Earnings - 12th Jan 2009

4:52PM CSX Corp prelim Q4 EPS of $0.90, ex-items, vs $0.98 First Call consensus; revs of ~$2.7 bln vs $2.77 bln First Call consensus (CSX) 32.22 : The co announces preliminary fourth quarter earnings per share of 63 cents. These results include a noncash impairment charge of approximately 27 cents per share related to the write-down of its investment in The Greenbrier resort in White Sulphur Springs, West Virginia. Excluding this charge and insurance gains of 1 cent in the prior year quarter, comparable earnings per share would be approximately 90 cents, which represents a 6% increase over the prior year quarter. Overall revenues are expected to be approximately $2.7 billion for the quarter, up 4% from the prior year period. This was driven by higher yields and fuel recovery, which are expected to offset the impact of significantly lower volumes. Operating income, on a comparable basis, is estimated to increase 16% to $692 million, resulting in an operating ratio of approximately 74.1%. Given the current economic challenges, particularly the uncertainty facing U.S. manufacturing, the company is no longer affirming or providing long-term guidance.

4:36PM Rogers Corp lowers Q4 EPS and revs guidance (ROG) 22.71 -0.50 : Co lowers guidance for Q4 (Dec), sees EPS of $0.43-0.49, excluding $0.38 charge, down from $0.50-0.56, vs. $0.39 First Call consensus; sees Q4 (Dec) revs of $78-79 mln, down from $88-92 mln, vs. $85.00 mln consensus. "Based on what has been happening recently in the global economy, we expected at some point that our sales might contract. Although we were unable to predict the exact timing of this, we had begun to prepare ourselves for this possibility. Our inventories are low and at a manageable level, accounts receivable days outstanding are very good and we have ~$60 mln in cash and no debt. Also, co has implemented plans to manage production to match incoming orders. Going forward, Rogers will continue to focus efforts on new product development and new product introductions."

4:14PM Alcoa misses by $0.18, beats on revs, says its liquidity remains solid (AA)10.06 -0.75 : Reports Q4 (Dec) loss of $0.28 per share, excluding non-recurring items, $0.18 worse than the First Call consensus of ($0.10); revenues fell 19.1% year/year to $5.69 bln vs the $5.26 bln consensus. Co says it is taking wide-ranging measures to address the economic downturn, including streamlining its portfolio to focus on businesses where Alcoa is the recognized leader, curtailing production to adjust to weakened demand, reducing headcount, and achieving significant savings in key raw materials. Co suffered from a historic 56% price decline in aluminum over the last five months and saw a sharp drop in orders. Co says its liquidity remains solid. (currently halted, no resumption time)

11:32AM Celgene confirms 2009 outlook (CELG) 49.49 -0.78 : Co confirms downside guidance for FY09 (Dec), sees EPS of $2.05-2.15 vs. $2.27 First Call consensus; sees FY09 (Dec) revs of $2.6-2.7 bln vs. $2.93 bln consensus. The co also gave 2009 corporate objectives: To maximize the clinical, regulatory and commercial potential of REVLIMID, VIDAZA, Global THALOMID/Thalidomide and Pomalidomide into nearly 75 countries. Execute launch of VIDAZA in higher-risk MDS and AML in European Union. Submit REVLIMID regulatory filing for multiple myeloma and Del 5Q MDS in Japan. Gain REVLIMID reimbursement approvals in UK, Canada, Australia and other countries. Secure REVLIMID approvals in Russia, Turkey, Middle East and Latin America and submit data to FDA to evaluate REVLIMID as treatment for NDMM... The co confirmed FY08 total revenue for 2008 of approximately $2.233 bln and REVLIMID net product sales in 2008 to more than 71%. The co confirmed VIDAZA net product sales in the fourth quarter 2008 were approximately $70 mln and non-GAAP diluted EPS to $1.55 to $1.56.

9:19AM Kendle sees EPS of $2.12-2.20 vs. $2.20 First Call consensus, sees FY08 (Dec) revs of $475-480 vs. $488.02 mln consensus (KNDL) 20.78 : Co issues lowersguidance for FY08 (Dec), sees EPS of $2.12-2.20 vs. $2.20 First Call consensus down from previous guidance of $2.10-2.25; sees FY08 (Dec) revs of $475-480 vs. $488.02 mln consensus, down from previous guidance of $485-500 mln.

