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.

Earnings - 9th April 2009

4:16PM MEMC Elec reaffirms Q1 revs; cuts gross margin guidance (WFR) 17.95 +1.08 : Co reaffirms Q1 rev guidance, sees revs of $214 mln vs $225.03 mln First Call consensus. As a result of lower pricing and additional underutilization charges, gross margin for the quarter is now expected to be approx 9% of sales, compared to the company's previous outlook of gross margins declining to the 20% range. Reduced Guidance: 20%  Margin to 9% Margin on sales. 

8:06AM Aeropostale reports March comparable sales of +3% vs +4.2% Briefing Consensus; raises Q1 EPS guidance (ARO) 26.92 : Co reports March comparable sales of +3% vs +4.2% Briefing Consensus. Co also raises its Q1 EPS guidance to $0.35, ex-items, vs First Call consensus of $0.27, and vs prior guidance of $0.22-$0.24.

8:03AM American Eagle reports Mar SSS -16% vs -10.5% Briefing.com consensus; raises Q1 guidance to EPS of $0.06-0.07 vs. $0.05 First Call consensus (AEO) 12.51 : Co reports Mar SSS -16% vs -10.5% Briefing.com consensus; issues upside guidance for Q1 (Apr), sees EPS of $0.06-0.07 vs. $0.05 First Call consensus; previous guidance called for EPS of $0.04-0.07. The earnings revision reflects AE's planned and controlled promotional strategy. This revised guidance excludes potential additional impairment charges or losses related to investment securities. Co also announces that total sales for the five weeks ended April 4, 2009 decreased 9% to $242.6 mln, compared to $267.3 mln for the five weeks ended April 5, 2008.:  

8:01AM Wells Fargo expects record Q1 earnings of approximately $3 bln; sees EPS of $0.55 vs $0.23 First Call consensus (WFC) 14.89 : Co expects record Q1 earnings of approximately $3 bln; sees EPS of $0.55 vs $0.23 First Call consensus, revs of $20.0 bln vs $18.98 bln First Call consensus. EPS excludes preferred dividends, including $372 mln in dividends paid to U.S. taxpayers on the U.S. Treasury's Capital Purchase Program investment. Co cites strong operating results at legacy Wachovia; solid operating margins with consolidated net interest margin of approximately 4.1% and efficiency ratio of approximately 56%. "Business momentum in the quarter reflected strength in our traditional banking businesses, strong capital markets activities, and exceptionally strong mortgage banking results -- $100 bln in mortgage originations, with a 41% increase in the unclosed application pipeline to $100 biln at quarter end, an indication of strong second quarter mortgage originations." Tangible common equity (TCE) ratio expected to increase in first quarter.Tangible common equity is expected to be above 3.1% of tangible assets at March 31, 2009. The 85% reduction in the Company's common stock dividend from $0.34 per share to $0.05 per share announced on March 6, 2009, will benefit retained earnings by about $1.25 bln in additional common equity per quarter, the equivalent of about 10 basis points of TCE per quarter, beginning in the second quarter. 

7:56AM Gymboree raises guidance above consensus for Q1 (GYMB) 21.81 : Co issuesupside guidance for Q1 (Apr), sees EPS of $0.50-0.56 vs. $0.23 First Call consensus, prior guidance $0.18-0.25. Co cites improved revenue and margin performance, and the impact of the Company's ongoing cost containment strategies. Co said, "Compared to the trends we were seeing in February, we saw a steady and significant increase in sales performance during the month of March... As a result of better than anticipated customer response to the new product assortment, as well as more effective promotional campaigns, we were able to generate improved sales and margins. However, we still expect the retail sales environment to remain volatile throughout the fiscal year and will continue to take a cautious view on sales expectations."

7:31AM A-Power Energy beats by $0.15, beats on revs; guides for FY09 (APWR) 4.47 : Reports Q4 (Dec) earnings of $0.30 per share, $0.15 better than the First Call consensus of $0.15; revenues rose 93.4% year/year to $81.4 mln vs the $75.8 mln consensus. The Company expects revenues and net income for 2009 to be approximately $290 million (rev consensus $579.2 mln) and $29 million, respectively. These targets are based on the Company's current DG backlogs, which are subject to change when the company signs new DG contracts and/or recognizes revenues from wind turbine sales during 2009.

