Earnings - 3rd Aug 2009

6:19PM Post Properties beats by $0.11, beats on revs; guides FY09 FFO above consensus (PPS) 14.10 -0.06 : Reports Q2 (Jun) funds from operations of $0.39 per share, excluding $1.71 in non-recurring items, $0.11 better than the First Call consensus of $0.28; revenues fell 2.1% year/year to $69.1 mln vs the $65.3 mln consensus. Co issues upside guidance for FY09, sees FFO of $1.21-1.33, excluding $1.66 in non-recurring items, vs. $1.17 consensus.

5:33PM Extra Space Storage beats by $0.16, beats on revs; guides Q3 FFO in-line; guides FY09 FFO below consensus (EXR) 8.99 +0.21 : Reports Q2 (Jun) funds from operations of $0.29 per share, excluding $0.22 in charges and including $0.07 in charges,$0.16 better than the First Call consensus of $0.14; revenues rose 2.7% year/year to $69.1 mln vs the $67.3 mln consensus. Co issues in-line guidance for Q3, sees FFO of $0.22-0.25, excluding non-recurring items, vs. $0.24 consensus. Co issues downside guidance for FY09, sees FFO of $0.92-0.99, excluding non-recurring items, vs. $1.05 consensus.

5:07PM Pulte Homes reports Q2 (Jun) results, beats on revs (PHM) 11.76 +0.39 : Reports Q2 (Jun) loss of $0.74 per share, may not be comparable to the First Call consensus of ($0.57); Q2 net loss includes pre-tax charges of $119.3 million, related to inventory impairments and other land-related charges, compared with charges of $220.1 million in the prior year. revenues fell 57.6% year/year to $679 mln vs the $647.1 mln consensus. Q2 Net New Orders of 3,367 Homes, Up 11% from Q1 2009 on 9% Fewer Communities; Closings Total 2,500 Homes as Inventory of Unsold Homes Drops 42% from Prior Year; Quarter-end Backlog Valued at $1.1 Billion; Quarter-end Cash of $1.6 Billion After Use of $180 Million for Debt Reduction; Merger With Centex on Track to Close in Q3; Shareholder Vote Scheduled for August 18, 2009.

5:02PM Sun Hydraulics misses by $0.02, beats on revs; guides Q3 EPS below consensus, revs in-line (SNHY) 17.74 +0.16 : Reports Q2 (Jun) loss of $0.03 per share,$0.02 worse than the First Call consensus of ($0.01); revenues fell 58.1% year/year to $21.6 mln vs the $21 mln consensus. Co issues mixed guidance for Q3, sees EPS of $0.00 vs. $0.01 consensus; sees Q3 revs of $22-23 mln vs. $22.35 mln consensus.

4:38PM Gladstone beats by $0.03 (GLAD) 9.90 -0.12 : Co reports Q3 EPS of $0.26, $0.03 better than the $0.23 First Call consensus. "We expect the majority of the portfolio to continue paying as agreed, although we are working hard with our portfolio companies on their performance as we move through this difficult economic and financial cycle. We are seeing some strengthening in the secondary loan market although loans continue to trade at significant discounts to original cost. Even though the values generally remained stable this quarter, we still believe the valuations are more reflective of the overall poor market for loans rather than our specific portfolio."

4:28PM Concho Resources beats by $0.13, beats on revs; increases FY09 production guidance (CXO) 33.04 +2.34 : Concho Resources reports Q2 EPS of $0.34, excluding non-recurring items, $0.13 better than the $0.21 First Call consensus; revs $127.3 mln vs $124.41 mln First Call consensus. Non-cash items, excluded in the second quarter of 2009, include a $105.9 mln non-cash mark-to-market unrealized loss on commodity and interest rate derivatives, a $4.5 mln impairment of long-lived assets, and $0.5 mln of leasehold abandonments. "The Company now estimates that its annual 2009 production will total approximately 10.6 MMBoe compared to the Company's most recent guidance of approximately 9.7 MMBoe. Additionally, the Company currently estimates that its direct operating expense will average $6.20 - $6.50 per Boe for 2009 vs. previous guidance of $6.90 - $7.40 per Boe. Due to increased production and commodity prices, the Company now estimates that its capital spending for 2009 will approximate $400 million, as compared to most recent guidance of approximately $300 million. This increase in planned capital spending for the remainder of 2009 is the result of increasing activity levels in both of the Company's core areas of operations for the second half of 2009; specifically the Company plans to be running eight operated rigs on its New Mexico Permian assets (seven in the Yeso and one in the Lower Abo) and nine operated rigs in the Wolfberry play in Texas Permian by year-end 2009."