9:12AM A-Power Energy announces that GE Drivetrain Technologies signs LOIs to supply 900 wind turbine gearboxes and establish joint venture to build wind turbine assembly facility (APWR) 4.90 : GE Drivetrain Technologies, a unit of GE Transportation (GE), and A-Power Energy Generation Systems (Nasdaq: APWR) announce that they have signed two Letters of Intent , one for GE Drivetrain Technologies to supply APWR with 2.7 megawatt wind turbine gearboxes and a second to establish a Joint Venture partnership for a wind turbine gearbox assembly plant. The companies' joint venture agreement creates a wind turbine gearbox assembly business that will be majority owned by GE Drivetrain Technologies and operate under the name GE Transportation. The new assembly plant will bring multi-megawatt gearbox capacity to China and serve as GE Drivetrain Technologies' Southeast Asia manufacturing center from which it will serve its customers in the region beginning in mid-2010. The Joint Venture company will take advantage of APWR's knowledge of the local market, as well as of GE Drivetrain Technologies' process and quality expertise.

8:47AM Kennametal announces further Q4 cost reduction actions; lowers Q4 guidance to $0.34 vs $0.48 consensus (KMT) 20.39 : Co issues downside guidance for Q2 (Dec), sees EPS of $0.34, excluding excluding charges of approximately $0.14 per share relating to restructuring, vs. $0.48 First Call consensus. The additional actions announced today involve reducing the company's global salaried workforce by approximately 800 positions which is expected to generate annual pre-tax savings of approximately $70 mln. These employment reductions will be completed within the next three to six months. The company anticipates recording pre-tax cash charges related to these initiatives of approximately $40 mln. The co has also identified additional opportunities related to its restructuring program previously announced in April 2008. The ongoing annual pre-tax savings from these restructuring actions, which include a reduction in workforce of approximately 400 positions, are now expected to be approximately $30 mln once fully implemented over the next six to nine months. The co now expects to recognize approximately $50 mln of pre-tax charges related to this restructuring, including approximately $27 mln recorded through the December 2008 quarter. Approximately 90 percent of these charges are expected to be cash expenditures. In total, together with the previously announced restructuring is expected to produce ongoing annual pre-tax savings of approximately $100 mln including the total reduction in workforce of approximately 1,200 positions. The total pre-tax charges expected to be recognized are estimated to be approximately $90 mln, including approximately $27 mln recorded through the December 2008 quarter.

8:31AM Aetna sees FY08 $3.90-3.95 vs $3.93 First Call consensus; co expects FY09 EPS growth to be 12-14%, ex-items (AET) 29.20 : The co announces Chairman and CEO Ronald Williams will make a presentation today during which he intends to reaffirm the company's full-year 2008 operating earnings per share guidance of $3.90 to $3.95. Aetna also will update its preliminary guidance on certain 2009 performance metrics, including full-year 2009 operating earnings per share. Aetna currently projects full-year 2009 operating earnings per share growth to be 12-14% excluding the projected year-over-year increase in pension expense, consistent with Aetna's prior guidance. Including the projected year-over-year increase in pension expense of $.54 per share, Aetna projects full-year 2009 operating earnings per share to be slightly lower than 2008. Aetna's projected 2008 operating earnings per share include approximately $.15 per share of pension benefit. As a result of the significant decline in equity markets experienced during 2008, Aetna's projected 2009 operating earnings per share include a pension expense of approximately $.39 per share, or a projected year-over-year increase of $.54 per share. Aetna's previous guidance provided on October 29, 2008, included a year-over-year increase in pension expense range of $.30 to $.40 per share; but since that time, the equity markets and interest rates have declined, resulting in an additional increase in Aetna's net pension obligations as of the December 31, 2008 measurement date.

