Earnings - 11th Aug 2008

6:53PM Zoltek misses by $0.20, misses on revs (ZOLT) 18.28 -2.81 : Reports Q3 (Jun) earnings of $0.07 per share, includes $0.05 debt charge, excluding non-recurring items, $0.20 worse than the First Call consensus of $0.27; revenues rose 11.7% year/year to $45 mln vs the $58.1 mln consensus. Co says, "The decline in sales from Q2 to Q3 was due in part to the reduced shipments against two major wind contracts, the timing of shipments between the periods and lower technical fiber sales. The co's sales goal for FY08 was based upon assumptions which included the successful completion of a new contract from a major wind turbine customer. However, ZOLT experienced a dearth of significant new contracts from customers in the wind energy field over the past year, which the co attributes to concerns among wind turbine producers regarding the availability and pricing of the high-performance carbon fibers used in making the longest and most powerful wind turbine blades. We are working closely with every one of the major wind turbine manufacturers to address their concerns about incorporating carbon fibers in their design and, while we cannot predict the exact timing, we expect to win new contracts leading to resumption of ZOLT's rapid sales growth. All the major wind turbine producers are designing longer blades and at some length, which may be different for each turbine co, carbon fiber reinforcement becomes necessary and economically competitive. The fundamentals of alternative energy generally -- and wind energy in particular -- are strong and growing, and we expect that growth will continue for many years to come. This business is not going away over the next few years. It's only going to get much bigger>"

4:43PM Airmedia beats by $0.01, beats on revs; guides Q3 revs in-line; guides FY08 revs above consensus (AMCN) 11.15 -0.33 : Reports Q2 (Jun) earnings of $0.12 per share, $0.01 better than the First Call consensus of $0.11; revenues rose 250.6% year/year to $29.8 mln vs the $27.7 mln consensus. Co issues in-line guidance for Q3, sees Q3 revs of $31.0-$33.0 mln vs. $31.86 mln consensus. Co issues upside guidance for FY08, sees FY08 revs of $122.4-$126.4 mln vs. $119.38 mln consensus.

4:39PM International Assets Hldg reports Q3 results (IAAC) 36.00 +0.02 : Co reports Q3 EPS of $0.72 vs ($0.46) in 3Q07; revs rose 226% YoY to $30.96 mln - no ests. "GAAP operating revenues for the third quarter and nine months to date were over three times higher than those of the comparable periods last year and net income was $6.8 mln and $25.7 mln for the three months and nine months, compared with losses for the comparable periods last year. Management believes that adjusted marked-to-market (non-GAAP) results are a better reflection of the Company's performance. On a non-GAAP basis, adjusted operating revenues were up 25% and 57% while adjusted pro forma net income was up 1% and 55% for the third quarter and nine months to date, respectively."

4:18PM Capstone Turbine misses by $0.02, misses on revs (CPST) 2.42 -0.24 : Reports Q2 (Jun) loss of ($0.07) per share, $0.02 worse than the First Call consensus of ($0.05); revenues rose 34% year/year to $7.5 mln vs the $9.73 mln consensus. CPST's backlog at the end of Q1 was $42.7 mln, an increase of approx $14.8 mln, or 53%, from the prior quarter and an increase of approx $37.4 mln, or 706%, from the end of the prior year comparable quarter.

4:14PM LDK Solar beats by $0.87, beats on revs; guides Q3 revs above consensus; guides FY08 revs above consensus (LDK) 33.58 +0.09 : Reports Q2 (Jun) earnings of $1.29 per share, $0.87 better than the First Call consensus of $0.42; revenues rose 345.9% year/year to $441.7 mln vs the $282 mln consensus. Co issues upside guidance for Q3, sees Q3 revs of $486-496 mln vs. $307.05 mln consensus with wafer shipments between 210 MW to 220 MW. Co issues upside guidance for FY08, sees FY08 revs of $1.65-1.75 bln vs. $1.16 bln consensus with wafer shipments in the range of 750 MW to 770 MW. Gross profit margin for the second quarter of fiscal 2008 was 25.4% compared with 35.2% in the second quarter of fiscal 2007. Operating profit margin for the second quarter of fiscal 2008 was 22.7% compared with 31.1% in the second quarter of fiscal 2007.

4:12PM Fluor beats by $0.05, beats on revs; guides FY08 EPS above consensus (FLR) 76.18 -0.14 : Reports Q2 (Jun) earnings of $0.87 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.82; revenues rose 36.8% year/year to $5.77 bln vs the $5.18 bln consensus. Co issues upside guidance for FY08, sees EPS of $3.39-3.54, excluding non-recurring items, vs. $3.29 consensus.