4:26PM Brookdale Senior Living reports Q2 EPS of ($0.10) vs ($0.20) First Call consensus; revs $500.8 mln vs $498.81 mln First Call consensus; co reports CFFO up 9% YoY to $0.50 (BKD) 11.24 +0.53 :

4:24PM Smith Micro Software beats by $0.03, reports revs in-line; reaffirms FY09 revs guidance (SMSI) 11.81 +0.38 : Reports Q2 (Jun) earnings of $0.17 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.14; revenues rose 10.9% year/year to $26 mln vs the $25.8 mln consensus. Co reaffirms guidance for FY09, sees FY09 revs of $110-115 mln vs. $111.18 mln consensus.

4:23PM 3D Systems misses by $0.02, misses on revs (TDSC) 7.42 +0.21 : Reports Q2 (Jun) loss of $0.06 per share, $0.02 worse than the First Call consensus of ($0.04); revenues fell 32.4% year/year to $24.7 mln vs the $25.5 mln consensus. Co says "while the near-term economic outlook remains uncertain, we believe that market conditions may have begun to stabilize and that our revenue decline may have bottomed out during the first quarter of this year..."

4:22PM STEC Inc beats by $0.08, beats on revs; guides Q3 EPS above consensus, revs in-line (STEC) 35.50 +1.41 : Reports Q2 (Jun) earnings of $0.42 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $0.34; revenues rose 53.7% year/year to $86.4 mln vs the $83.3 mln consensus. Q2 gross margin was 50% vs 43.6% consensus. Co issues mixed guidance for Q3, sees EPS of $0.45-0.47, excluding non-recurring items, vs. $0.39 consensus; sees Q3 revs of $95-97 mln vs. $95.77 mln consensus.

4:17PM Comstock reports EPS in-line, beats on revs (CRK) 40.81 +2.31 : Reports Q2 (Jun) loss of $0.26 per share, in-line with the First Call consensus of ($0.26); revenues fell 62.3% year/year to $64.9 mln vs the $63 mln consensus. The loss in the second quarter is attributable to the substantial decline in oil and natural gas prices in 2009.

4:17PM Action Semi beats by $0.01, beats on revs; guides Q3 revs above consensus (ACTS) 2.28 +0.01 : Reports Q2 (Jun) loss of $0.01 per share, $0.01 better than the First Call consensus of ($0.02); revenues fell 60.5% year/year to $10.5 mln vs the $9.4 mln consensus. Co issues upside guidance for Q3, sees Q3 revs of $11-13 mln vs. $10.41 mln consensus. Gross margin of 25%-30%, and operating expenses slightly higher on a sequential basis. The third quarter 2009 estimates include share-based compensation expense in the range of $0.9 to $1.0 million.

4:13PM Anadarko Petro beats by $0.12, reports revs in-line (APC) 49.84 +1.44 : Reports Q2 (Jun) loss of $0.56 per share, excluding $0.09 of "certain items typically excluded by the investment community in published estimates", $0.12 better than the First Call consensus of ($0.68); revenues fell 37.4% year/year to $1.75 bln vs the $1.76 bln consensus. "The strength of Anadarko's portfolio was clearly demonstrated during the quarter, as we delivered record sales volumes (from retained properties) and improved lease operating expenses relative to both the prior-year period and the first quarter of 2009," Anadarko Chairman and CEO Jim Hackett said. "We are continuing to drive down costs to better align them with the current commodity-price environment. I am also very pleased with the excellent performance of our exploration teams, which have announced six deepwater discoveries so far this year. Additionally, during the quarter we continued to prudently manage our balance sheet by accessing the capital markets to substantially strengthen our liquidity position."

