Earnings - 21st May 2009

4:20PM Safe Bulkers beats by $0.50, misses on revs (SB) 7.06 -0.64 : Reports Q1 (Mar) earnings of $1.14 per share, $0.50 better than the First Call consensus of $0.64; revenues fell 4.9% year/year to $46.9 mln vs the $50.5 mln consensus. The increase in net income is mainly attributable to early redelivery income, a foreign exchange gain and net revenue. The Company operated 12.53 vessels on average during the first quarter of 2009 earning a Time Charter Equivalent ("TCE") rate of $41,486 compared to 11 vessels and a TCE rate of $49,692 during the first quarter of 2008.

4:15PM Salesforce.com beats by $0.04, reports revs in-line; guides mixed Q2; raises FY10 EPS, lowers FY10 revs (CRM) 39.65 -0.62 : Reports Q1 (Apr) earnings of $0.15 per share, $0.04 better than the First Call consensus of $0.11; revenues rose 23.1% year/year to $304.9 mln vs the $304.7 mln consensus. Co issues mixed guidance for Q2, sees EPS of $0.14-0.15 vs. $0.13 consensus; sees Q2 revs of $312-313 mln vs. $319.22 mln consensus. Co issues mixed guidance for FY10, sees EPS of $0.59-0.60 vs. $0.55 consensus, up from previous guidance of $0.54-0.55; sees FY10 revs of $1.24-1.27 bln vs. $1.31 bln consensus, down from previous guidance of $1.30-1.33 bln. "In a tough IT spending environment, we added a first quarter record 3,900 net new customers to bring our total to over 59,000, and strong cost controls enabled us to raise our full year earnings guidance."

4:10PM LDK Solar misses by $0.13, beats on revs (LDK) 9.30 -0.55 : Reports Q1 (Mar) loss of $0.21 per share, $0.13 worse than the First Call consensus of ($0.08); revenues fell 33.6% year/year to $283.3 mln vs the $240 mln consensus. Gross margin for 1Q09 was 1.7%, compared to negative 49.6% in 4Q08 and 27.7% in the first quarter of fiscal 2008. For 2Q09, LDK estimates its wafer shipments between 200 MW to 220 MW. Co states, "...We continue to adjust our expansion plans in order to most effectively reduce near-term capital expenditure outlays and to best align with the decrease in demand seen industry-wide. We continued to ramp polysilicon production in our 1,000 MT polysilicon plant and are pleased with the progress in the construction our 15,000 MT plant and look forward to the increasing cost savings that in-house polysilicon production will afford as our polysilicon production grows."

4:09PM Autodesk beats by $0.10, beats on revs; guides Q2 EPS above consensus, revs in-line (ADSK) 18.83 -0.31 : Reports Q1 (Apr) earnings of $0.18 per share, excluding non-recurring items, $0.10 better than the First Call consensus of $0.08; revenues fell 28.9% year/year to $425.8 mln vs the $419.1 mln consensus. Co issues mixed guidance for Q2, sees EPS of $0.15-0.20, excluding non-recurring items, vs. $0.14 consensus; sees Q2 revs of $395-420 mln vs. $413.01 mln consensus. Autodesk began implementing its new expense reduction plan, which was announced in April. The plan is anticipated to result in pre-tax cost savings of approximately $120 million in fiscal 2010. Combined with the expense reduction initiatives announced in January, Autodesk anticipates achieving approximately $250 million in total cost savings in fiscal 2010, as compared to fiscal 2009.

4:05PM Aeropostale beats by $0.01, reports revs in-line; guides Q2 EPS above consensus (ARO) 32.47 -0.16 : Reports Q1 (Apr) earnings of $0.49 per share, excluding $0.02 in non-recurring items, $0.01 better than the First Call consensus of $0.48; revenues rose 21.3% year/year to $408 mln vs the $404.7 mln consensus. Co issues upside guidancefor Q2, sees EPS of $0.46-0.48, excluding $0.03 in non-recurring items, vs. $0.37 consensus. Same store sales for the first quarter increased 11%, compared to an increase of 10% in the year-ago period.

4:05PM Alkermes misses by $0.02, misses on revs; guides FY10 revs below consensus (ALKS) 8.50 -0.31 : Reports Q4 (Mar) loss of $0.14 per share, $0.02 worse thanthe First Call consensus of ($0.12); revenues fell 29.7% year/year to $43.9 mln vs the $44.6 mln consensus. Co issues downside guidance for FY10, sees FY10 revs of $182-197 mln vs. $205.84 mln consensus.

