Earnings - 9th Feb 2009

5:29PM Comstock misses by $0.09, misses on revs (CRK) 40.27 -0.63 : Reports Q4 (Dec) earnings of $0.22 per share, excluding non-recurring items, $0.09 worse than the First Call consensus of $0.31; revenues rose 4.9% year/year to $100.2 mln vs the $106.8 mln consensus. Comstock also announced that it is reducing its 2009 drilling budget from $450 million to $366 million in response to weak natural gas prices.

4:36PM Zoltek misses by $0.11, misses on revs (ZOLT) 8.65 +0.44 : Reports Q1 (Dec) earnings of $0.02 per share, $0.11 worse than the First Call consensus of $0.13; revenues fell 3.7% year/year to $38.6 mln vs the $50.3 mln consensus. Co says, "We normally expect to be impacted by customers' year-end production curtailment and seasonal inventory adjustments in the last quarter of each calendar year the first quarter of our fiscal year. This year our results were further affected by customer reaction to increasingly serious global economic uncertainties. Customers in the computer and automotive markets, along with one of our wind turbine customers, postponed or cancelled some orders. While this is certainly disappointing, we believe it represents a temporary lull in the strong growth profile that Zoltek has established in recent years. Although our business is not immune to the global economic turndown, as well as the effects of currency fluctuations and extreme variations in cost of energy and raw materials, there is no evidence of change in the long-term demand from commercial applications for low-cost carbon fibers or the outlook for our business."

4:35PM Correction: Compass Minerals Intl beats by $0.24, beats on revs (CMP) : Earlier we reported the incorrect revenue actual for Q4. We have deleted that story. CMP reports Q4 (Dec) earnings of $2.44 per share, excluding non-recurring items, $0.24 better than the First Call consensus of $2.20; revenues rose 19.1% year/year to $388.3 mln vs the $381.4 mln consensus. Co says, "In 2008, our salt segment continued to show robust volume, pricing and earnings growth in both winter and non-winter applications. Our specialty fertilizer segment was transformed during the year as strong market fundamentals allowed for unprecedented price gains and margin expansion. As we begin 2009, specialty potash pricing has remained strong, though demand has continued to be soft, driven by the global financial and credit issues that affect the broader agriculture market. Our salt segment is continuing its momentum, aided by severe winter weather, previously established price increases and more moderate shipping costs. Together, our strong business segments should continue to provide shareholders with profitable growth in the coming year."

4:11PM Zhongpin sees FY08 revs below consensus; guides FY09 EPS and revs above consensus (HOGS) 10.83 -0.17 : Co sees revs of $540.00 mln vs $565.10 mln First Call consensus. Revenue was slightly lower than the company's guidance of $550 million to $570 million due to lower than anticipated sales volume and selling prices during the fourth quarter of 2008, partly resulting from the impact of the global economic downturn on the Chinese economy. The company expects its 2008 fiscal year gross margin and net margin to be in line with the company's previous guidance. Co issues upside FY09 guidance, sees FY09 EPS of $1.50-1.63 vs $1.49 First Call consensus; sees revs $780-810 mln vs $720.42 mln First Call consensus. Management expects strong revenue growth in 2009 due to anticipated growth from new markets and additional capacity from the company's new chilled and frozen pork and prepared meat facilities as they ramp up to target utilization levels in the first half of 2009. Gross margin for the full year 2009 is expected to be approximately 12.0% with net margin of at least 6.0%. Due to the adverse impact on China's meat processing industry caused by the global economic slowdown, and the company's primary focus on rapidly expanding its market share, management expects margins for fiscal year 2009 to be slightly below the 2008 levels.

4:09PM American Fincl beats by $0.07; guides FY09 EPS above consensus (AFG) : Reports Q4 (Dec) earnings of $1.04 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.97. Co issues upside guidance for FY09, sees EPS of $3.70-4.00 vs. $3.55 consensus. "Looking into 2009, we expect to produce strong underwriting profits, and forecast an overall combined ratio in the 88% to 91% range. Because of our strong underwriting culture, we will continue to focus on maintaining adequate rates; our objective is to achieve a flat to slight increase in the Specialty Group's overall average renewal rates in 2009. We expect our specialty P&C net written premiums to be down a mid-teen percentage from 2008 levels. This is primarily the result of expected increased reinsurance cessions under our crop quota share agreement and lower spring commodity prices. Absent these changes, which do not affect overall volume of business, our expectation is that the reduction will be in the two to five percent range."

