Earnings - 26th Feb 2009

5:53PM Public Storage beats by $0.21, misses on revs (PSA) 52.43 -1.60 : Reports Q4 (Dec) funds from operations of $1.49 per share, $0.21 better than the First Call consensus of $1.28; revenues rose 1.6% year/year to $333.1 mln vs the $415 mln consensus.

5:06PM Universal Health beats by $0.07, misses on revs; guides FY09 EPS above consensus, revs above consensus (UHS) 35.64 -3.20 : Reports Q4 (Dec) earnings of $0.87 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.80; revenues rose 5.1% year/year to $1.24 bln vs the $1.26 bln consensus. Co issuesupside guidance for FY09, sees EPS of $4.00-4.15 vs. $3.86 consensus; sees FY09 revs of $5.34 bln vs. $5.33 bln consensus.

4:19PM SandRidge Energy beats by $0.05, misses on revs (SD) 6.58 +0.13 : Reports Q4 (Dec) earnings of $0.06 per share, excluding non-cash asset impairments and unrealized gains or losses on derivative contracts , $0.05 better than the First Call consensus of $0.01; revenues fell 7.0% year/year to $200.7 mln vs the $249.9 mln consensus.

4:18PM AthenaHealth beats by $0.02, beats on revs (ATHN) 34.17 -0.98 : Reports Q4 (Dec) earnings of $0.19 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.17; revenues rose 46.8% year/year to $41.4 mln vs the $40.1 mln consensus.

4:14PM Human Genome beats by $0.07, beats on revs; guides FY09 revs above consensus (HGSI) 1.95 -0.08 : Reports Q4 (Dec) loss of $0.41 per share, $0.07 better thanthe First Call consensus of ($0.48); revenues rose 3.2% year/year to $12.9 mln vs the $12.3 mln consensus. Co issues upside guidance for FY09, sees FY09 revs of $250 mln vs. $223.37 mln consensus, with at least $150 mln from delivery of ABthrax to Strategic National Stockpile.

4:05PM Sourcefire beats by $0.13, beats on revs; guides Q1 EPS above consensus, revs above consensus (FIRE) 5.78 -0.19 : Reports Q4 (Dec) earnings of $0.13 per share,$0.13 better than the First Call consensus of ($0.00); revenues rose 33.2% year/year to $25.7 mln vs the $21.7 mln consensus. Co issues upside guidance for Q1, sees EPS of ($0.05)- ($0.01) vs. ($0.08) consensus; sees Q1 revs of $16.2-17.7 mln vs. $15.01 mln consensus.

4:04PM Deckers Outdoor beats by $0.10, beats on revs; guides FY09 EPS below consensus (DECK) 52.99 -2.39 : Reports Q4 (Dec) earnings of $4.05 per share, excluding non-recurring items, $0.10 better than the First Call consensus of $3.95; revenues rose 56.3% year/year to $303.5 mln vs the $299.3 mln consensus. Co issues downside guidancefor FY09, sees EPS of $7.27 to slightly down vs. $8.05 consensus. Co introduces FY09 revenue growth target of approximately 6% to 9% over 2008 (which equates to guidance of $730.8-751.5 mln vs $787 mln).

4:02PM InterMune misses by $0.11, misses on revs (ITMN) 15.38 -0.97 : Reports Q4 (Dec) loss of $0.83 per share, $0.11 worse than the First Call consensus of ($0.72); revenues fell 22.9% year/year to $7.4 mln vs the $7.6 mln consensus. Revenue for 2009, including Actimmune and anticipated milestone payments from Roche, is expected to be in a range of approximately $40-$50 mln. Actimmune revenue represents approx 50% of this revenue range.

8:34AM Smart Balance reports Q4 results, beats on revs (SMBL) 5.99 : Reports Q4 (Dec) loss of $0.04 per share, including items, may not compare to the First Call consensus of ($0.00); revenues rose 28.9% year/year to $65.6 mln vs the $63.9 mln consensus. Smart Balance's outlook for 2009 first half percentage growth versus 2008 in net sales is high teens to mid-twenties, with second quarter growth expected to be higher than first quarter growth. The company expects continued volume growth led by increased distribution and new products in spreads, peanut butter, cooking oil and popcorn, as well as expansion of its milk products. The food industry will likely experience uncertainty in 2009 around consumer reaction to the economy, potentially impacting the ability to generate trial of the Company's premium priced products by new consumers. Gross profit as a percent of net sales is expected to improve to 45%+ in 2009 as input costs are expected to be below the prior year.

8:34AM Frontier Oil misses by $0.09, misses on revs (FTO) 13.54 : Reports Q4 (Dec) earnings of $0.32 per share, excluding items, $0.09 worse than the First Call consensus of $0.41; revenues rose 2.2% year/year to $1.35 bln vs the $1.61 bln consensus. The fourth quarter 2008 results exclude an after-tax inventory loss of $245.1 million, or $2.38 per share, and an after-tax hedging gain of $115.6 million, or $1.12 per share.