4:10PM WMS Industries beats by $0.02, reports revs in-line; guides FY10 revs above consensus (WMS) 36.76 +0.30 : Reports Q4 (Jun) earnings of $0.49 per share, $0.02 better than the First Call consensus of $0.47; revenues rose 5.5% year/year to $195.8 mln vs the $196.6 mln consensus. Co issues upside guidance for FY10, sees FY10 revs of $760-780 vs. $752.71 mln consensus. "Our expectation that WMS will continue to overcome a challenging replacement cycle and soft global economy reflects the widespread popularity of our products among players, increased diversification into new avenues of revenue growth and growing global casino demand for our products. In addition, through ongoing operating execution momentum, we expect to realize leverage from our higher revenues that will lead to an average annual operating margin of 20.5%-to-21.0% for Fiscal 2010."

4:08PM Meadowbrook Ins beats by $0.02, misses on revs; reaffirms FY09 EPS guidance, guides FY09 revs above consensus (MIG) 8.11 +0.20 : Reports Q2 (Jun) earnings of $0.21 per share, ex-items, $0.02 better than the First Call consensus of $0.19; revenues rose 57.4% year/year to $147 mln vs the $156.6 mln consensus. Co issues mixed guidance for FY09, sees EPS at higher end of $0.80-0.90 vs. $0.89 consensus; sees FY09 revs of $695-715 mln vs. $652.56 mln consensus. Combined ratio was 92.7% in 2Q09, compared to 90.5% for 2Q08. Book value per share increased to $8.31 per share compared to $7.98 per share at March 31, 2009 and $7.64 per share at December 31, 2008. "We expect to continue to grow profitably, and maintaining price adequacy requires us to grow selectively. A competitive insurance market and a poor economy have created downward pressure on revenue growth. Therefore, we now anticipate gross written premium in a range of $695.0-715.0 mln. We continue to expect that the higher end of our range of net operating income is achievable. Growth in gross written premium was 66.3% for the quarter, and we continue to be optimistic about our prospects for revenue growth. We will continue to be selective in our approach to premium growth, as our markets have remained competitive. In certain classes of business, rate decreases that we saw in the recent past are moderating, but in our opinion the market is stabilizing, not hardening."

4:07PM 3Par beats by $0.01, reports revs in-line (PAR) 9.97 +0.38 : Reports Q1 (Jun) net of breakeven, excluding non-recurring items, $0.01 better than the First Call consensus of ($0.01); revenues rose 4.0% year/year to $44.7 mln vs the $44.4 mln consensus.

4:07PM Innophos Holdings beats by $0.03, misses on revs (IPHS) 19.87 +1.08 : Reports Q2 (Jun) earnings of $0.81 per share, $0.03 better than the First Call consensus of $0.78; revenues fell 36.8% year/year to $166.8 mln vs the $173.3 mln consensus. On a sequential basis, management currently expects that third quarter 2009 volumes, excluding GTSP fertilizer sales, could increase 5% to 10% from those experienced in the second quarter 2009. The Company expects its third quarter 2009 raw material cost structure on a constant volume and mix basis to be $5 to $7 million higher than the second quarter 2009 due to higher phosphate rock and phosphoric acid costs in Mexico and the mix of phosphoric acid supply in the United States and Canada. Approximately half of this increased cost will be offset by lower restructured fixed costs.

4:05PM Atmel beats by $0.02, beats on revs; guides Q3 revs above consensus (ATML) 4.31 +0.14 : Reports Q2 (Jun) loss of $0.03 per share, excluding non-recurring items,$0.02 better than the First Call consensus of ($0.05); revenues fell 32.4% year/year to $284.5 mln vs the $279.3 mln consensus. Co issues upside guidance for Q3, sees sequential Q3 revs growth of 4-8%, which equates to ~$295.9-307.3 mln vs. $295.43 mln consensus.

4:05PM Emergency Medical Services beats by $0.15, beats on revs; guides FY09 EPS above consensus (EMS) 39.89 +0.75 : Reports Q2 (Jun) earnings of $0.67 per share, $0.15 better than the First Call consensus of $0.52; revenues rose 11.6% year/year to $637.3 mln vs the $620.6 mln consensus. Co issues upside guidance for FY09, sees EPS of $2.38-2.48 vs. $2.15 consensus. "We are particularly pleased with our second quarter results. EMSC continues to deliver strong performance, with consecutive quarters of year over year revenue and earnings growth, from signing new contracts, selective acquisitions and improved resource utilization at both segments. We are encouraged by the continued demand for our core services and our expanded service lines, and with our strong balance sheet, believe we are well positioned to capitalize on market opportunities."