4:12PM McDermott reports EPS in-line, misses on revs (MDR) 41.64 +0.33 : Reports Q2 (Jun) earnings of $0.77 per share, in-line with the First Call consensus of $0.77; revenues rose 26.4% year/year to $1.79 bln vs the $1.85 bln consensus.

4:12PM Safe Bulkers beats by $0.21, beats on revs (SB) 18.00 -0.30 : Reports Q2 (Jun) earnings of $0.82 per share, $0.21 better than the First Call consensus of $0.61; revenues rose 48.1% year/year to $51.4 mln vs the $49.6 mln consensus. "We have benefited from a balanced chartering policy which provides us with a high level of contracted base cash flow, but at the same time allows us to benefit from a continued strong market. Our most recent period time charter for one of our Panamax vessels that we announced earlier this month, at an average daily rate of $63,000 less 1.25% commissions for a period between 22 and 24 months, with nine months forward delivery, demonstrates our ability to develop direct business with the industry's major charterers..."

4:08PM PDL BioPharma beats by $0.15, beats on revs; (PDLI) 11.57 +0.05 : Reports Q2 (Jun) earnings of $0.35 per share, $0.15 better than the First Call consensus of $0.20; revenues rose 25.6% year/year to $111.9 mln vs the $87.27 mln consensus. In conjunction with this press release, PDL announced that Richard Murray, Ph.D., executive vice president and chief scientific officer, will resign from the company, effective September 5, to pursue personal and then other professional interests.

4:05PM American Science & Engineering misses by $0.23, misses on revs (ASEI) 58.98 +0.38 : Reports Q1 (Jun) earnings of $0.30 per share, $0.23 worse than the First Call consensus of $0.53; revenues fell 11.2% year/year to $39.5 mln vs the $46.5 mln consensus. The Company reported a record $100 million in bookings for the first quarter of fiscal year 2009 versus $43 million in the first quarter of the prior fiscal year. Backlog for the first quarter of fiscal year 2009 increased 53% to a record $160 million as compared to the first quarter of the prior fiscal year.

4:03PM American Oriental beats by $0.01, beats on revs; guides FY08 revs in-line (AOB) 9.33 -0.02 : Reports Q2 (Jun) earnings of $0.18 per share, $0.01 better than the First Call consensus of $0.17; revenues rose 74.0% year/year to $59 mln vs the $52.8 mln consensus. Co issues in-line guidance for FY08, sees FY08 revs of at least $245 mln vs. $246.03 mln consensus.

10:27AM GeoResources reports Q2 EPS of $0.50 vs $0.34 two analyst est, revs rose 240% YoY to $28.2 mln vs $22.6 mln two analyst est (GEOI) 14.52 +0.45 :

9:12AM Targa Resources beats by $0.07 (NGLS) 21.80 : Reports Q2 (Jun) earnings of $0.54 per share, $0.07 better than the First Call consensus of $0.47; revenues rose 45.4% year/year to $630.5 mln.

8:47AM Pepco Hldgs beats by $0.14 (POM) 25.03 : Reports Q2 (Jun) earnings of $0.53 per share, excluding non-recurring items, $0.14 better than the First Call consensus of $0.39.

8:12AM Natural Resource beats by $0.05, beats on revs; guides FY08 EPS above consensus, revs in-line (NRP) 34.61 : Reports Q2 (Jun) earnings of $0.47 per share, $0.05 better than the First Call consensus of $0.42; revenues rose 47.9% year/year to $75.6 mln vs the $69 mln consensus. Co issues upside guidance for FY08, sees EPS of $1.85-1.70 vs. $1.66 consensus; sees FY08 revs of $297-273 mln vs. $280.74 mln consensus. Production increased 2.5 mln tons from 2Q07 to 16.1 mln tons for 2Q08 mainly due to increased production at the Williamson mine in the Illinois Basin, where NRP experienced a full qtr of longwall production from the new mine.

Earnings - 12th June, 2008

4:50PM Steel Dynamics raises Q2 EPS guidance above consensus (STLD) 36.75 -0.31 : Co raises Q2 EPS guidance to $0.90-0.95 vs $0.89 consensus, up from $0.80-0.90. Co said the increase in expectations is based primarily on stronger than anticipated shipping volume and selling values for flat-rolled steel products and stronger volume and margins in recycling. Co also said, "We continue to experience strong market conditions for our steel and recycled metals businesses. In addition to the improving performance of the Flat Rolled Division and The Techs, our long products divisions continue to perform well, with continued strong order activity and backlogs. Strong shipping volumes and profit margins of our OmniSource Corp subsidiary are expected to continue in the third quarter as well, as both internal and external demand for recycled metals remain strong."