8:06AM Abbott Labs sees FY08 EPS of $3.31-3.33 vs $3.32 First Call consensus; sees FY09 EPS of $3.65-3.70 vs $3.66 First Call consensus (ABT) 51.17 : The co announces its full-year earnings-per-share guidance for 2009 and confirming its previously issued 2008 earnings-per-share guidance of $3.31 to $3.33, excluding specified items. For 2009, the company expects earnings per share of $3.65 to $3.70 under Generally Accepted Accounting Principles and on a non-GAAP basis. The midpoint of this 2009 guidance reflects double-digit growth over the midpoint of 2008 earnings-per-share guidance. Abbott's 2009 outlook includes the acquisition of Advanced Medical Optics as announced today. Abbott expects the AMO transaction to be neutral to ongoing earnings per share in 2009 and accretive in 2010, both before one-time transaction-related costs, which will be provided at a later date.

7:35AM Digital Ally revenues for the year ended December 2008 increased over 65% to approximately $32.5 mln; raises 2009 rev guidance to $50 mln from $41.9 mln (DGLY) 2.92 : Co's revenues for the year ended December 31, 2008 increased over 65% to approximately $32.5 mln, compared with revenues of $19.4 mln in 2007. The Co expects to report record earnings in 2008, exclusive of non-recurring income tax benefits recorded in 2007, Co issues upside guidance for FY09 (Dec), sees FY09 (Dec) revs of $50 mln vs. $41.90 mln First Call consensus. "During our internal budgeting process, we carefully analyzed the current global economic environment, including the possible budget cuts confronting many federal, state and local government agencies... Based upon information currently available, we believe the continued success of our DVM-500 In-Car Digital Video System Integrated into a Rear View Mirror, combined with the anticipated impact of new products on our sales volumes, should allow Digital Ally to increase its 2009 revenues to at least $50.0 mln, when compared with record 2008 revenues of approximately $32.5 mln. To illustrate our confidence in this projection, all officers and directors at Digital Ally have agreed to defer 25% of their 2009 monetary compensation until year-to-date sales reach the $50 mln threshold."

7:31AM LaserCard announces $5.4 mln follow-on order for Saudi Arabia National ID card program (LCRD) 4.10 : Co announced a follow-on purchase order valued at $5.4 million to supply secure credentials for the Kingdom of Saudi Arabia's National Identity Card program.

7:13AM Hologic: Further color on guidance (HOLX) 10.90 : The co also reports although first quarter revenues are expected to fall three percent below initial expectations, they expect non-GAAP adjusted EPS for the first quarter of fiscal 2009 to meet or exceed initial expectations and be in a range of $0.30 to $0.31 (consensus is $0.29), as a result of a number of cost reduction initiatives the company implemented in the first quarter. This compares to prior Company guidance for non-GAAP adjusted EPS issued on November 11,2008 of $0.29 to $0.30. Non-GAAP adjusted EPS excludes approx $50 mln of amortization of intangibles which on an after-tax basis (at an effective tax rate of 34%) would reduce GAAP EPS by $0.13. The estimated GAAP EPS would then be in a range of $0.17 to $0.18.

7:02AM Hologic will report it expects Q1 2009 revs to be 3% below previously issued guidance (HOLX) 10.90 : Co lowers guidance for Q1 (Dec), sees Q1 (Dec) revs of $428-429 mln, down from $441-443 mln, vs. $437.04 mln First Call consensus.The three percent decline in anticipated revenues from its initial guidance is principally due to reductions in revenues in Hologic's Breast Health segment. The Company attributes this decline primarily to cost pressures faced by hospitals, due to the worldwide economic instability which has resulted in longer sales processes and delays of capital equipment purchases.

7:01AM Cubist Pharma reports FY08 total revs above consensus (CBST) 24.56 : Co reports FY08 prelim revs of $433.6 vs $434.50 mln First Call consensus. Co reports U.S. net product revenues of $120.1 mln for the fourth quarter of 2008 for its antibiotic product CUBICIN (daptomycin for injection). This result represents an increase of 43%, or $36.2 mln, from fourth quarter 2007 U.S. CUBICIN net product revenues. Full year 2008 U.S. CUBICIN net product revenues were $414.7 mln. This result represents an increase of 45%, or $129.6 mln, from full year 2007 U.S. CUBICIN net product revenues. Cubist's share of full year 2008 international net product revenues was $7.4 mln. This represents an increase of $2.1 mln from full year 2007. Included in the full year 2008 total net revenues is $9.4 mln of service revenue relating to Cubist's exclusive agreement with AstraZeneca to sell and provide other support in the United States for MERREM I.V. (meropenem for injection).