4:04PM Dress Barn beats by $0.08, beats on revs; guides FY09 EPS above consensus (DBRN) 14.85 +0.02 : Reports Q3 (Apr) earnings of $0.39 per share, $0.08 better than the First Call consensus of $0.31; revenues rose 6.6% year/year to $375.7 mln vs the $362.3 mln consensus. Co issues upside guidance for FY09, sees EPS of $1.00-$1.05 vs. $0.88 consensus. Co says, "This estimate is based upon various assumptions for the fiscal fourth quarter including flat to a low single digit increase in comparable store sales and average diluted shares for the earnings per share calculation of approximately 64 million."

9:17AM ReneSola beats by $0.01, misses on revs; guides FY09 revs below consensus (SOL) 3.70 : Reports Q1 (Mar) earnings of $0.02 per share, $0.01 better thanthe First Call consensus of $0.01. Co issues downside guidance for FY09, sees FY09 revs of $500-550 mln vs. $585.70 mln consensus. Co's production costs were reduced to US$0.36 per watt and our silicon consumption rate fell to an average of 6.0 grams per watt during 1Q09. Operating margin for 1Q09 was negative 54.6%, compared to negative 90.2% for Q4 2008 and positive 18.9% for 1Q08. Excluding the inventory write-down, adjusted operating margin for Q1 2009 was 9.1%. ReneSola's wholly owned subsidiary Zhejiang Yuhui Solar Energy Source Co., Ltd entered into an agreement on May 20, 2009 to acquire the entire issued share capital of solar cell and module manufacturer, Wuxi Jiacheng Solar Energy Technology Co. The total consideration for the acquisition was RMB 118 mln, paid in cash.

8:36AM Barnes & Noble beats by $0.11, beats on revs; guides Q2 EPS above consensus; guides FY10 EPS above consensus (BKS) 23.89 : Reports Q1 (Apr) loss of $0.04 per share, $0.11 better than the First Call consensus of ($0.15); revenues fell 4.4% year/year to $1.1 bln vs the $1.08 bln consensus, with comparable store sales decreasing 5.7% for the quarter, slightly better than guidance for a decrease of 6-9%. Co issues upside guidance for Q2, sees EPS of $0.05-0.15 vs. $0.03 consensus; the co expects Q2 comparable store sales to decline 5-7%. Co issues upside guidance for FY10, sees EPS of $1.10-1.40 vs. $1.07 consensus, from previous guidance of $0.95-1.25; the co now expects FY10 comparable store sales to decline 3-5%, better than previous guidance for a comparable store sales decline of 4-6%.

8:34AM Gamestop reports EPS in-line, revs in-line; guides Q2 EPS below consensus; reaffirms FY10 EPS guidance (GME) 26.47 : Reports Q1 (Apr) earnings of $0.42 per share,in-line with the First Call consensus of $0.42; revenues rose 9.2% year/year to $1.98 bln vs the $2 bln consensus. Co issues downside guidance for Q2, sees EPS of $0.28-0.33 vs. $0.40 consensus. Q2 comparable store sales are projected to decline by 8% to 11%, due to an unfavorable comparison to the 20% increase in same store sales in the prior year quarter, declining new console unit sales, and the impact of government stimulus checks issued last year.  Co reaffirms guidance for FY10, sees EPS of $2.83-2.93 vs. $2.87 consensus. "Although new video game software sales declined by 2.8%, lower-priced used products grew a robust 31.9%, illustrating that value is becoming more important to our customers... In the second quarter, like the first, we face very strong comparisons to the prior year period due to the unprecedented number of blockbuster titles released in the first half of 2008 and a significantly more brittle global economy. We do expect the back half of this year to be stronger than the first half due to a full and wide-ranging new title lineup. All together, this places us in a prime position to capitalize on the growth in the market in the fall and holiday seasons."

8:32AM Toro beats by $0.10, misses on revs; guides FY09 EPS in-line (TTC) 27.99 : Reports Q2 (Apr) earnings of $1.00 per share, $0.10 better than the First Call consensus of $0.90; revenues fell 21.7% year/year to $499.9 mln vs the $507.7 mln consensus. Co issuesin-line guidance for FY09, sees EPS of $1.60-1.80 vs. $1.64 consensus. "While there are forecasts of the economic environment improving by the end of 2009, we expect that would have little impact on our fiscal year which ends in October," said Hoffman. Given the ongoing global recession, the co has adjusted its outlook for fiscal 2009 and now expects fiscal 2009 revenues to decline about 18% from fiscal 2008. Co also said that shipments during the quarter to both the professional and residential markets declined due to the impact of the ongoing global recession resulting in lower golf equipment and project spending, continued weakness in commercial construction and housing, and soft consumer demand.

8:32AM Ross Stores reports EPS in-line, beats on revs; guides Q2 EPS above consensus; guides FY10 EPS above consensus (ROST) 35.81 : Reports Q1 (Apr) earnings of $0.72 per share, in-line with the First Call consensus of $0.72; revenues rose 8.7% year/year to $1.69 bln vs the $1.66 bln consensus. Co issues upside guidance for Q2, sees EPS of $0.60-$0.63 vs. $0.54 consensus. Co issues upside guidance for FY10, sees EPS of $2.62-$2.72 vs. $2.54 consensus.

