4:33PM Comtech Telecom beats by $0.26, beats on revs (CMTL) 44.02 -1.30 : Reports Q1 (Oct) earnings of $0.80 per share, $0.26 better than the First Call consensus of $0.54; revenues rose 66.8% year/year to $191.9 mln vs the $170.5 mln consensus. "Our gross profit, as a percentage of fiscal 2009 net sales, is expected to decline slightly from the percentage achieved in fiscal 2008, primarily due to incremental sales of Radyne's products which traditionally have been sold at gross margins below those of our legacy businesses. Our gross margin in fiscal 2009 will also be negatively impacted by $1.5 million of amortization related to the estimated fair value step-up of Radyne inventory acquired."
4:09PM Novell reports EPS in-line, misses on revs (NOVL) 3.82 -0.26 : Reports Q4 (Oct) earnings of $0.06 per share, in-line with the First Call consensus of $0.06; revenues fell 0.1% year/year to $244.7 mln vs the $249.8 mln consensus. For the full fiscal year 2008, Novell achieved non-GAAP operating margin of 10%. Going forward, Novell management expects to improve on these results, but in light of these uncertain economic times, is targeting no less than 10% non-GAAP operating margin in the full fiscal year 2009
4:08PM HLS Systems reports Q1 results; reiterates FY09 guidance (HOLI) 2.50 -0.08 : Co reports Q1 EPS of $0.14, vs ($0.43) last yr; revenues increased 27% to $37.3 mln. Company reiterates FY 2009 revenues expected to range between $150 million and $165 million; FY 2009 gross margins expected to range between 30% and 35%. (no estimates)
4:06PM Guess beats by $0.06, beats on revs; guides Q4 EPS below consensus, revs below consensus (GES) 13.96 +0.10 : Reports Q3 (Oct) earnings of $0.69 per share, $0.06 better than the First Call consensus of $0.63; revenues rose 12.5% year/year to $527.9 mln vs the $512.2 mln consensus. Co issues downside guidance for Q4, sees EPS of $0.50-0.55 vs. $0.70 consensus; sees Q4 revs of $500-540 mln vs. $563.59 mln consensus. "Our North American business was strong at the beginning of the quarter, though business softened toward the end of the period. Internationally, we continued our expansion with solid revenue increases in growing markets like Europe and China and our licensing business extended its recent trend of double digit revenue growth. We controlled our inventories and managed expenses effectively and achieved a 10% increase in earnings -- representing our 21st consecutive quarter of earnings growth."
4:06PM YUM! Brands reaffirms 2008 EPS growth forecast of 12%; announces prelim Q4 Quarter to date sales trends (YUM) 27.71 +0.67 : The co announces its 2009 forecast of at least 10% EPS growth, excluding special items, which would mark the eighth straight year of double-digit EPS growth. The company also reaffirms its 2008 EPS growth forecast of 12%, excluding special items... So far for Q4, system-sales growth of +19% in mainland China, +8% in YRI, both on a local currency basis; Same-store-sales growth for the system of +4% in mainland China, +4% in YRI, and +2% in the United States (U.S. Company same-store-sales growth of +3%).
4:03PM Ulta Salon reports EPS in-line, misses on revs; guides Q4 EPS below consensus, revs below consensus (ULTA) 7.60 +0.61 : Reports Q3 (Oct) earnings of $0.09 per share, in-line with the First Call consensus of $0.09; revenues rose 22.4% year/year to $254.8 mln vs the $258.6 mln consensus. Co issues downside guidance for Q4, sees EPS of $0.24-$0.28 vs. $0.30 consensus; sees Q4 revs of $354-$368 mln vs. $372.54 mln consensus. Comparable store sales in Q4 are expected to be in the range of minus 2% to plus 2%, compared to a 4.5% increase in the prior year quarter.
4:03PM Wind River beats by $0.05, beats on revs; guides Q4 EPS and revs below consensus (WIND) 7.64 -0.43 : Reports Q3 (Oct) earnings of $0.14 per share, $0.05 better than the First Call consensus of $0.09; revenues rose 12.3% year/year to $91.6 mln vs the $89.8 mln consensus. Co issues downside guidance for Q4, sees EPS of $0.11-0.13 vs. $0.16 consensus; sees Q4 revs of $93-95 mln vs. $100.55 mln consensus.