4:34PM Moog announces investment in wind energy business; raises FY08 EPS by $0.01, still below consensus (MOG.A) 40.32 +0.12 : Co announced that it has acquired 40% ownership of privately held LTi REEnergy GmbH of Unna, Germany for 18 mln euro (~$28 mln) from available cash balances. The co expects to acquire the remaining 60% in twelve months subject to conventional conditions of closing. The investment will be accounted for under the equity method and, accordingly, the co will record 40% of the earnings of LTi REEnergy in MOG.A's Industrial Systems segment. As a result of this investment, MOG.A increased its FY08 EPS to $2.72, vs $2.74 consensus, up from $2.71.

4:19PM Capstone Turbine reports Q4 EPS of ($0.07) vs ($0.05) First Call consensus; revs rose 60% YoY to $9.3 mln vs $9.27 mln First Call consensus (CPST) 3.41 +0.05 : Capstone's backlog for the fiscal year ended March 31, 2008 was $27.9 mln, an increase of 458% from the prior fiscal year and 113% from the prior quarter.

4:13PM Smith & Wesson beats by $0.03, beats on revs (SWHC) 5.20 +0.10 : Reports Q4 (Apr) earnings of $0.08 per share, $0.03 better than the First Call consensus of $0.05; revenues were unchanged from the year-ago period at $82.6 mln. Co said, "In January 2008, we suspended providing financial guidance based upon the uncertain business and economic environments that existed at that time. Since then, we have seen several encouraging signs. Those include an increase in the number of background checks conducted at retail over the past several months, as well as feedback from our distributors, indicating that excess handgun inventories have cleared out of the channel. In fact, sales of our handguns into the sporting goods channel grew 12% in Q4 2008 compared with Q4 of FY07. Despite these encouraging signs, distributor feedback also indicates that inventories of hunting rifles and shotguns in the channel remain high. As a result, demand for hunting rifles and shotguns in FY09 remains uncertain. In addition, we have received no indications that the overall economic environment has improved since our suspension of guidance in January or that it will improve as our new fiscal year progresses. Therefore, overall retail demand in fiscal 2009 also remains uncertain. We are optimistic about our opportunities in FY09 and the signs we are seeing. We intend to remain focused on our long-term strategy, and we intend to resume providing financial guidance when trends in our business environment become clearer."

4:02PM Benihana beats by $0.02, reports revs in-line; guides FY09 EPS below consensus, revs below consensus (BNHN) 7.94 +0.36 : Reports Q4 (Mar) earnings of $0.17 per share, $0.02 better than the First Call consensus of $0.15; revenues fell 2.0% year/year to $70.2 mln vs the $70.8 mln consensus. Co issues downside guidance for FY09, sees EPS of $0.60-0.65 vs. $0.82 consensus; sees FY09 revs of $313-318 mln vs. $325.54 mln consensus.

9:09AM Qualcomm raises Q3 guidance; raises Y08 guidance (QCOM) 46.31 : Co issues upside guidance for Q3 (Jun), sees EPS of $0.54-0.55, excluding non-recurring items, compared to previous guidance of $0.50-0.52, vs. $0.52 First Call consensus; sees Q3 (Jun) revs of slightly above high end of previous guidance of $2.5-2.7 bln, vs. $2.61 bln consensus. Co sees Q3 shipments of approx 86 mln Mobile Station Modem chips, compared to previous guidance of 85-88 mln units. Co sees March quarter shpments of approx 107 mln CDMA devices at an average selling price of approx $226 per unit, compared to previous guidance of 105-109 mln devices at $223 per unit. Co raises guidance for FY08 (Sep), sees EPS of $2.09-2.13, excluding non-recurring items, compared to previous guidance of $2.04-2.09, vs. $2.11 consensus. Co is engaged in a dispute with Nokia regarding Nokia's obligation to pay royalties for the use of certain patents, and as a result, QCOM is not recording royalty revs attributable to Nokia's sales after April 9, 2007 until a court awards damages or the dispute is otherwise resolved. Co has excluded from Y08 revs and earnings guidance co's estimate of royalties co believes Nokia is required to report and pay.

12:44AM EnerSys reports Q408 results, beats by $0.04 (ENS) 30.90 : Reports Q4 (Mar) earnings of $0.42 per share, excluding charge for European restructuring plan and fees related to stock offering, $0.04 better than the First Call consensus of $0.38; revenues rose 41% year/year to $581.9 mln vs the $573.79 mln consensus. (Popped)