Earnings - 6th Aug 2009

8:43AM Alexandria RE beats by $0.16, beats on revs; guides FY09 FFO above consensus (ARE) 46.18 : Reports Q2 (Jun) funds from operations of $1.59 per share, $0.16 better than the First Call consensus of $1.43; revenues rose 11.6% year/year to $121.4 mln vs the $118.5 mln consensus. Co issues upside guidance for FY09, sees FFO of $5.60 vs. $5.45 consensus.

8:35AM Diodes beats by $0.07, beats on revs; guides Q3 revs above consensus (DIOD) 19.36 : Reports Q2 (Jun) earnings of $0.06 per share, excluding non-recurring items,$0.07 better than the First Call consensus of ($0.01); revenues fell 10.4% year/year to $103.9 mln vs the $98.6 mln consensus. Co issues upside guidance for Q3, sees Q3 revs +10-15% sequentially or roughly $114.3-119.5 mln vs. $104.50 mln consensus.

8:33AM World Wrestling beats by $0.09, misses on revs (WWE) 13.41 : Reports Q2 (Jun) earnings of $0.27 per share, $0.09 better than the First Call consensus of $0.18; revenues rose 7.0% year/year to $138.8 mln vs the $140.6 mln consensus. "We expect continuing economic uncertainty in the back half of the year. However, we believe that the strategic decisions we have made, and our ongoing commitment to manage operating costs, position us well to maximize the financial potential of our global brands."

8:13AM JMP Group beats by $0.14, beats on revs (JMP) 8.82 : Reports Q2 (Jun) earnings of $0.20 per share, $0.14 better than the single analyst estimate of $0.06; revenues rose 74.4% year/year to $37.5 mln vs the $28.4 mln estimate. Investment banking revenues were $10.6 mln for the quarter, compared to $10.8 mln for the second quarter of 2008. Net brokerage revenues were $9.4 mln for the quarter, compared to $8.7 mln for the second quarter of 2008.

8:12AM Wendy's reports EPS in-line, misses on revs (WEN) 4.75 : Reports Q2 (Jun) earnings of $0.06 per share, excluding non-recurring items, in-line with the First Call consensus of $0.06; revenues rose 191.6% year/year to $912.7 mln vs the $928.1 mln consensus. The Company continues to expect to achieve average annual adjusted EBITDA growth in the mid-teens through 2011. The Company remains on track with its key profit initiatives targeting a total of $160 million in annualized incremental EBITDA by the end of 2011. These targeted improvements include $100 million from improving Wendy's company-operated restaurant margin by 500 basis points and $60 million from achieving synergies and overhead reductions.

8:05AM Fuqi Intl beats by $0.14, beats on revs; guides Q3 EPS above consensus, revs above consensus; guides Q4 (Dec) EPS in-line, revs above consensus; guides FY09 EPS above consensus, revs above consensus (FUQI) 24.40 : Reports Q2 (Jun) earnings of $0.45 per share, $0.14 better than the First Call consensus of $0.31; revenues rose 50.7% year/year to $100.8 mln vs the $92.8 mln consensus. Co issues upside guidance for Q3, sees EPS of $0.40-0.44 vs. $0.37 consensus; sees Q3 revs of $121.5-131.3 mln vs. $119.67 mln consensus. Co issues mixed guidance for Q4 (Dec), sees EPS of $0.52-0.59 vs. $0.53 consensus; sees Q4 (Dec) revs of $177.5-185.5 mln vs. $156.13 mln consensus. Co issues upside guidance for FY09, sees EPS of $1.83-1.94 vs. $1.65 consensus; sees FY09 revs of $509.2-527.0 vs. $477.99 mln consensus. "As a result of the successful offering as well as market opportunities, we are raising our revenue and net income guidance for the remainder of this year. We believe that we have laid the foundation to successfully build a fully-integrated wholesale and retail operation that can capture a sizeable market share in the growing Chinese middle class market. We are enthusiastic about our future growth prospects, and believe we have the vision to build the leading jewelry provider in China."

8:03AM Gap Inc reports July comparable sales of -8.0% vs -8.6% Briefing.com consensus; sees Q2 EPS of $0.30-$0.32 vs $0.28 First Call consensus (GPS) 16.77 : Co reports July comparable sales of -8.0% vs -8.6% Briefing.com consensus. Co issues upside Q2 EPS guidance, sees EPS of $0.30-$0.32 vs $0.28 First Call consensus, reports total net sales of $3.24 bln vs $3.25 bln First Call consensus.

