Earnings- 27th May 2009

5:16PM Longtop Financial beats by $0.03, beats on revs; sees Q1 revs above consensus; sees FY10 EPS and revs above consensus. (LFT) 23.17 -0.22 : Reports Q4 (Mar) earnings of $0.21 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.18; revenues rose 60.3% year/year to $25.9 mln vs the $23.4 mln consensus. Co sees Q1 revenue of $27 mln vs $25.0 mln consensus; sees FY10 earnings of $1.20 vs $1.11 consensus, sees revs of $142 mln vs $127.8 mln consensus.

4:05PM Sigma Designs beats by $0.07, beats on revs (SIGM) 16.63 -0.02 : Reports Q1 (Apr) earnings of $0.30 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.23; revenues fell 10.0% year/year to $51.2 mln vs the $47.8 mln consensus.  "We are pleased to report a sequential increase in our revenue for the first quarter, which we feel provides continued signs of stabilization and strength in our primary markets. We are continuing to place heavy efforts on bolstering sales as well as expanding the breadth of our market opportunities. The IPTV market is continuing to show resilience to current economic issues and we are confident that it will continue to demonstrate some level of growth for this year. We are also pursuing design activity in the cable industry and helping to drive the transition to Tru2way IP cable solutions, which will substantially increase our addressable market. We are also pushing forward with our consumer products agenda by working with a widening range of vendors for Blu-ray player designs, digital media adapter products and home entertainment connectivity devices. Additionally, we are encouraged about the potential opportunities addressed by our recent acquisition of the Z-Wave brand home control products and anticipate a growing synergy within the set-top box market."

4:04PM Diamond Foods beats by $0.02, beats on revs; raises FY09 guidance (DMND)25.66 +0.08 : Reports Q3 (Apr) earnings of $0.16 per share, $0.02 better than the First Call consensus of $0.14; revenues rose 11.0% year/year to $111 mln vs the $104.3 mln consensus. For the three months ended April 30, 2009, gross profit as a percentage of net sales was 24.9 percent, a 760 basis point improvement over the prior year comparable period's 17.3 percent. Co raises guidance for FY09, sees EPS of $1.31-1.36, excluding items, up from $1.27-1.34, vs. $1.35 consensus; sees FY09 revs of $550-565 mln, from $535-565 mln vs. $559.31 mln consensus.

4:04PM Jo-Ann Stores beats by $0.19, reports revs in-line; reaffirms FY10 EPS below consensus (JAS) 21.44 -0.27 : Reports Q1 (Apr) earnings of $0.30 per share, excluding non-recurring items, $0.19 better than the First Call consensus of $0.11; revenues rose 3.1% year/year to $460 mln vs the $460 mln consensus. Co reaffirms downside guidance for FY10, sees EPS of $0.70-0.85, excluding non-recurring items, vs. $0.90 consensus.

8:15AM Polo Ralph Lauren beats by $0.04, beats on revs; does not provide EPS guidance for FY10 (RL) 54.38 : Reports Q4 (Mar) GAAP earnings of $0.44 per share, $0.04 better than the First Call consensus of $0.40; revenues fell 1.3% year/year to $1.22 bln vs the $1.09 bln consensus. The gross profit rate declined 250 bps to 51.8%, compared to 54.3% during the same period last year. The lower gross profit rate reflects a decline in wholesale and retail segment margins and the net unfavorable effect of foreign currency translation. Operating expenses increased 12% in the fourth quarter of Fiscal 2009 to $595 mln from $530 mln in 4Q08. For Fiscal 2010, the co expects consolidated net revs to decline by a high single digit rate (consensus calls for 6.8% decrease in revs). In 1Q10, the co expects wholesale revs to decline by a low double digit rate and comparable store sales to decline by a mid-teens rate, including a net unfavorable foreign currency translation effect. The co expects operating expenses for 1Q10 to be modestly above those in the comparable prior year period. The full year Fiscal 2010 tax rate is estimated at 35%. Due to the continuing uncertainty in the economic environment, the Company has determined not to provide annual earnings per share guidance.

