Earnings - 6th Jan 2009

4:48PM Ingersoll-Rand: Trane receives U.S. Department of Energy contract worth up to $5 bln (IR) 18.96 +0.08 : Co reports the U.S. Department of Energy has selected Trane for an Indefinite Delivery Indefinite Quantity Energy Savings Performance Contract worth up to $5 bln. Work may extend through 2019 if the government elects to exercise all contract options. These contracts will allow federal agencies worldwide to lower costs, decrease energy use and minimize their carbon footprints while increasing operational efficiency. The contracts are worth up to $80 bln for energy efficiency, renewable energy and water conservation projects at federally owned facilities worldwide.

4:15PM Polycom sees Q4 EPS of $0.39-0.41 vs $0.35 First Call consensus; revs of $263-265 mln vs $269.44 mln First Call consensus (PLCM) 13.87 -0.08 : The co announces announces prelim info for Q4... Based on preliminary information, Polycom expects to report backlog in the range of $59 million to $60 million, representing growth year-over-year with a slight decline from the third quarter. Deferred revenue is expected to grow both sequentially and year-over-year. In addition, Polycom announced today the implementation of a workforce reduction designed to reduce the Company's cost structure while maintaining flexibility to invest in the strategic growth areas of the business. The plan includes elimination of approximately 150 positions, or six percent of the Company's global workforce with most of these reductions taking effect immediately. The Company currently expects to record restructuring charges and make cash expenditures totaling approximately $6.5 million in the first quarter of 2009 resulting from these actions, primarily related to severance and other employee termination benefits. "The global economic environment impacted our results in the fourth quarter, but did, we believe, illustrate the resilience of Polycom's fast-ROI video product lines," said Robert Hagerty, president and CEO. "As shown by our strong bottom-line results, we took proactive measures in the fourth quarter to control our operating costs and, through our restructuring, are also taking actions to optimize our cost structure as we move into 2009."

4:10PM Team reports Q2 EPS above consensus; reaffirms FY09 guidance (TISI) 25.16 : Co reports Q2 EPS of $0.51 vs $0.49 First Call consensus; revs rose 22% YoY to $148.8 mln vs $151.60 mln single analyst est. Co reaffirmed its current full fiscal year earnings guidance of $1.45 to $1.60 vs $1.54 First Call consensus. "While we are concerned about the impact the extraordinary current market and credit pressures will have on the economic health of our customers and the overall demand for our services, our current outlook for the remainder of the year continues to reflect growth for our business." Team estimates that maintenance services (as opposed to new project construction) represent approximately 85% of its total revenues. The company expects that demand for its maintenance services will remain fairly stable despite the lower profit margins being reported in several customer market segments.ember 2005.

4:08PM AngioDynamics reports EPS in-line, revs in-line; guides FY09 EPS in-line, lowers revs guidance (ANGO) 12.91 +0.04 : Reports Q2 (Nov) earnings of $0.12 per share,in-line with the First Call consensus of $0.12; revenues rose 16.9% year/year to $48.5 mln vs the $48.9 mln consensus. Co issues mixed guidance for FY09, sees EPS of $0.53-0.58, prior guidance was ~$0.55, vs. $0.52 consensus; sees FY09 revs of $198-203 mln, down from prior guidance of $205-210 mln, vs. $202.77 mln consensus.

4:06PM F5 Networks sees Q1 revs of $165.6 mln below previous guidance of $172-174 mln and $171.95 mln consensus (FFIV) 22.50 -0.29 : Co issues guidance for Q1 (Dec), sees EPS of $0.40-0.41 down from $0.41-0.42 vs. $0.41 First Call consensus; sees Q1 (Dec) revs of $165.6 mln vs. $171.95 mln consensus. Co said the revenue shortfall resulted primarily from a fall-off in North American sales at quarter-end. "International revenue was in line with our expectations for the quarter, and total revenue was generally on track until the last week of December, when a number of anticipated orders from certain customers in North America did not come through." Co said sales management team is evaluating each of these anticipated orders to identify primary causes of the slowdown and the company expects to provide more specific information during its regularly scheduled conference call on January 21, 2009. While overall product sales were below the company's internal forecast, sales of new entry-level products remained strong, and demand for BIG-IP 6900, launched in late October, were in line with expectations. Deferred revenue, consisting primarily of unamortized service revenue, grew $11 mln to $156 mln. Cash flow from operations topped $57 mln, and after purchasing $20 mln of F5 common stock the company ended the quarter with cash and investments in excess of $487 mln.