4:03PM Hologic beats by $0.03, beats on revs; guides FY09 EPS above consensus, revs in-line (HOLX) 14.83 +0.14 : Reports Q3 (Jun) earnings of $0.29 per share, $0.03 better than the First Call consensus of $0.26; revenues fell 6.1% year/year to $403.1 mln vs the $394.7 mln consensus. Co issues mixed guidance for FY09, sees EPS of $1.14-$1.16 vs. $1.12 consensus; sees FY09 revs of $1.625-$1.635 bln vs. $1.63 bln consensus.

4:03PM Mannkind beats by $0.02 (MNKD) 8.23 +0.20 : Reports Q2 (Jun) loss of $0.54 per share, $0.02 better than the First Call consensus of ($0.56). Co reports no revs, in line with consensus. "The highlight of the last quarter was the acceptance by the FDA of our NDA submission for AFRESA. But even as we reached this important milestone, development activities were already underway for our next-generation delivery system, which we unveiled in June. We have completed two Phase 1 clinical studies using the new device and we plan to begin additional studies before the end of September. We are proud of the work done by our pharmaceutical technology development group and want to get their innovations into the hands of patients as soon as possible."

4:02PM Sykes Enterprises beats by $0.08, beats on revs; guides Q3 EPS in-line, revs above consensus (SYKE) 20.17 +0.27 : Reports Q2 (Jun) earnings of $0.35 per share,$0.08 better than the First Call consensus of $0.27; revenues rose 0.6% year/year to $208.8 mln vs the $201.9 mln consensus. Co issues mixed guidance for Q3, sees EPS of $0.31-0.34 vs. $0.31 consensus; sees Q3 revs of $210-213 mln vs. $208.25 mln consensus. The outperformance was due to a combination of better-than-expected revenue growth and lower general and administrative expenses.

4:02PM Zymogenetics misses by $0.12, misses on revs (ZGEN) 5.56 -0.04 : Reports Q2 (Jun) loss of $0.39 per share, $0.12 worse than the First Call consensus of ($0.27); revenues rose 79.4% year/year to $22.6 mln vs the $32.1 mln consensus.

4:02PM Texas Roadhouse beats by $0.04, reports revs in-line (TXRH) 11.76 +0.63 : Reports Q2 (Jun) earnings of $0.19 per share, $0.04 better than the First Call consensus of $0.15; revenues rose 11.6% year/year to $242.4 mln vs the $243.9 mln consensus. Comparable restaurant sales decreased 3.7% at company-owned restaurants and decreased 3.5% at franchise restaurants. While the economic outlook for 2009 remains uncertain, the Company announced it is now estimating 2009 diluted earnings per share to be up 5% to 10% as compared to its 53 week 2008 year. In addition, the Company noted that, as a result of the timing of prior year share repurchases, both second quarter and year-to-date fiscal 2009 diluted earnings per share growth benefitted from a much lower year-over-year share count. The Company anticipates this benefit will be substantially diminished for the remainder of the 2009 fiscal year. Also, the Company reminds investors that its fourth quarter of fiscal 2008 was a 14 week quarter as compared to a 13 week quarter in fiscal 2009 due to fiscal 2008 being a 53 week year. The Company estimates the extra week in the fourth quarter of 2008 accounted for $0.03 in diluted earnings per share.

8:46AM Marathon Oil beats by $0.05, beats on revs (MRO) 32.25 : Reports Q2 (Jun) earnings of $0.58 per share, $0.05 better than the First Call consensus of $0.53; revenues fell 39.8% year/year to $13.36 bln vs the $11.11 bln consensus. "Marathon's businesses performed very well in the second quarter. Our Exploration and Production segment achieved a 12 percent year-over-year increase in production available for sale from continuing operations while our Refining, Marketing and Transportation segment out-performed its competitors in the domestic market posting positive financial results, up slightly from both first quarter and prior year. A continued focus on high mechanical reliability and cost control contributed to our overall solid operating performance. And, in spite of challenging global economic conditions, Marathon continues to maintain a very solid financial position, aided by the value captured from selective asset sales."