8:02AM Huntsman misses by $0.14, misses on revs (HUN) 7.36 : Reports Q2 (Jun) loss of $0.27 per share, $0.14 worse than the First Call consensus of ($0.13); revenues fell 35.6% year/year to $1.87 bln vs the $1.96 bln consensus.

7:47AM Diana Shipping misses by $0.01, beats on revs (DSX) 14.27 -0.18 : Reports Q2 (Jun) earnings of $0.39 per share, $0.01 worse than the First Call consensus of $0.40; revenues fell 31.0% year/year to $59.8 mln vs the $57.3 mln consensus.

7:33AM Suburban Propane beats by $0.13, misses on revs (SPH) 43.57 : Reports Q3 (Jun) loss of $0.23 per share, $0.13 better than the First Call consensus of ($0.36); revenues fell 39.6% year/year to $184.4 mln vs the $222.2 mln consensus.

7:20AM Alliant Tech beats by $0.14, beats on revs; raises FY10 EPS and rev gudiance above consensus (ATK) 78.98 : Reports Q1 (Jun) earnings of $2.09 per share, $0.14 better than the First Call consensus of $1.95; revenues rose 7.5% year/year to $1.21 bln vs the $1.16 bln consensus. Co issues raises guidance for FY10, sees EPS of $8.45-8.60, excluding non-recurring items, vs. $8.21 consensus, up from $8.05-8.25 previously; sees FY10 revs of $4.80-4.85 bln vs. $4.78 bln consensus, up from $4.73-4.80 previously. The results were driven by top line sales growth, improved operating margins, reduced share count, and the absence of $15 million in charges in the prior-year quarter related to program performance in the company's spacecraft structures business.

7:12AM ANSYS beats by $0.07, beats on revs; guides Q3 EPS in-line, revs below consensus; guides FY09 EPS above consensus, revs in-line (ANSS) 31.35 : Reports Q2 (Jun) earnings of $0.43 per share, $0.07 better than the First Call consensus of $0.36; revenues rose 11.7% year/year to $124.2 mln vs the $122.6 mln consensus. Co issues mixed guidance for Q3, sees EPS of $0.40-$0.42 vs. $0.41 consensus; sees Q3 revs of $123.4-$129.4 mln vs. $130.10 mln consensus. Co issues mixed guidance for FY09, sees EPS of $1.66-$1.76 vs. $1.61 consensus; sees FY09 revs of $510-$528 mln vs. $520.61 mln consensus. Co states, "While the global environment remains challenging, our revenues were within the range of our outlook with the ANSYS organic business stable in constant currencies. Our non-GAAP earnings exceeded the upper end of the range and were further supplemented by approximately $.02 of favorable tax benefits. We continued to deliver on our stated objectives of strong operating margins and cash flows, even during a time when the exact timing of business intake patterns is difficult to predict."

7:11AM Canadian Solar beats by $0.58, beats on revs; expects higher MW shipments for FY09 (CSIQ) 16.12 : Reports Q2 (Jun) earnings of $0.49 per share, $0.58 better thanthe First Call consensus of ($0.09); revenues fell 46.3% year/year to $114.2 mln vs the $94.1 mln consensus. Q209 shipments were 48.2 MW, including 39.5 MW of conventional high efficiency polysilicon modules, 7.0 MW of proprietary e-Modules, and 1.7 MW of cells and solar application products. Gross margin was 20.2% and net margin was 15.5%, compared to 1Q09 negative gross margin of 7.9% and 1Q09 negative net margin of 9.7%. Sales in Europe increased 86% to $66.9 mln in 2Q09 from $36.0 mln in 1Q09. Co also experienced strong sales growth in Asia and America, with sequential gains of 188% and 500%, respectively, over 1Q09. Based on the market situation, forecast and current order book, co expects to have shipments of approx 90 MW to 100 MW in 3Q09. CSIQ expects shipments of approx 260-270 MW for the full year 2009, up from prior guidance of 200 MW to 220 MW.

7:09AM King Pharms beats by $0.06, beats on revs (KG) 9.26 : Reports Q2 (Jun) earnings of $0.32 per share, $0.06 better than the First Call consensus of $0.26; revenues rose 12.1% year/year to $445 mln vs the $438 mln consensus. "Today's announcement of strong second quarter earnings underscores the successful and rapid integration of the Alpharma acquisition." Mr. Markison continued, "More importantly, we believe we are moving closer to an EMBEDA(TM) approval and recently defined a clear regulatory path forward for REMOXY(R). We also remain excited about the prospects for ACUROX(R), and look forward to meeting with the FDA next month. We believe that all three of these products represent a potential first in class opioid formulation designed to deter some of the more common forms of misuse and abuse."

