4:11PM California Pizza issues prelim Q4 EPS above prior guidance, revs below consensus (CPKI) 8.09 -0.51 : Co issues prelim Q4 EPS above prior guidance; co reports EPS of $0.08-0.10, excluding the effect of non-cash charges related to the impairment of three CPK/ASAPs, seven full service restaurants and continuing benefits from tax credits, vs $0.07 First Call consensus, up from prior guidance of $0.06-0.09, reports prelim revs fell 0.7% to $161.7 mln vs $164.2 mln consensus. Comparable restaurant sales decreased ~7.2% compared to a 1.8% increase in Q4 a year ago.
4:06PM PPD Inc. issues guidance for FY09, sees EPS above consensus and revs in-line with consensus (PPDI) 26.05 -0.44 : Co sees FY09 (Dec) EPS of $1.97-2.05 vs. $1.95 First Call consensus; sees FY09 (Dec) revs of $1.595-1.670 vs. $1.64 bln consensus. Co sees Q1 EPS of $0.38-0.40 vs. $0.46 First Call consensus. Co sees Q2 EPS of $0.54-0.56 vs. $0.49 First Call consensus. Co sees Q3 EPS of $0.51-0.53 vs. $0.48 First Call consensus. Co sees Q4 EPS of $0.54-0.56 vs. $0.49 First Call consensus. Co anticipates that cash flow from operations for the full year 2009 will exceed $250 mln. Projected capital expenditures for the full year 2009 should be in the range of $80-90 million. These expenditures will be primarily for facility expansions and improvements, as well as investments in information technology and new laboratory equipment.
9:28AM V.F. Corp sees EPS of 1.30-1.35, excluding non-recurring items, vs. $1.46 First Call consensus (VFC) 50.74 : Co issues downside guidance for Q4 (Dec), sees EPS of 1.30-1.35, excluding a $0.30 charge for cost reduction actions, vs. $1.46 First Call consensus. Revenues in 2009 are expected to be down slightly. Excluding the approximately $.70 per share combined impact from the above two items, earnings per share in 2009 should exceed our 10 to 11% (long-term earnings growth target), as they benefit from the continued change in our mix of business and a lowered cost structure. Co says "VF is well-positioned to weather this difficult environment due to our strong brands and our long history of disciplined financial and balance sheet management... We have the flexibility to respond quickly to changing market conditions to protect our profitability and competitive position. We have built a resilient business model that provides us with tremendous diversity across product categories, channels of distribution and geographies. Most importantly, we have brands and businesses that are healthy and continue to have excellent prospects for long-term success."
7:37AM Under Armour lowers Q4 EPS, revs and FY EPS, revs; sees EPS of $0.16-0.18 vs. $0.49 First Call consensus; sees FY08 (Dec) revs of $725-726 vs. $755.52 mln consensus (UA) 22.32 : Co issues downside guidance for Q4 (Dec), sees EPS of $0.16-0.18 vs. $0.49 First Call consensus; sees Q4 (Dec) revs of $179-180 vs. $209.69 mln consensus. Co issues downside guidance for FY08 (Dec), sees EPS of $0.76-0.78 vs. $1.09 consensus; sees FY08 (Dec) revs of $725-726 vs. $755.52 mln consensus. Fourth quarter 2008 net revenues were primarily impacted by lower than anticipated at-once orders and higher than anticipated cancelations in the U.S. wholesale business as well as lower than anticipated web sales, resulting from the weaker retail environment. The impact to fourth quarter income from operations and diluted earnings per share was primarily driven by the lower than expected sales volumes.
7:01AM Tiffany & Co reports worldwide net sales in the holiday period declined 21% YoY; lowers FY09 gudiance (TIF) 22.00 -0.06 : Co lowers guidance for FY09 (Jan), sees EPS of $2.25-2.30, down from $2.30-2.50, vs. $2.40 First Call consensus; sees FY09 (Jan) revs of ~$2.85 bln vs. $2.94 bln consensus. Co reports worldwide sales results for the November-December 2008 holiday period. As expected, sales declined most significantly in Tiffany's U.S. stores and to a lesser degree in Asia-Pacific and Europe. Results are based on unaudited sales. Worldwide net sales in the holiday period declined 21% to $687.4 million. On a constant-exchange-rate basis which excludes the effect of translating foreign-currency-denominated sales into U.S. dollars, net sales and comparable store sales declined 20% and 24%.
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