note, the Company indicated that Creosote sales have remained strong driven by a healthy railroad industry, and should continue as such in Q4.

4:20PM Coldwater Creek beats by $0.06, beats on revs; guides Q2 EPS in-line, revs in-line; guides FY09 EPS in-line, revs in-line (CWTR) 6.22 +0.54 : Reports Q1 (Apr) loss of $0.10 per share, $0.06 better than the First Call consensus of ($0.16); revenues fell 3.6% year/year to $271.1 mln vs the $245.7 mln consensus. Co issues in-line guidance for Q2, sees EPS of ($0.03)-(0.09) vs. ($0.06) consensus; sees Q2 revs of $215-239 mln vs. $236.35 mln consensus. Co gives guidance for FY09, sees EPS of ($0.13) to $0.04 vs. ($0.13) consensus; sees FY09 revs of $1.09-1.15 bln vs. $1.12 bln consensus.

4:15PM TiVo beats by $0.05, misses on revs; guides Q2 revs below consensus (TIVO) 8.10 -0.16 : Reports Q1 (Apr) earnings of $0.04 per share, $0.05 better than the First Call consensus of ($0.01); revenues fell 5.5% year/year to $54.9 mln vs the $55.6 mln consensus. Co issues downside guidance for Q2, sees Q2 revs of $53-55 vs. $56.73 mln consensus.

4:05PM Men's Wearhouse misses by $0.02, beats on revs; guides Q2 EPS below consensus; guides FY09 EPS below consensus (MW) 23.62 +0.07 : Reports Q1 (Apr) earnings of $0.20 per share, $0.02 worse than the First Call consensus of $0.22; revenues fell 1.0% year/year to $491.1 mln vs the $477 mln consensus. Co issues downside guidance for Q2, sees EPS of $0.75-0.79 vs. $0.82 consensus. Co issues downside guidance for FY09, sees EPS of $1.75-1.85 vs. $2.01 consensus.

4:05PM Jo-Ann Stores beats by $0.11, reports revs in-line; guides FY09 EPS (JAS) 20.99 +0.26 : Reports Q1 (Apr) earnings of $0.12 per share, $0.11 better than the First Call consensus of $0.01; revenues rose 5.2% year/year to previously announced $446.1 mln. Co issues guidance for FY09, sees EPS of $0.75-0.85, compared to previous guidance of $0.70-0.85, vs. $0.87 consensus; co sees same-store sales growth of 1-3%.

1:23PM Altria reaffirms FY08 guidance at its Annual Meeting of Stockholders, sees FY08 EPS of $1.63-1.67 vs $1.67 First Call consensus (MO) 22.24 -0.25 : "This full-year earnings per share forecast reflects expected stronger earnings per share growth in the second half of this year when compared to the first half

8:57AM Daktronics beats by $0.08, beats on revs; guides FY09 revs above consensus (DAKT) 16.55 : Reports Q4 (Apr) earnings of $0.14 per share, $0.08 better than the First Call consensus of $0.06; revenues rose 16.5% year/year to $129.1 mln vs the $123.3 mln consensus. Co issues upside guidance for FY09, sees FY09 rev growth of more than 20% (20% growth is ~$599.6 mln vs. $587.91 mln consensus.)

8:40AM Dollar Tree beats by $0.06, reports revs in-line; guides Q2 EPS in-line, revs in-line; guides FY09 EPS in-line, revs in-line (DLTR) 33.78 : Reports Q1 (Mar) earnings of $0.48 per share, $0.06 better than the First Call consensus of $0.42; revenues rose 7.8% year/year to $1.05 bln, in-line with preannouncement. Co issues in-line guidance for Q2, sees EPS of $0.33-0.36 vs. $0.36 consensus; sees Q2 revs of $1.045-1.075 bln vs. $1.04 bln consensus. Co issues in-line guidance for FY09, sees EPS of $2.23-2.39 vs. $2.33 consensus; sees FY09 revs of $4.52-4.63 bln vs. $4.58 bln consensus.

8:12AM Coca-Cola reaffirms second quarter and full year business outlook (KO) 58.59 : Co expressed continued confidence in the Company's global business outlook for the second quarter and full year 2008. Strength in international operations, representing over 80 percent of the Company's operating income, is expected to continue to offset weakness in North America resulting from the difficult economic environment. The Company remains committed to restoring growth in its flagship North America market and is working collaboratively with its bottling partners. Currency is estimated to provide a mid-single digit favorable benefit to 2008 operating income. The Company will reinvest a portion of the currency benefit in marketing programs and productivity initiatives to drive long-term sustainable growth.

8:11AM Polo Ralph Lauren reports Q4 (Mar) results, beats on revs; guides FY09 EPS in-line (RL) 61.75 : Reports Q4 (Mar) earnings of $1.00 per share, may not be comparable to the First Call consensus of $0.65; revenues rose 20.3% year/year to $1.24 bln vs the $1.15 bln consensus. Co reaffirms guidance for FY09, sees EPS of $3.95-4.05 vs. $3.97 consensus and FY09 revs increase by a low-to-mid single digit percentage. The Q4 results include the net dilutive impact associated with recent acquisitions, including non-cash amortization of $8 million, as well as a lower effective tax rate. For Q1 co expects consolidated revenues to grow at a low to mid-single digit rate and the consolidated operating margin is expected to be down ~300-400 basis points.

8:04AM American Axle announces 2009-2013 new business backlog of $1.4 bln (AXL) 18.44 : Co announces that its backlog of new and incremental business launching from 2009 through 2013 has increased to approximately $1.4 bln in future annual sales. AXL currently expects to launch approximately two-thirds of the $1.4 bln new business backlog in the 2009, 2010 and 2011 calendar years. The balance of the new business backlog will launch in 2012 and 2013. Almost half of AXL's new business backlog relates to rear-wheel-drive and all-wheel-drive applications for passenger cars and crossover vehicles. Approximately 85% of AXL's new business backlog has been sourced to AXL's non-U.S. facilities.

8:04AM Pall Corp reports Q3 revs $661.7 mln vs $619.05 mln First Call consensus (PLL) 38.24 : "Sales growth was broad-based across markets and geographies. Over two-thirds of our revenue is now generated outside the U.S. System sales were particularly strong with an increase of 66% and represent 12% of total sales in the quarter. Pall's Total Fluid Management capability is clearly resonating with customers." (Breakout)

7:31AM American Eagle beats by $0.02; guides Q2 EPS in-line (AEO) 17.22 : Reports Q1 (Apr) earnings of $0.21 per share, $0.02 better than the First Call consensus of $0.19; revenues rose 4.6% year/year to $640.3 mln. Co issues in-line guidance for Q2, sees EPS of $0.28-0.30 vs. $0.29 consensus.

7:25AM Chico's FAS beats by $0.01 (CHS) 7.17 : Reports Q1 (Apr) earnings of $0.07 per share, $0.01 better than the First Call consensus of $0.06; revenues fell 9.6% year/year to $409.6 mln in-line with preannouncement. Co said, "We continue to expect negative comparable store sales for the first half of 2008, and expect to have lower earnings than the first half of 2007. Our current expectations are to gradually improve and return to positive comparable store sales increases sometime in the second half of 2008 if we can expect some level of improvement in the economic environment resulting in overall earnings growth during this time frame."