Earnings - 10th Sept 2008

4:30PM Actel reduces third quarter revenue guidance (ACTL) 11.31 +0.04 : Co believes that Q3 2008 revenues will decline sequentially 7-9%, down from previous guidance of +1% to -3% sequentially (First Call Consensus is for -1.04% sequential decline) due primarily to weakness in the Asian consumer market. Gross margin is expected to be about 58%, up from previous guidance of 57%. (stock is halted)

4:22PM Globecomm Systems beats by $0.01, beats on revs; guides FY09 EPS above consensus, revs above consensus (GCOM) 10.01 +0.02 : Reports Q4 (Jun) earnings of $0.21 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.20; revenues rose 14.7% year/year to $56.4 mln vs the $53.9 mln consensus. Co issues upside guidance for FY09, sees EPS of ~$0.84, excluding non-recurring items, vs. $0.56 two analyst estimate; sees FY09 revs of $225-235 mln vs. $219.90 mln two analyst estimate.

4:20PM Kenexa lowers Q3 and FY08 EPS and revs guidance below consensus (KNXA) 22.17 +0.62 : Co lowers Q3 EPS guidance to $0.35-0.36 vs $0.39 First Call consensus, down from $0.38-0.39; lowers revs to $54-56 mln vs $58.20 mln First Call consensus, down from $57-59 mln. Co lowers FY08 EPS to $1.43-1.46 vs $1.53 consensus, down from $1.52-1.55, lowers revs to $213-217 mln vs $226.5 mln consensus, down from $225-230 mln. Co says, "The macroeconomic environment continues to be challenging, and as a result we have seen an increased number of project implementations that have slowed or been delayed. The strengthening of the U.S. dollar since the end of the second quarter has created an additional headwind considering the fact that international operations are the fastest growing segment of Kenexa's overall business."

4:07PM Rockwell Collins reaffirms FY08 guidance; guides FY09 in-line (COL) 49.70 -1.86 : Co reaffirms guidance for FY08 (Sep), sees EPS of $4.05-4.10 vs. $4.10 First Call consensus; sees FY08 (Sep) revs of $4.75 bln vs. $4.78 bln consensus. Co issues in-line guidance for FY09 (Sep), sees EPS of $4.35-4.55 vs. $4.42 consensus; sees FY09 (Sep) revs of $8.05-5.1 bln vs. $5.11 bln consensus.

7:34AM Ceradyne provides XSAPI/ESAPI clarification; revises bottom end of their FY08 guidance (CRDN) 35.20 : Co announces that it is aware of a protest filed with the Government Accounting Office by a bidder on the anticipated multi-year XSAPI/ESAPI contract. The referenced award will be delayed unless the Army overrides the protest on urgent and compelling grounds. If the protest is not overridden, the award would most likely be delayed, resulting in lower shipments and earnings in Q4 2008 for Ceradyne. Ceradyne understands that various government officials and interested politicians believe the award should not be further delayed because of the protest. Based on this information, the co is revising its FY08 guidance. Co sees FY08 EPS of $4.25-$4.80 (vs $4.75 consensus), from previous guidance of $4.70-$4.80; sees FY08 revs of $710-$750 mln (vs $743 mln consensus) from the previous range of $740-$750 mln.