8:33AM Ensco beats by $0.08, reports revs in-line (ESV) 24.40 : Reports Q4 (Dec) earnings of $2.14 per share, $0.08 better than the First Call consensus of $2.06; revenues rose 20.2% year/year to $622.1 mln vs the $616.1 mln consensus. Co says, "We expect to begin realizing the benefit of our significant deepwater investment starting in Q209... We are beginning to be impacted by lower oil and gas prices, tight credit markets and the global recession. There is no question that 2009 will be a challenging year and that jackup rigs, including some of our own, will be without contracts for some portion of the year."

7:47AM El Paso Pipline Partners beats by $0.03, beats on revs (EPB) 16.85 : Reports Q4 (Dec) earnings of $0.37 per share, $0.03 better than the First Call consensus of $0.34; revenues rose 29.2% year/year to $38.1 mln vs the $37.3 mln consensus. In 2009, the partnership expects to generate approximately $180 mln of distributable cash flow. This represents an increase of more than 20% over 2008, due to higher interests in its equity pipelines CIG and SNG, and recently completed expansion projects. The partnership expects to spend $64 mln in expansion capital, and $2 mln in maintenance capital.

7:17AM ANSYS beats by $0.06, misses on revs; guides Q1 EPS below consensus, revs below consensus; guides FY09 EPS in-line, revs below consensus (ANSS) 23.15 : Reports Q4 (Dec) earnings of $0.50 per share, $0.06 better than the First Call consensus of $0.44; revenues rose 28.9% year/year to $143.3 mln vs the $147.2 mln consensus. Co issues downside guidance for Q1, sees EPS of $0.33-$0.39 vs. $0.43 consensus; sees Q1 revs of $122-$135 vs. $145.65 mln consensus. Co issues mixed guidance for FY09, sees EPS of $1.54-$1.85 vs. $1.85 consensus; sees FY09 revs of $530-$590 mln vs. $611.53 mln consensus.

7:02AM Natus Medical beats by $0.01, reports revs in-line; reaffirms guidance (BABY)8.08 : Reports Q4 (Dec) earnings of $0.22 per share, $0.01 better than the First Call consensus of $0.21; revenues rose 26.8% year/year to $43.4 mln vs the $43.5 mln consensus. Co reaffirms guidance for Q1, sees EPS of $0.06-0.08 vs. $0.08 consensus; sees Q1 revs of $37-38 mln vs. $37.41 mln consensus. Co reaffirms guidance for FY09, sees EPS of $0.57-0.61 vs. $0.58 consensus; sees FY09 revs of $166-170 vs. $166.61 mln consensus.

6:35AM Dean Foods increases Q1 guidance above consensus; sees FY09 EPS of at least $1.55 vs $1.56 consensus (DF) 20.51 : Co announces it is hosting an investor meeting today to outline the core strategies that will drive performance over the coming years. Over the next three to five years, Dean Foods management plans to execute against specific plans to drive cost reductions across the business, targeting $300 million in cost savings. The first area of focus is lowering conversion costs across the manufacturing network of over a hundred plants. The second improvement area is extending its low cost position by optimizing its supply chain network. The third area of focus is in driving distribution efficiency across the DSD Dairy's network of over 5,800 company-owned delivery routes. The fourth area of opportunity to drive savings across Dean is standardizing and simplifying its product portfolio to reduce complexity and achieve scale-based procurement savings. The co increased its Q1 guidance for adjusted diluted EPS to at least $0.41 per share (vs $0.40 consensus), from its prior guidance for at least $0.38 per adjusted diluted share. Additionally, the co's full year expectations have also increased, with mgmt now expecting adjusted earnings to reach at least $1.55 (vs $1.56 consensus), representing full year growth of at least 19% from the $1.30 posted in 2008.

6:32AM Sanderson Farms beats by $0.04, beats on revs (SAFM) 28.25 : Reports Q1 (Jan) loss of $0.33 per share, $0.04 better than the First Call consensus of ($0.37); revenues rose 7.3% year/year to $388.9 mln vs the $368.4 mln consensus. Co said, "We do not expect demand to improve until the economy gains some traction and consumers resume spending and dining out again... We will continue to manage our operations as efficiently as possible through this cycle and we do not plan to return to full production until we see an improvement in market conditions. However, we do expect that our feed costs will be lower this year as grain prices are also being affected by the economy and reduced demand".

6:18AM Pioneer Drilling misses by $0.02, beats on revs (PDC) 4.15 : Reports Q4 (Dec) earnings of $0.37 per share, $0.02 worse than the First Call consensus of $0.39; revenues rose 63.2% year/year to $170.7 mln vs the $161.7 mln consensus.

6:11AM Southern Union beats by $0.03, beats on revs; guides FY09 EPS above consensus (SUG) 12.37 : Reports Q4 (Dec) earnings of $0.47 per share, $0.03 better thanthe First Call consensus of $0.44; revenues rose 75.3% year/year to $727.1 mln vs the $691.9 mln consensus. Co issues upside guidance for FY09, sees EPS of $1.75-1.90, excluding non-recurring items, vs. $1.70 consensus.