6:53AM Alnylam Pharma reaffirms their previously raised guidance of ending 2008 with a cash position of greater than $500 mln; expects net operating loss of $35-45 mln for FY09 (ALNY) 23.12 : ALNY reaffirms previously raised guidance of ending 2008 with a cash position of greater than $500 mln, excluding the upfront payment received as part of our Cubist RSV partnership announced last week. Co says, "In 2009, we expect a total non-GAAP cash net operating loss of approximately $35 to $45 mln and also expect to incur approximately $20 to $30 mln of other cash payments, including further investment in Regulus, cash tax payments, capital expenditures, and other potential strategic investments. We expect to finish 2009 with greater than $435 mln in cash." Co plans to continue to Progress ALN-RSV01 in Phase II Studies; advance ALN-VSP for the Treatment of Liver Cancers; expand Clinical Development Pipeline.

Earnings - 8th July 2008

:29PM EZCORP raises Q3 and FY08 EPS guidance above consensus (EZPW) 15.47 +1.35 : Co raises Q3 EPS guidance to $0.25 vs $0.21 consensus up from $0.21 prior guidance; co also raises Q4 EPS to $0.35 vs $0.35 consensus and FY08 EPS guidance to $1.19 vs $1.15 consensus, which includes an approximate one cent per share benefit from the Value Financial Services acquisition, which is expected to close around July 31st. Co says, "In our June quarter, we realized stronger than expected sales gross profit in our U.S. EZPAWN operation and lower than expected levels of signature loan bad debt in our EZMONEY operation. While our pawn and signature loan portfolios grew during the quarter, their rate of growth was less than we typically see during this period -- leaving our loan balances at a lower than anticipated level going into our September quarter. All of these factors were influenced to some degree by the economic stimulus checks received by our customers during May and June."

4:36PM Alcoa reports Q2 results, beats on revs (AA) 32.33 -1.06 : Reports Q2 (Jun) earnings of $0.66 per share, including a $0.05 per share impact from previously announced gas pipeline explosion in Western Australia and power disruptions at the Rockdale smelter, vs the First Call consensus of $0.66; revenues fell 5.5% year/year to $7.62 bln vs the $7.36 bln consensus. Higher input costs impacting the entire aluminum industry were offset by higher volume and stronger pricing. On a year-to-date basis, the co repurchased 18.3 mln shares bringing total repurchases to 10% against the Board authorized level of up to a maximum of 25% of shares outstanding.

4:30PM Cache reports 6% comparable store sales increase in June 2008, provides updated guidance (CACH) 12.68 +0.89 : Co reports June 2008 sales figures. For the five-week period ended June 28, 2008, comparable store sales increased 6%, as compared to an increase of 1% for the five-week period ended June 30, 2007. Total net sales for the five-week June 2008 period increased $1.3 mln or 6% to $23.3 mln, as compared to the same period last year. Co sees Q2 EPS of $0.14-0.15, up from previous guidance of $0.12-0.14, vs $0.14 First Call consensus. Co sees Q3 EPS of $0.01-0.02 vs $0.04 First Call consensus; sees revs $62-64 mln vs $61.57 mln First Call consensus. Co expects third quarter fiscal 2008 comparable store sales to increase in the low to mid-single digit range. Co sees FY08 $0.52-0.56, ex items, vs $0.54 First Call consensus; sees revs $286-290 mln vs $280.53 mln First Call consensus.