7:15AM Cash America sees Q1 EPS of $0.76-0.78 vs consensus of $0.63; previous guidance was $0.61-0.65 (CSH) 17.27 : Co announced today that it expects its earnings for the first quarter ended March 31, '09, to significantly exceed its previously released guidance for the quarter, co sees Q1 EPS of $0.76-0.78 vs consensus $0.63; previous $0.61-0.65. The primary contributors to the higher-than-anticipated earnings for the quarter were better than expected performance from the co's pawn lending operations, both in the US and Mexico, and lower loan losses associated with the cash advance product. In addition, the co experienced greater than expected cash advance fee revenue in the quarter from its online cash advance offerings in some of the states that had announced adverse changes in legislation and/or regulations in '08 but have not been implemented thus far in '09 as previously expected.

Earnings - 26th Aug 2008

4:07PM J. Crew misses by $0.04, reports revs in-line; guides Q3 EPS below consensus; lowers FY09 EPS guidance (JCG) 26.64 +1.03 : Reports Q2 (Jul) earnings of $0.28 per share, $0.04 worse than the First Call consensus of $0.32; revenues rose 10.3% year/year to $336.2 mln vs the $337.9 mln consensus. Co says gross margin decreased to 41.0% of revenues from 43.7% of revenues in the second quarter of fiscal 2007. Co issues downside guidance for Q3, sees EPS of $0.28-0.33 vs. $0.46 consensus. Co issues downside guidance for FY09, sees EPS of $1.44-1.54 down from previous guidance of $1.70-1.75 vs. $1.71 consensus. Co says " ... based upon the disruption to our Direct business, as well as the continued softness in our Stores business due to the macro economic environment, we are revising our guidance for fiscal 2008. The Direct systems upgrades impacted our Direct sales trend, limited our ability to leverage our multi-channel platform and resulted in incremental expenses..." The co's revised expectations for 2H08 include comparable store sales growth in the range of flat to slightly negative, Direct sales growth in the high single-digits and net square footage expansion of approx 10% to 11%.

4:04PM Hain Celestial beats by $0.02, beats on revs; guides FY09 EPS in-line, revs above consensus (HAIN) 24.99 +0.15 : Reports Q4 (Jun) earnings of $0.34 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.32; revenues rose 25.2% year/year to $278.3 mln vs the $264.3 mln consensus. Co issues mixed guidance for FY09, sees EPS of $1.54-1.61 vs. $1.60 consensus; sees FY09 revs of $1.2-1.3 bln vs. $1.17 bln consensus. Similar to fiscal year 2008, the Company expects to incur $0.08 per share in stock compensation expense to amortize equity grants made this past fiscal year in fiscal year 2009. A recently announced price increase in the United States is expected to have a positive impact on margin beginning with the Company's second quarter of fiscal year 2009.

4:03PM Applied Signal beats by $0.01, beats on revs (APSG) 14.72 -0.59 : Reports Q3 (Jul) earnings of $0.15 per share, $0.01 better than the First Call consensus of $0.14; revenues rose 26.3% year/year to $49.9 mln vs the $46.4 mln consensus.


8:38AM Daktronics beats by $0.05, beats on revs; reaffirms FY09 rev guidance (DAKT) 18.11 : Reports Q1 (Jul) earnings of $0.22 per share, excluding $977K gain on property sale, vs consensus of $0.17; revenues rose 33.3% year/year to $161.2 mln vs the $141.5 mln consensus. The co is reiterating its financial guidance for fiscal 2009. Daktronics expects that net sales will increase by more than 20% over fiscal 2008 (equates to ~$599.60 mln vs. $598.87 mln consensus) and operating margin will range from 8.0-9.5%. The growth of net sales depends on a number of large contracts, particularly in our live events and international business units, which could cause this growth level to change. Operating margin may vary, primarily as a result of fluctuations in gross profit levels. This guidance is subject to a number of factors that could cause it to vary, and investors should refer to our filings with the Securities and Exchange Commission for a more complete list of risk factors.