8:36AM National Retail Properties beats by $0.05, beats on revs; updates FY09 FFO guidance (NNN) 19.71 : Reports Q2 (Jun) funds from operations of $0.45 per share, $0.05 better than the First Call consensus of $0.40; revenues rose 4.1% year/year to $58.7 mln vs the $55.4 mln consensus. Co issues in-line guidance for FY09, sees FFO of $1.65-1.70 vs. $1.66 consensus, prior guidance $1.65-1.75.

8:33AM FirstEnergy beats by $0.03, beats on revs (FE) 41.20 : Reports Q2 (Jun) earnings of $0.87 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.84; revenues rose 0.8% year/year to $3.27 bln vs the $3.19 bln consensus.

7:06AM James River Coal misses by $0.19, misses on revs; guides FY09 EPS below consensus (JRCC) 18.57 : Reports Q2 (Jun) earnings of $0.59 per share, $0.19 worse than the First Call consensus of $0.78; revenues rose 24.7% year/year to $171.7 mln vs the $189 mln consensus. Co issues downside guidance for FY09, sees EPS of $2.25-2.60 (prior range $3.30-3.80) vs. $3.15 consensus. Adjusted EBITDA was $37.0 mln vs $3.0 mln in 2Q08. Co sees adjusted EBITDA in FY09 of $140.0-150.0 mln vs original guidance of $190.0-200.0 mln.

6:33AM Barnes Group beats by $0.03, beats on revs (B) 14.07 : Reports Q2 (Jun) earnings of $0.19 per share, $0.03 better than the First Call consensus of $0.16; revenues fell 32.6% year/year to $255.2 mln vs the $244.4 mln consensus. "The continued economic weakness throughout the second quarter had a substantial impact on our businesses, particularly our transportation and industrial manufacturing businesses. As we have done since the beginning of the economic downturn, we continue to focus on managing our business prudently by adjusting our cost structure, driving increased productivity in our core processes, and maximizing cash flow generation."

6:09AM CNA Financial beats by $0.34 (CNA) 17.05 : Reports Q2 (Jun) earnings of $1.02 per share, excluding net investment losses and 2008 senior preferred dividend, $0.34 better than the First Call consensus of $0.68. Net operating income for the three months ended June 30, 2009 increased $55 mln as compared with the same period in 2008. Net operating income for core Property & Casualty Operations increased $49 mln, while results for non-core operations increased $6 mln. These increases were primarily due to higher net investment income. Property & Casualty Operations produced second quarter combined ratios of 98.1% and 97.7% in 2009 and 2008, with current period underwriting results reflecting lower losses and higher expenses as compared to the prior period.

6:03AM Orbotech beats by $0.11, reports revs in-line (ORBK) 10.88 : Reports Q2 (Jun) GAAP loss of $0.03 per share, $0.11 better than the First Call consensus of ($0.14); revenues rose 2.3% year/year to $94 mln vs the $93.6 mln consensus. The co expects the continued depletion of inventory buildup together with higher levels of demand for panels to lead to increased FPD order activity during the coming quarters. The positive indicators for mid-to-long term growth in the FPD industry remain unchanged, co notes.

5:54AM Wonder Auto Tech beats by $0.02, beats on revs; guides Q3 revs above consensus (WATG) 11.23 : Reports Q2 (Jun) earnings of $0.22 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.20; revenues rose 35.4% year/year to $49.7 mln vs the $45.8 mln consensus. Co issues upside guidance for Q3, sees Q3 revs of more than $55.5 vs. $55.27 mln consensus. Co estimates net income in Q3 of > $6.3 mln. Co said, "Significant changes have taken place in the world economy during the process of fighting against the financial crisis globally. For example, China's economy is recovering steadily. There is no doubt that China's auto industry will be the world's leader. Therefore the US capital markets have begun to re-evaluate and focus on Chinese companies. The adjustments we made in our strategies to response to the financial crisis worked well as we expected. In a word, at the moment, our competitiveness is even greater than before the crisis."