4:21PM Circor raises Q2 EPS guidance above consensus (CIR) 50.22 +0.95 : Co raises Q2 EPS guidance to $1.04-1.10 vs $0.80 consensus, up from prior guidance of $0.74-0.83. Co says, "Our Energy segment had another tremendous quarter with continued strong revenue growth and margins that exceeded the record high set in Q1, 2008. In addition, performance in our Instrumentation & Thermal Fluid Controls segment was very strong with margins in the range of the excellent results of Q1, 2008. Generally speaking, our markets held strong in the quarter and our lean manufacturing efforts are helping to transform strong sales into higher margins

4:01PM G-III Apparel announces acquisition of assets of Wilsons Leather Outlet Stores, raises FY09 guidance based on acquisition (GIII) 12.29 +0.49 : Co announces it has acquired certain assets of Wilsons The Leather Experts (WLSN). The assets acquired included 116 outlet store locations, $18.5 mln in inventory, distribution center operations and the Wilsons name and other related trademarks and trade names. G-III noted that the total purchase price for the assets acquired was approximately $22.3 mln in cash. The co stated that the acquisition was expected to be accretive for fiscal 2009 given the seasonality of the business and the timing of the acquisition. "... We expect to be able to seamlessly create a vertical retail organization and move quickly to realize the benefits of that structure." The Company noted that Joel Waller, former Chief Executive Officer of Wilsons The Leather Experts, would return as President of G-III's outlet store division.... The co also revised its guidance for fiscal 2009, as a result of the acquisition of the Wilsons outlet stores. The co now expects FY09 net sales in the range of $720 to $730 mln up from $650 to $660 mln vs $661.86 mln. The co also now anticipates net income for FY09 in the range of $23.5 to $24.4 mln, or $1.35 to $1.40 per diluted share up from $1.25 to $1.30 per diluted share vs $1.29 consensus. Co notes the revisions to its forecast did not include any change to its forecast for its base business

9:20AM VMware announces departure of President and CEO; says FY08 rev growth to be modestly below prior +50% growth guidance (VMW) 53.19 : Co announces that it has made a change in the leadership of the company with the departure of Diane Greene as President and CEO. VMware's Board of Directors has appointed Paul Maritz as President and CEO of VMware effective immediately. Maritz was also named to VMware's Board of Directors. Co said, "While VMware is not updating guidance for Q2, we expect revenues for the full year of 2008 will be modestly below the previous guidance of 50% growth over 2007." (Current consensus ests are for YoY rev growth of ~50.6%)

9:01AM Rick's Cabaret reports nightclub sales for Q3 up 92% over last year (RICK) 15.00 : Co announces nightclub sales for its Q3 ended June 30 totaled $15.89 mln, a 92.1% increase over the previous year. The co said same club-same period sales for the quarter were $8 mln, an 8.43% increase over the same period in the previous year. Co considers nightclubs it has operated for 12 months or more for comparable sales... Co also said the New York City club continued its strong year-over-year growth and new clubs in Dallas and Philadelphia have begun contributing revenues and Tootsie's Cabaret in Miami continued to exceed initial expectations.

8:13AM Cardinal Health formalizes consolidation of businesses into two primary operating and reporting segments; reaffirms FY08 guidance (CAH) 50.64 : Co announces a consolidation of its businesses into two primary operating and reporting segments to reduce costs and align resources with the unique needs of each segment. Cardinal Health's network of pharmaceutical and medical product distribution centers and nuclear pharmacies will form the Healthcare Supply Chain Services segment. With annual revenue of more than $80 bln, this segment serves customers in North America with efficient and secure distribution services for prescription medicine and medical products. Industry leading products for infusion, medication dispensing, respiratory care and infection prevention will be grouped in the Clinical and Medical Products segment under the leadership of Vice Chairman David L. Schlotterbeck. With annual revenue of approximately $5 bln, this segment serves global customers with clinically differentiated products used in hospitals and other primary care facilities. With these changes, the company will reduce its workforce by approximately 600 positions under a restructuring charge of approximately $63 million, the substantial majority of which it expects to recognize in the current fiscal year, which began July 1. Co also reaffrims FY08 EPS $3.75-3.85, ex items, vs $3.78 First Call consensus.

6:12AM Greenbrier Comp beats by $0.11, beats on revs (GBX) 18.94 : Reports Q3 (May) earnings of $0.49 per share, $0.11 better than the First Call consensus of $0.38; revenues fell 1.2% year/year to $382.1 mln vs the $352.9 mln consensus. New railcar manufacturing backlog was 17,500 units valued at $1.55 bln at May 31, 2008, compared to 18,800 units valued at $1.64 bln at February 29, 2008.