7:07AM DIRECTV misses by $0.03, reports revs in-line (DTV) 25.76 : Reports Q2 (Jun) earnings of $0.40 per share, $0.03 worse than the First Call consensus of $0.43; revenues rose 8.6% year/year to $5.22 bln vs the $5.18 bln consensus. Net subscriber additions of 224,000 increased 74% from last year's second quarter due to a 17% increase in gross subscriber additions to 1,048,000 and an average monthly churn rate of 1.51%. The increase in gross additions was mainly due to the first full quarter of marketing the AT&T/DIRECTV bundle as well as higher demand for HD and DVR services. DIRECTV U.S. ended the quarter with 18.31 million subscribers, an increase of 7% over the 17.16 million subscribers reported on June 30, 2008.

7:07AM Neutral Tandem beats by $0.02, beats on revs; raises FY09 guidance (TNDM)32.18 : Reports Q2 (Jun) earnings of $0.31 per share, $0.02 better than the First Call consensus of $0.29; revenues rose 44.1% year/year to $41.2 mln vs the $40.4 mln consensus. Co issues in-line guidance for FY09, sees FY09 revs of $162-168 mln vs. $164.90 mln consensus, up from previous guidance of $158-165 mln. Billed minutes for the full year of 2009 are estimated to be between 85 billion minutes and 88 billion minutes, an increase from the previous forecast range of 83 bln minutes to 87 bln minutes. Billed minutes for Q2 increased 50.0% to 21.3 bln minutes for the three months ended June 30, 2009, compared to 14.2 bln minutes for the three months ended June 30, 2008.

7:04AM Teradata beats by $0.11, beats on revs; guides FY09 EPS above consensus (TDC) 24.92 : Reports Q2 (Jun) earnings of $0.36 per share, $0.11 better than the First Call consensus of $0.25; revenues fell 7.5% year/year to $421 mln vs the $413.9 mln consensus. Co issues upside guidance for FY09, sees EPS of $1.22-1.28 vs. $1.18 consensus. For the full year, the co continues to expect selling, general and administrative expenses to be flat to down from 2008. Within this previously discussed expectation, the company expects higher selling expense, as well as higher research and development expense and amortization of capitalized software in the second half of the year, compared to these items in the first half of the year.

6:22AM China Information Security Technology beats by $0.03, beats on revenue; reaffirms FY09 revenue guidance (CPBY) 3.79 : Reports Q2 (Jun) earnings of $0.17, excluding items, $0.03 better than the First Call consensus of $0.14; revenues increased 4.4% year/year to $25.8 mln vs $24.69 mln consensus. Co reaffirms guidance for FY09, sees revenue of $94.0-98.0 mln vs $95.54 mln consensus. Sees net pro-forma net income of $26.0-28.0 mln, excluding non-cash expenses.

6:16AM Stereotaxis beats by $0.01, beats on revs (STXS) 4.96 : Reports Q2 (Jun) loss of $0.18 per share, $0.01 better than the First Call consensus of ($0.19); revenues rose 18.7% year/year to $12.6 mln vs the $11.3 mln consensus. Co also announces that its Board of Directors has named Daniel Johnston, as its new Chief Financial Officer, effective November 15, 2009.

6:07AM Western Refining beats by $0.04, reports revs in-line (WNR) 6.73 : Reports Q2 (Jun) loss of $0.11 per share, excluding non-recurring items, $0.04 better than the First Call consensus of ($0.15); revenues fell 52.8% year/year to $1.58 bln vs the $1.57 bln consensus.

5:14AM Canadian Natrl Res beats by $0.08, beats on revs (CNQ) 63.20 : Reports Q2 (Jun) earnings of $1.18 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $1.10; revenues fell 42.6% year/year to $2.54 bln vs the $1.73 bln consensus. Total crude oil and NGLs production for Q209 was 365,672 bbl/d, an increase of 11% from the previous quarter.

4:38AM Orion Marine beats by $0.07, misses on revs; sees 16-21% revenue growth in Q3; announces contracts valued at approx $29.0 mln (ORN) 23.51 : Reports Q2 (Jun) earnings of $0.28 per share, $0.07 better than the First Call consensus of $0.21; revenues rose 5.5% year/year to $70.8 mln vs the $73.8 mln consensus. Revenue growth for the quarter was lower than the co's second quarter revenue growth goal of 8% to 12% as a result of delays in project start dates related to fluctuations in timeframes for permitting, contract award, and notices to proceed from the customer. For FY09, co is tracking potential bid opportunities of $4.0-4.5 bln of which approx $800 million could be liquidated in 2009. Given current backlog and potential bid opportunities, ORN expects Q309 revenue will grow 16-21% year/year. Q3 EBITDA margin goal is 15-17%. Co remains comfortable with its previously stated FY09 year-over-year revenue growth goal of 12-16% and its FY09 EBITDA margin goal of 14-18%. However, given the timing shifts of revenue during the second quarter and expected low material pricing which could reduce overall contract values, ORN believes its revenue growth for the FY09 could reasonably be at the lower end of the stated FY09 revenue growth goal range. Also, the co believes the favorable EBITDA margins experienced in the first and second quarters will boost its full year EBITDA margin towards the middle to upper end of its FY09 EBITDA margin goal range. Seperately, co announces they were awarded contracts valued at approx $29.0 mln.

