Earnings - 2nd Dec 2008

4:40PM Constellation Brands guides FY09 EPS above consensus; increases free cash flow guidance due to foreign exchange hedge gains (STZ) 12.17 +0.37 : Co sees FY09 EPS of $1.68-1.76 vs $1.69 First Call consensus. Co reported that it has closed out certain foreign currency hedges to take advantage of the recent strength of the U.S. dollar, resulting in a net cash inflow. The net proceeds are expected to be used to reduce borrowings. The company expects to realize approximately $50 million in after-tax cash proceeds from the settlement of the hedge transactions, which will increase the company's fiscal 2009 free cash flow guidance from $310-$340 million to $360-$390 million. The company's pre-tax income will not be impacted by these transactions, although the company will pay taxes on the hedge gains. Consequently, the company expects to recognize a $0.20 diluted EPS impact for reported fiscal 2009 results. This impact will be excluded from the company's comparable basis fiscal 2009 diluted EPS.

4:15PM OmniVision beats by $0.01, misses on revs; guides Q3 EPS below consensus, revs below consensus (OVTI) 5.48 -0.04 : Reports Q2 (Oct) earnings of $0.19 per share, ex-items, $0.01 better than the First Call consensus of $0.18; revenues fell 29.5% year/year to $163.9 mln vs the $166.4 mln consensus. Co issues downside guidance for Q3, sees EPS of ($0.22)-($0.09), ex-SBC, vs. $0.17 consensus; sees Q3 revs of $80-$100 mln vs. $164.35 mln consensus.

4:09PM Marvell beats by $0.02, reports revs in-line (MRVL) 5.09 -0.12 : Reports Q3 (Oct) earnings of $0.23 per share, $0.02 better than the First Call consensus of $0.21; revenues rose 4.3% year/year to $791 mln vs the $793.1 mln consensus. Non-GAAP gross margin for the third quarter of fiscal 2009 was 52.3 percent vs guidance of 52.5 plus or minus 50 bps. Co said, "The results for our third quarter were in-line with our revised expectations, however we continue to experience limited visibility into the near-term demand for our products... We are taking the appropriate steps to better align our operating expenses to reflect the challenging business environment we face. Our results in our third quarter demonstrate initial progress toward these goals."

4:03PM Sigma Designs misses by $0.02, reports revs in-line (SIGM) 8.81 +0.26 : Reports Q3 (Oct) earnings of $0.27 per share, $0.02 worse than the First Call consensus of $0.29; revenues fell 29.3% year/year to $46.8 mln vs the $46.4 mln consensus. Co states, "Like many other companies facing the challenge of our struggling economy, we are disappointed to report a decline in revenues for the third quarter, however, we are placing every effort on bolstering sales within our market segments... Furthermore, to help maintain reasonable operating profits, we are already taking actions to reduce our operating expenses moving forward. These actions include the establishment of a hiring freeze, reducing outside consulting services and tightening restrictions on employee travel"

8:02AM Beacon Roofing Supply beats by $0.13, beats on revs (BECN) 2.30 : Reports Q4 (Sep) earnings of $0.55 per share, $0.13 better than the First Call consensus of $0.42; revenues rose 14.9% year/year to $567.2 mln vs the $520.9 mln consensus. Co says "We had a very good fourth quarter and a successful fiscal year 2008 during a difficult economic period. Although our 2008 results benefited from an unusual rise in prices, which is not expected to re-occur in the near future, our employees' performance was nonetheless exceptional. They executed our business strategies, including providing outstanding customer service, and kept costs well-controlled despite substantial increases in average fuel costs. We managed our working capital and other resources effectively in 2008, paid down our debt and increased our invested cash, further strengthening our Company's financial position and ability to grow."

7:35AM America's Car-Mart reports EPS in-line, misses on revs (CRMT) 8.29 : Reports Q2 (Oct) earnings of $0.35 per share, excluding a $.02 for Change in Fair Value of Interest Rate Swap, in-line with the First Call consensus of $0.35; revenues rose 5.5% year/year to $72 mln vs the $73.4 mln consensus.