4:02PM Magma Design beats by $0.05, beats on revs; guides Q3 EPS below consensus, revs below consensus; guides FY09 EPS below consensus, revs below consensus (LAVA) 1.50 -0.55 : Reports Q2 (Sep) loss of $0.14 per share, $0.05 better than the First Call consensus of ($0.19); revenues fell 31.8% year/year to $36.5 mln vs the $34.6 mln consensus. Co issues downside guidance for Q3, sees EPS of ($0.17)-($0.15) vs. ($0.08) consensus; sees Q3 revs of $28-29 mln vs. $35.55 mln consensus. Co issues downside guidance for FY09, sees EPS of ($0.29)-($0.25) vs. ($0.20) consensus; sees FY09 revs of $144-146 mln vs. $157.56 mln consensus.
4:01PM Cascade beats by $0.09 (CAE) 26.21 +0.26 : Reports Q3 (Oct) earnings of $0.94 per share, $0.09 better than the First Call consensus of $0.85; revenues fell 2.8% year/year to $139.1 mln vs the $143 mln consensus.
12:22PM Prudential confirms release of its 2009 earnings guidance (PRU) 21.87 +1.31 : Co confirms the release of its 2009 earnings per share guidance at its Investor Day conference. Co stated its expectation that it would achieve EPS in the range of $5.25-5.65 for 2009, based on after-tax adjusted operating income of the Financial Services Businesses (vs $7.10 First Call consensus). Co also stated its expectation that it would achieve EPS, before the effects of potential impairments of goodwill for certain business segments and potential impairments of equity investments in certain operating joint ventures for the International Investments segment, in the range of $3.35-3.55 for the year 2008, based on after-tax adjusted operating income of the Financial Services Businesses (vs $5.89 First Call consensus).
9:01AM Safeway guides EPS in-line for FY09 (SWY) 21.81 : Co issues in-line guidance for FY09 (Dec), sees EPS of $2.34-2.44 vs. $2.39 First Call consensus. This guidance contemplates non fuel ID sales growth in a range of 2.0 - 3.0% in 2009, cash capital expenditures of approximately $1.2 billion (down from $1.6 billion in 2008) and a near doubling of free cash flow, resulting in a range of $1.0 - $1.2 billion. These results will be supported by an aggressive cost reduction effort, coupled with price reductions, to further the company's effort to lower everyday pricing.
7:36AM Movado Group misses by $0.24, misses on revs; guides FY09 EPS below consensus, revs below consensus (MOV) 13.56 : Reports Q3 (Oct) earnings of $0.53 per share, $0.24 worse than the First Call consensus of $0.77; revenues fell 24.6% year/year to $135.8 mln vs the $169.1 mln consensus. Co issues downside guidance for FY09, sees EPS of $0.85-1.05, excluding the projected pre-tax charge of approximately $9.0 million, or $0.24 per diluted , vs. $1.67 consensus; sees FY09 revs of $470-480 vs. $542.95 mln consensus. Co says "We are implementing tactical programs to drive our business both in the near-term and for what we expect to be a continued slowdown next year. In August, we announced an expense reduction plan, which we expect will generate annualized cost savings of approximately $25 mln. Given the further deterioration that has taken place in the global economy, we expect to initiate another set of actions designed to achieve an additional $25 mln to $30 mln in annualized cost savings, a substantial portion of which we expect to be realized in fiscal 2010. Looking ahead to next year, we expect our top-line to continue to be challenged. Nevertheless, we are focused on achieving appropriate levels of profitability and cash flow by continuing to be aggressive in reducing costs, while maximizing business opportunities and tightly managing inventory."
7:31AM Nu Skin sees FY09 EPS of $1.10-1.20 vs $1.25 First Call consensus; sees revs $1.24-1.27 bln vs $1.29 bln First Call consensus (NUS) 10.26 : Co sees FY09 EPS of $1.10-1.20 vs $1.25 First Call consensus; sees revs $1.24-1.27 bln vs $1.29 bln First Call consensus. For revs, co says a 3-5% increase in local currency revenue is offset by an anticipated negative currency impact of 3-5%. Our 2009 business plan is designed to maintain our current rate of top-line local currency growth, while further increasing profitability. As we continue to look for efficiencies, we are focused on improving cost structures in our international markets, including Japan. We are currently developing our plans, but expect that we could incur up to $12 million in restructuring expenses during the first half of the year."