2:15AM Unilever plc reports 2Q09 results (UL) 26.21 : Co reports 2Q09 EPS of EUR0.33, ex-items. Underlying sales growth was 4.1%. Volume growth was 2.0%, with all regions positive. Growth driven by improved execution, innovation and increased marketing spend. Advertising and promotion spend increased by 50 bps. Operating margin before one-time items was down by 60 bps (including 30 bps of margin dilution from disposals), in line with expectations.

1:23AM Seaspan misses by $0.03, beats on revs (SSW) 7.10 : Reports Q2 (Jun) earnings of $0.23 per share, excluding non-recurring items, $0.03 worse than the First Call consensus of $0.26; revenues rose 27.1% year/year to $69.8 mln vs the $68 mln consensus.

1:20AM Tenaris beats by $0.18, beats on revs; expects sales and operating income will be lower in 2H09 than 1H09 (TS) 31.57 : Reports Q2 (Jun) earnings of $0.58 per ADS$0.18 better than the First Call consensus of $0.40; revenues fell 32.6% year/year to $2.1 bln vs the $2.03 bln consensus. customers. Shipments of tubular products fell 47% year on year and 19% sequentially, with the US and European markets being particularly affected. Operating margins, particularly in North American welded pipe operations, are being affected by very low production levels and our decision to maintain our industrial system and human resources prepared for the future recovery in demand.Demand for co's pipes from the global energy industry has been affected by the decline in oil and gas drilling activity and the actions taken by customers to adjust to reduced cash flows and a less favorable market outlook, including procurement delays and cancellations and the postponement of new project activity. Demand in the US and Canada has been further affected by extraordinarily high levels of OCTG inventories. Demand for pipes from the industrial and power generation segments remain at low levels. Co expects shipments for large-diameter pipes for pipeline projects in South America, in the second half of the year, to remain close to the levels shown during the first half, however the order backlog continues to decline as new projects are postponed. Steel and steelmaking raw material costs have stabilized and in recent weeks have shown some increase. However costs, particularly at our North American welded pipe operations, will continue to be adversely affected by low production levels and the high cost of raw material inventories procured under different market conditions, partially offset by the actions taken to reduce our structural costs. With low levels of demand likely to persist until the end of the year and prices adjusting downwards they expect that our sales and operating income will be lower in the second half of the year than the first. Co expects that there will be a recovery in shipments going into 2010 but that our revenues may not recover to the same extent considering the lagged effect of price declines in results.

1:13AM Ormat Tech beats by $0.07, beats on revs; guides FY09 revs in-line and increases Product Segment revenue guidance for FY09 (ORA) 40.33 : Reports Q2 (Jun) earnings of $0.35 per share, $0.07 better than the First Call consensus of $0.28; revenues rose 24.9% year/year to $100.2 mln vs the $92.5 mln consensus. Co issues in-line guidancefor FY09, sees FY09 revs of $382.0-400.0 mln vs. $390.69 mln consensus. With the delay in the commercial operation of North Brawley, co expects their 2009 Electricity Segment revenues to be $252.0-260.0 mln. ORA also expects additional revenues of approx $9 mln from share of electricity revenues generated by Mammoth that is accounted for under the equity method. With regard to Product Segment, co increases guidance for 2009 revenues and expect them to now be between $130.0-140.0 mln.

12:44AM InterOil beats by $0.14, misses on revenue (IOC) 29.55 : Reports Q2 (Jun) earnings of $0.24 per share, $0.14 better than the 0.10 First Call consensus; revenues declined 32.1% year/year to $148.5 mln vs $188.52 consensus. During the quarter, InterOil's Midstream Refining segment generated a net profit of $9.6 mln, compared with a net profit $11.3 mln for the same quarter in 2008. Throughput averaged 21,574 barrels per day in 2Q09 vs 21,694 in the comparable period a year ago. Capacity utilization, based on 36,500 barrels per day operating capacity was 39% for the quarter as compared to 30% in the same quarter of 2008.