4:05PM Global Payment beats by $0.03, misses on revs; guides FY09 EPS below consensus, revs below consensus (GPN) 34.75 +1.25 : Reports Q2 (Nov) earnings of $0.60 per share, $0.03 better than the First Call consensus of $0.57; revenues rose 29.9% year/year to $401.1 mln vs the $405.5 mln consensus. Co issues downside guidance for FY09, sees EPS of $2.14-2.21, excludes the impact of any future restructuring and other charges, as well as the impact of future acquisitions, such as our announced agreement to acquire ZAO United Card Service in the Russian Federation, vs. $2.39 consensus; sees FY09 revs of $1.55-$1.58 bln vs. $1.65 bln consensus. Co says, "We remain committed to our long-term growth strategy, and the fundamentals of our business model remain strong. This is underscored by our constant currency outlook for diluted earnings per share growth of 21 percent to 25 percent for fiscal 2009, which is consistent with the constant currency outlook we provided last quarter."

4:05PM Interwoven reiterates Q4 rev gudiance, sees EPS above consensus (IWOV)11.88 -0.22 : Co issues mixed guidance for Q4 (Dec), sees EPS of $0.22-0.24, ex-items, vs. $0.19 First Call consensus; sees Q4 (Dec) revs of $69.5-70.0 mln vs. $70.63 mln consensus.

8:58AM Acuity Brands beats by $0.06, misses on revs; sees unit volume in core markets down at least in the middle teens for FY09 (AYI) 35.36 : Reports Q1 (Nov) earnings of $0.82 per share, excluding the acceleration of actions to streamline the organization including consolidation of certain manufacturing, $0.06 better than the First Call consensus of $0.76; revenues fell 11.2% year/year to $452 mln vs the $461.3 mln consensus. Co comments on outlook, "We anticipate that our second quarter will be challenging due primarily to the turbulent economic environment as well as normal seasonal factors, including inconsistent customer demand and the potential for inventory rebalancing by certain customers. Additionally, the spike in commodities prices, particularly steel, that occurred during the spring and summer months of 2008 is likely to continue to pressure our margins into the second quarter as these higher prices flow through our cost of goods sold as a result of the delayed timing of price increases associated with the purchase of such materials. Although we remain disciplined in our pricing for products and services, the recent decline in commodity prices will likely result in lower pricing which may negate our August 2008 price increase. Despite these challenges, we continue to see opportunities. During fiscal 2009, we expect to realize significant savings, primarily in the second half of the fiscal year, from previously announced actions to streamline our operations, including the consolidation of certain manufacturing operations. Additionally, we expect to continue to invest and deploy resources in profitable growth opportunities, including a continued focus on industry-leading product innovation incorporating sustainable design and increased service and product capabilities to better serve our existing customers as well as the renovation and relight market."

7:43AM VASCO Data Security guides below consensus for FY08 (VDSI) 10.34 : Co issues downside guidance for FY08 (Dec), sees FY08 (Dec) revs +9-12% over FY07, which equates to roughly $130.8-134.4 mln vs. $144.71 mln First Call consensus.

7:07AM AMEDISYS issues FY09 guidance above consensus (AMED) 40.33 : Co issuesupside guidance for FY09 (Dec), sees EPS of $4.10-4.30 vs. $3.82 First Call consensus; sees FY09 (Dec) revs of $1.425-1.475 bln vs. $1.41 bln consensus. "Our 2009 guidance is driven by expected improvements in contributions from past acquisitions, our efficiency initiatives and organic revenue growth, including further contributions from our Specialty Division.