2:20PM i2 Tech beats by $0.13, beats on revs (ITWO) 8.17 -0.35 : Co reports Q2 EPS of 0.33, excluding stock option expense, contract revenue and external expenses related to the proposed merger, $0.13 better than the $0.20 First Call consensus; revs fell 3% year/year to $64.8 mln vs $63.63 mln First Call consensus.
9:01AM Rick's Cabaret announces nightclub sales +113% YoY to $6.1 mln in October; same club sales up 8% (RICK) 4.49 : Co said its nightclub sales in October were $6.1 mln, a 113% increase over October 2007. Sales at clubs operated for more than a year were up eight percent over the previous year's October results. "These results are so outstanding that we have made an exception to our policy of announcing sales only on a quarterly basis, so that we could bring the news out sooner." Mr. Langan said that sales were up nearly 30% at the co's flagship New York City club, which had a record month. Each of the company's brands -- Rick's Cabaret, XTC Cabaret and Club Onyx -- reported sales increases over the previous year... Our newest club, Rick's Cabaret Las Vegas, is dealing with the general slowdown in Las Vegas traffic." Mr. Langan said the company expects its next nightclub sales report will be made shortly after the end of the current quarter. The company will issue its fiscal 2008 and fourth quarter results and will hold a conference call in December, but has not yet selected a date.
8:17AM K12 beats by $0.03; guides above consensus for FY09 - Correction (LRN) 23.00 : Reports Q1 (Sep) earnings of $0.20 per share, $0.03 better than the First Call consensus of $0.17; revenues rose 49.2% year/year to $88.6 mln vs the $80.6 mln consensus. Co issues upside guidance for FY09, sees FY09 revs of $310.0-320.0 mln vs. $303.61 mln consensus. Co sees FY09 operating income of approx $19.0-22.0 mln. (Briefing.com note: Earlier we compared FY08 Q1 results to consensus, this was incorrect. We have removed the original story.)
8:01AM Cypress Semi sees Q4 EPS of ($0.03)-($0.12) vs $0.04 First Call consensus; revs $165-180 mln vs $198.70 mln First Call consensus (CY) : Co said, "The economy has weakened significantly in the fourth quarter and has continued to deteriorate since we issued our previous guidance. We have seen declining order patterns and turns from all sales channels, all end markets, all geographies and all of our product lines. In addition, backlog continues to be weak and we are seeing cancellations and requests for push-outs that are somewhat higher than normal."
7:53AM JC Penney beats by $0.02, misses on revs; guides Q4 EPS below consensus (JCP) 19.28 : Reports Q3 (Oct) earnings of $0.55 per share, $0.02 better than the First Call consensus of $0.53; revenues fell 8.7% year/year to $4.32 bln vs the $4.39 bln consensus. Co issues downside guidance for Q4, sees EPS of $0.90-$1.05 vs. $1.32 consensus. Co sees total Q4 sales to be down 7-9% and comparble store sales to decrease 9-11%. Co states, "As sales have been impacted by lower consumer spending and declining mall traffic, we have been effective in reducing SG&A expenses without compromising our customer experience and in managing our inventories to appropriate levels. Over the course of the third quarter, we have also executed initiatives that bring newness, excitement and convenience for customers into our stores, catalogs and jcp.com..."
7:48AM Agilent beats by $0.03, misses on revs; guides Q1 EPS below consensus, revs below consensus (A) 20.67 : Reports Q4 (Oct) earnings of $0.62 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.59; revenues rose 2.4% year/year to $1.48 bln vs the $1.54 bln consensus. Co issues downside guidance for Q1, sees EPS of $0.34-0.38 vs. $0.41 consensus; sees Q1 revs of $1.34-1.39 bln vs. $1.47 bln consensus. Looking further ahead, the company emphasized the uncertainty in the outlook, but said the company expected 2009 adjusted earnings per share to be roughly flat with 2008 results on revenues that are flat to down 5 percent from this year.