8:04AM American Eagle beats by $0.01, reports revs in-line; guides Q2 EPS in-line (AEO) 14.48 : Reports Q1 (Apr) earnings of $0.08 per share, $0.01 better than the First Call consensus of $0.07 and above co's guidance of $0.06-0.07; revenues fell 4.4% year/year to $612 mln vs the $612.2 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.12-0.15, excluding non-recurring items, vs. $0.15 consensus. AEO Direct, which includes ae.com, aerie.com, 77kids.com and martinandosa.com, is an important area of growth and profitability. In the first quarter, sales increased 26%, driven by increased traffic and conversion. Total merchandise inventories at the end of the first quarter were $279 million, compared to $262 million last year, a 6% increase. Consolidated second quarter total average weekly inventory is planned down in the low single digits on a cost-per-square-foot basis.

8:02AM Dollar Tree beats by $0.06, reports revs in-line; guides Q2 EPS above consensus, revs in-line; guides FY10 EPS in-line, revs in-line (DLTR) 44.40 : Reports Q1 (Mar) earnings of $0.66 per share, $0.06 better than the First Call consensus of $0.60; revenues rose 14.2% year/year to $1.2 bln vs the $1.19 bln consensus. Co issues mixed guidance for Q2, sees EPS of $0.47-0.51 vs. $0.46 consensus; sees Q2 revs of $1.17-1.20 bln vs. $1.18 bln consensus. Co issues in-line guidance for FY10, sees EPS of $2.76-2.90 vs. $2.85 consensus; sees FY10 revs of $5.05-5.15 bln vs. $5.11 bln consensus. "Our customer traffic once again increased in the first quarter, driving sales and earnings ahead of guidance and outstanding financial performance for our shareholders."

7:04AM AutoZone beats by $0.24, beats on revs (AZO) 162.84 : Reports Q3 (May) earnings of $3.13 per share, $0.24 better than the First Call consensus of $2.89; revenues rose 9.3% year/year to $1.66 bln vs the $1.61 bln consensus. Domestic same store sales, or sales for stores open at least one year, increased 7.4% for the quarter. For the quarter, gross profit, as a % of sales, was 50.2% (vs 50.2% last year). Gross margin benefited by approximately 15 bps through leverage of distribution costs due to improved efficiencies and lower fuel costs, but was offset by the impact of promotional activities. Operating expenses, as a percentage of sales, were 31.8% (vs 32.2% last year). The lower operating expense ratio reflected leverage of store operating expenses due to higher sales volumes, offset in part by approximately 50 bps from higher incentive compensation and investments to enhance our hub stores. AutoZone repurchased 450 thousand shares of its common stock for $65 mln during the third quarter, at an average price of $145 per share. Year-to-date the co has purchased $713 mln of stock, at an average price of $130 per share. The co has $396 mln remaining under its current share repurchase authorization.

7:04AM Cracker Barrel Old Country Store beats by $0.08, reports revs in-line; guides FY09 EPS in-line (CBRL) 31.48 : Reports Q3 (Apr) earnings of $0.52 per share, $0.08 better than the First Call consensus of $0.44; revenues rose 0.1% year/year to $567.6 mln vs the $568.7 mln consensus. Comparable store restaurant sales for the quarter decreased 0.9% from the prior-year quarter while comparable store retail sales decreased 7.4%. Co issues in-line guidance for FY09, sees EPS of $2.70-2.90 vs. $2.76 consensus. Based on current trends and estimates, co presently expects FY09 revs to be flat to down 0.5% compared to fiscal 2008 (consensus is for roughly flat revs in FY09). The revenue estimate assumes comparable store restaurant sales will be down 1.5% to 2%, and comparable store retail sales will be down 6% to 7% compared with fiscal 2008. The Company expects its fiscal 2009 operating income margin as a percent of revenues from continuing operations to range from 5.8% to 6.1%. Commodity cost inflation for the fourth quarter of fiscal 2009 is expected to be flat to up 0.5% with more than 90% of product needs currently contracted for the remainder of fiscal 2009.