7:48AM Corinthian Colleges beats by $0.02, reports revs in-line; guides Q1 EPS in-line, revs above consensus; guides FY09 EPS above consensus, revs in-line (COCO) 16.21 : Reports Q4 (Jun) earnings of $0.11 per share, ex-items, $0.02 better than the First Call consensus of $0.09; revenues rose 18.3% year/year to $274 mln vs the $276.6 mln consensus. Total student population at fiscal year-end was 69,211 versus 61,332, an increase of 12.8%. Total student starts were 23,015 versus 20,643, an increase of 11.5%. Including discontinued operations, starts increased 7.2%. Co issues mixed guidance for Q1, sees EPS of $0.06-$0.08 vs. $0.08 consensus; sees Q1 revs of $285-$290 mln vs. $283.31 mln consensus. Co issues mixed guidance for FY09, sees EPS of $0.58-$0.63 vs. $0.55 consensus; sees FY09 revs of $1.21-$1.25 bln vs. $1.22 bln consensus.

7:47AM American Eagle beats by $0.01, misses on revs; guides Q3 EPS below consensus (AEO) 13.74 : Reports Q2 (Jul) earnings of $0.29 per share, $0.01 better than the First Call consensus of $0.28; revenues fell 2.0% year/year to $688.8 mln vs the $705.5 mln consensus. Co issues downside guidance for Q3, sees EPS of $0.31-0.36 vs. $0.39 consensus, with the view that the business environment remains challenging through the 2H. "While the consumer environment is clearly challenging, we are taking steps to invigorate our business. We are strengthening our competitive position by underscoring AE's value pricing, which is consistent with our heritage of great value together with excellent quality. Additionally, we are driving improvements within our merchandise assortments. Yet, we are managing to the current macro environment, with tight inventories and we continue to pursue expense opportunities. As I look ahead to 2009 and beyond, I have tremendous confidence in the strength of our brands, our teams, and that we are positioning our company for improved financial performance, future growth and success."

7:33AM Chico's FAS beats by $0.01, reports revs in-line (CHS) 4.98 : Reports Q2 (Jul) earnings of $0.04 per share, $0.01 better than the First Call consensus of $0.03; revenues fell 7.1% year/year to $405.2 mln vs the $405.3 mln consensus. "The retail environment continues to be challenging as customers remain increasingly cautious in their spending across the entire retail sector, especially in the missy category. While we anticipate consolidated comparable store sales for the fall season to remain negative, we expect to see an improvement in trend and continue to believe we will be profitable in the second half."


7:04AM Smithfield Foods beats by $0.02, beats on revs (SFD) 23.53 : Reports Q1 (Jul) loss of $0.02 per share, excluding non-recurring items, $0.02 better than the First Call consensus of ($0.04); revenues rose 20.1% year/year to $3.14 bln vs the $2.87 bln consensus. "Looking forward to the remainder of fiscal 2009, the future is uncertain. Even as hog prices recently have risen and grain markets have moderated somewhat, the delayed impact of grain costs will result in continued elevated raising costs," he said. The volatile nature of both the domestic and world markets for meat prices and grains, combined with uncertainty surrounding the economy and the U.S. dollar, make any prediction of future results very difficult. However, we continue to pursue our long-term strategy of emphasizing our packaged meats business and improving our fresh meat operations. This strategy is working and is improving the base of our business."

6:39AM Sanderson Farms misses by $0.09, reports revs in-line (SAFM) 39.49 : Reports Q3 (Jul) loss of $0.09 per share, excluding settlement payment, $0.09 worse than the First Call consensus of ($0.00); revenues rose 18.3% year/year to $466.9 mln vs the $464.8 mln consensus.

6:06AM Big Lots beats by $0.05, reports revs in-line; guides Q3 EPS in-line; guides Q4 (Jan) EPS in-line; guides FY09 EPS in-line (BIG) 33.06 : Reports Q2 (Jul) earnings of $0.32 per share, $0.05 better than the First Call consensus of $0.27; revenues rose 1.9% year/year to $1.11 bln vs the $1.1 bln consensus. Co issues in-line guidance for Q3, sees EPS of $0.15-0.19, excluding non-recurring items, vs. $0.18 consensus. Co issues in-line guidance for Q4 (Jan), sees EPS of $1.02-1.09, excluding non-recurring items, vs. $1.03 consensus. Co issues in-line guidance for FY09, sees EPS of $1.90-2.00, excluding non-recurring items, vs. $1.90 consensus. For Q308 and Q408, co anticipates a 1%-2% comparable store sales increase.