4:07PM K12 beats by $0.02, beats on revs; reaffirms FY09 revs guidance (LRN) 16.44 -0.21 : Reports Q2 (Dec) earnings of $0.12 per share, $0.02 better than the First Call consensus of $0.10; revenues rose 42.6% year/year to $77.6 mln vs the $76.7 mln consensus. Co reaffirms guidance for FY09, sees FY09 revs of $310-320 mln vs. $322.17 mln consensus.

4:06PM American Science & Engineering beats by $0.22, beats on revs (ASEI) 79.40 : Reports Q3 (Dec) earnings of $1.13 per share, $0.22 better than the First Call consensus of $0.91; revenues rose 53.3% year/year to $65.3 mln vs the $62.8 mln consensus. "Revenue growth in the quarter was driven by a robust demand for our Z Backscatter Vans, AS&E's proprietary cargo products, and field services. Operating income significantly increased in the quarter with improved gross margins from higher revenues, significant improvement in cargo margins, and continued focus on controlling overhead and expenses."

8:12AM AGCO Corp beats by $0.07, misses on revs; guides FY09 EPS in-line, revs in-line (AG) 25.04 : Reports Q4 (Dec) earnings of $1.08 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $1.01; revenues fell 0.6% year/year to $2.16 bln vs the $2.36 bln consensus. Co issues in-line guidance for FY09, sees EPS of $3.00-3.25 vs. $3.22 consensus; sees FY09 revs of $7.5-7.8 bln vs. $7.74 bln consensus.

7:34AM Lorillard beats by $0.16, beats on revs (LO) 62.26 : Reports Q4 (Dec) earnings of $1.53 per share, $0.16 better than the First Call consensus of $1.37; revenues rose 13.7% year/year to $1.09 bln vs the $0.93 bln consensus. The increase in gross profit reflects an increase in net sales, partially offset by higher manufacturing costs and higher costs related to the State Settlement Agreements.

7:04AM Energy Conversion beats by $0.02, beats on revs; guides Q3 revs below consensus; guides FY09 revs below consensus (ENER) 25.75 : Reports Q2 (Dec) earnings of $0.33 per share, $0.02 better than the First Call consensus of $0.31; revenues rose 82.8% year/year to $103.1 mln vs the $101.8 mln consensus. Co issues downside guidance for Q3, sees Q3 revs of $95-110 mln vs. $120.17 mln consensus. Co issuesdownside guidance for FY09, sees FY09 revs of $395-440 mln vs. $450.61 mln consensus.

3:14AM Sohu.com beats by $0.19, reports revs in-line; guides Q1 EPS above consensus, revs below consensus (SOHU) 45.61 : Reports Q4 (Dec) earnings of $1.35 per share, excluding non-recurring items, $0.19 better than the First Call consensus of $1.16; revenues rose 86.2% year/year to $121.6 mln vs the $121 mln consensus. Co issuesmixed guidance for Q1, sees EPS of $1.05-1.10, excluding non-recurring items, vs. $1.01 consensus; sees Q1 revs of $111.5-115.5 mln vs. $117.41 mln consensus. Co reports non-GAAP operating margin of 43%, compared with 38% in Q308. Non-GAAP net margin excluding income tax adjustments $6.0 mln increased to 44% for Q408, compared with 35% in Q308. Sohu estimates brand advertising revenues for Q109 to be between $39.0-41.0 mln. Sohu estimates online game revenues for Q109 to be between $58.0-60.0 mln.

1:54AM Ctrip.com beats by $0.09, beats on revs (CTRP) 21.50 : Reports Q4 (Dec) earnings of $0.33 per ADS, excluding non-recurring items, $0.09 better than the First Call consensus of $0.24; revenues rose 19.0% year/year to $58.1 mln vs the $57.1 mln consensus. Operating margin was 30% in Q408, compared to 36% in the same period in 2007. Excluding share-based compensation charges (non-GAAP), operating margin was 38%, compared to 42% during the same period in 2007. Gross margin was 77% during Q408, compared to 81% in the same period in 2007. For Q109, co expects to continue the year-on-year net revenue growth at a rate of approx 5-10%.