7:48AM Freddie Mac releases Q3 results; reports $25.3 bln loss (FRE) 0.74 : Co reported a net loss of $25.3 bln, or $19.44 per diluted common share, for the quarter ended September 30, 2008, compared to a net loss of $1.2 bln, or $2.07 per diluted common share, for the quarter ended September 30, 2007. As a result of the net loss, at September 30, 2008, the co's stockholders' equity (deficit) totaled $(13.8) bln. Pursuant to the company's Senior Preferred Stock Purchase Agreement (Purchase Agreement) with the U.S. Department of the Treasury, the Director of the Federal Housing Finance Agency (FHFA) has submitted a request to Treasury under the Purchase Agreement in the amount of $13.8 bln. Third-quarter results were driven primarily by a non-cash charge of $14.3 bln related to the establishment of a partial valuation allowance against the company's deferred tax assets, $9.1 bln in security impairments on available-for-sale securities and $6.0 bln in credit-related expenses arising from the dramatic deterioration in market conditions during the third quarter, including declining home prices, increasing unemployment, a significant decline in consumer spending and a considerable tightening of both consumer and business credit.
7:33AM Suburban Propane reports Q4 (Sep) results, misses on revs (SPH) 31.99 : Reports Q4 (Sep) loss of $0.35 per share, includes items, may not be comparable to the First Call consensus of ($0.86); revenues rose 20.9% year/year to $186.3 mln vs the $213.5 mln consensus. EBITDA and net loss for the fiscal 2007 fourth quarter included: (i) a non-cash pension settlement charge of $3.3 mln related to accelerated recognition of actuarial losses in the Partnership's defined benefit pension plan as a result of the level of lump sum retirement benefit payments made during fiscal 2007; (ii) a gain (reported within discontinued operations) of $0.7 mln from the sale of two customer service centers considered to be non-strategic; and (iii) a $3.8 mln increase to the provision for income taxes related to a non-cash deferred tax adjustment. Contributing to the quarter-over-quarter improvement in EBITDA was the partial recovery of realized losses from risk management activities reported in the third quarter of fiscal 2008, which amounted to $3.7 mln, as well as an improvement in total gross margin and a $2.4 mln reduction in combined operating and general and administrative expenses as we continued to leverage our flexible cost structure to realize operating efficiencies and reduce costs.
7:15AM General Steel misses by $0.15, reports revs in-line (GSI) 4.62 : Reports Q3 (Sep) loss of $0.17 per share, excluding a gain of $29.9 mln for the quarter from a derivative instrument and $7.2 mln from a debt waiver, non-recurring items, $0.15 worse than the First Call consensus of ($0.02); revenues rose 19.1% year/year to $411.5 mln vs the $411.5 mln consensus.
7:06AM Hewitt Associates reports EPS in-line, beats on revs; guides FY09 EPS in-line; board authorizes $300 mln share repurchase program (HEW) 24.42 : Reports Q4 (Sep) earnings of $0.50 per share, excluding non-recurring items, in-line with the First Call consensus of $0.50; revenues rose 7.5% year/year to $806.7 mln vs the $792.4 mln consensus. Co issues in-line guidance for FY09, sees EPS of $2.35-2.45 vs. $2.36 consensus. Board authorizes $300 mln share repurchase program.
7:02AM Abercrombie beats by $0.01, misses on revs; guides Q4 EPS below consensus (ANF) 22.44 : Reports Q3 (Oct) earnings of $0.72 per share, $0.01 better than the First Call consensus of $0.71; revenues fell 8.0% year/year to $896.3 mln vs the $909 mln consensus. Co issues downside guidance for Q4, sees EPS of $1.00-1.05 vs. $1.57 consensus. The fourth quarter earnings guidance assumes a negative 26% comparable store sales scenario (in line with the early November trend), approximately $5 million in incremental expense from minimum wage rate and manager salary increases, and approximately $6 million in pre-opening rent expense for future flagship stores.
12:40AM WGL Holdings beats by $0.10, beats on revs; guides FY09 EPS in-line (WGL) 32.83 : Reports Q4 (Sep) loss of $0.23 per share, excluding non-recurring items, $0.10 better than the First Call consensus of ($0.33); revenues rose 20.3% year/year to $391.9 mln vs the $324.9 mln consensus. Co issues in-line guidance for FY09, sees EPS of $2.27-2.39, excluding non-recurring items, vs. $2.33 consensus.
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