7:10AM Williams-Sonoma beats by $0.02, reports revs in-line; reaffirms Q4 EPS guidance (WSM) 7.67 : Reports Q3 (Oct) loss of $0.10 per share, $0.02 better than the First Call consensus of ($0.12); revenues fell 16.0% year/year to $752.1 mln vs the $746.8 mln consensus. Co issues reaffirms guidance for Q4, sees EPS of $0.10-0.30 vs. $0.19 consensus; sees Q4 revs of $940 - 1000 mln vs. $1 bln consensus. "Consistent with our outlook for the fourth quarter, we are also projecting that the trends we are seeing today will continue into 2009. As such, we are continuing to target further reductions in inventory receipts, catalog circulation, retail leased square footage and capital spending. Accordingly, in 2009, we are now projecting the following: a reduction in year-end merchandise inventories in the range of 7% to 10%; catalog circulation reductions in the range of 15% to 20%; retail leased square footage growth of approximately 3%; and capital spending in the range of $95 to $105 million."
7:09AM Am Superconductor affirms financial forecasts for fiscal year 2008 and provides initial fiscal 2009 outlook (AMSC) 13.27 : Co reaffirmss fiscal 2008 net loss per share of ($0.35)-($0.30) vs ($0.34) consensus; reaffirms revs of $175-$185 (vs $176.6 mln consensus). For fiscal 2009 the expects to grow revenues to more than $225 mln with gross margin in the range of 28-30%. The co also expects to be profitable on a GAAP basis for full year fiscal 2009.
7:03AM Layne Christensen misses by $0.03, reports revs in-line (LAYN) 17.81 : Reports Q3 (Oct) earnings of $0.63 per share, $0.03 worse than the First Call consensus of $0.66; revenues rose 17.5% year/year to $264.5 mln vs the $265.7 mln consensus.
6:37AM Sanderson Farms misses by $0.37, beats on revs (SAFM) 25.62 : Reports Q4 (Oct) loss of $1.06 per share, excluding an inventory adjustment and hurricane losses, $0.37 worse than the First Call consensus of ($0.69); revenues rose 7.8% year/year to $460.2 mln vs the $449.9 mln consensus.
6:20AM Jackson Hewitt beats by $0.01, beats on revs (JTX) 13.17 : Reports Q2 (Oct) loss of $0.72 per share, excluding non-recurring items, $0.01 better than the First Call consensus of ($0.73); revenues fell 9.5% year/year to $5.1 mln vs the $4.7 mln consensus.
5:19AM Toll Brothers misses by $0.02, beats on revs (TOL) 19.23 : Reports Q4 (Oct) loss of $0.49 per share, includes pre-tax write-downs totaling $175.9 mln, $0.02 worse than the First Call consensus of ($0.47); revenues fell 40.2% year/year to $698.9 mln vs the $681.4 mln consensus. Excluding write-downs, Q408 earnings were $0.23 per share diluted, compared to Q407 EPS of $0.72 per share diluted. Q408 backlog of approx $1.33 bln (2,046 units) decreased 54% from Q407 backlog of $2.85 bln (3,950 units). Q408 net contracts of 539 units, or approx $266.7 mln, declined by 18% and 27%, respectively, compared to Q407 net contracts of 656 units, or $365.3 mln. Joel H. Rassman, CFO stated: "With FY 2008 contracts of $1.61 bln and a year-end backlog of $1.33 bln, down 47% and 54%, respectively from one year ago, we expect that revenues in FY 2009 will be significantly below those of FY 2008. "Given the numerous uncertainties related to sales paces, sales prices, mortgage markets, cancellations, market direction and the potential for and size of future impairments, in the current climate it is particularly difficult to provide guidance for FY 2009. As a result, we will not provide earnings guidance at this time. However, subject to the caveats above and those contained in our statement on forward-looking information included in this release and in our other public filings, we offer the following limited guidance." Co estimates cost of sales as a percent of revenue, excluding write-downs, will be higher in FY09 than in FY08. SG&A is expected to be lower in FY09 and FY08 and higher as a percent of revenues, given lower projected FY09 revenue.
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