7:33AM Hormel Foods beats by $0.09, misses on revs, sees FY09 EPS at upper end of range (HRL) 32.95 : Reports Q2 (Apr) earnings of $0.59 per share, $0.09 better than the First Call consensus of $0.50; revenues rose 19.9% year/year to $1.6 bln vs the $1.68 bln consensus. Co sees FY09 EPS at upper end of previously announced guidance range of $2.15-2.25.

7:04AM Brocade beats by $0.02, beats on revs (BRCD) 6.23 : Reports Q2 (Apr) earnings of $0.11 per share, $0.02 better than the First Call consensus of $0.09; revenues rose 42.7% year/year to $506.3 mln vs the $476.4 mln consensus. Non-GAAP gross margin was 56.2% vs 59.7% in Q109 and 61.1% in Q208. Non-GAAP operating margin was 18.8% vs 26.1% in Q109 and 22.9% in Q208.

7:02AM The Buckle beats by $0.08, beats on revs (BKE) 32.83 : Reports Q1 (Apr) earnings of $0.58 per share, $0.08 better than the First Call consensus of $0.50; revenues rose 24.6% year/year to $199.7 mln vs the $195.4 mln consensus. Comparable store net sales for the thirteen-week period ended May 2 increased 17.7% from the prior year period. Online sales (not included in comparable store sales) increased 75.7% to $11.7 mln for the thirteen week period.

6:04AM Stage Stores beats by $0.01, reports revs in-line; guides Q2 EPS above consensus; guides FY10 EPS in-line (SSI) 11.55 : Reports Q1 (Apr) loss of $0.02 per share, $0.01 better than the First Call consensus of ($0.03); revenues fell 5.6% year/year to $333.6 mln vs the $336.2 mln consensus. Co issues upside guidance for Q2, sees EPS of $0.20-0.27 vs. $0.09 consensus. Co issues in-line guidance for FY10, sees EPS of $0.40-0.65 (previous $0.35-0.60) vs. $0.49 consensus. Co projects Q209 comparable store sales decrease of 6.0-9.0%. For FY09, co projects comparable store sales decrease of 5.5-8.0%.

Earnings - 8th Aug 2008 (1)

8:18AM Hormel Foods issues Q3, Y08 downside guidance (HRL) 37.60 : Co issues downside guidance for Q3 (Jul), sees EPS of $0.37-0.39 vs. $0.45 First Call consensus. Co issues downside guidance for Y08 (Oct), sees EPS of $2.22-2.28, compared to previous guidance of $2.30-2.40, vs. $2.35 consensus. "Higher than expected feed and fuel input costs at our Jennie-O Turkey Store segment were the primary reason for the shortfall in our third quarter results. While we have continued to implement price increases in this segment, they have not been adequate to offset the higher input costs. An oversupply of turkey breast meat also kept pricing of commodity breast meat at a low level, exacerbating the cost-price differential. In the fourth quarter, we expect to see continued earnings pressure at Jennie-O Turkey Store from higher input costs, as the birds fed with higher grain prices make their way through the system."

7:50AM Fannie Mae reports Q2, beats on revs; lowers dividend (FNM) 9.95 : Reports Q2 (Jun) loss of $2.54 per share, may not compare to the First Call consensus of ($0.69); revenues rose 45.8% year/year to $3.96 bln vs the $3.4 bln consensus. "In addition, OFHEO has recently finalized rules modifying our regulatory risk-based capital stress test which will be applied beginning with the third quarter of 2008. The uncertainties that make 2009 estimates challenging also impact the calculation of this requirement, adding additional uncertainty to the regulatory requirements for capital. We are in ongoing dialogue with our regulator regarding our capital position.... In light of volatile market conditions, it is critical that we manage our capital levels to maintain a capital cushion well in excess of our regulatory capital requirement. To that end, we use strategies designed to preserve and protect our capital. In addition, we may, from time to time, raise capital opportunistically. Management continues to carefully monitor our capital and dividend positions and the trends impacting those positions and, if necessary, intends to take actions designed to help mitigate the impacts of a worsening environment on those positions. In this environment, conditions that negatively impact capital can develop rapidly and are based on a variety of factors. Therefore, we may need to take action quickly to respond. We have already begun to take some of those actions. Today, the Board of Directors announced that the company is decreasing the dividend on our common stock to $0.05 per share. On August 4, 2008, we announced an increase in our guaranty fee pricing on new acquisitions commensurate with the risks in the current market. We are also prudently managing the size of our balance sheet. Finally, we are evaluating our costs and expenses and expect to reduce ongoing operating costs by 10% by year end 2009. Additional steps we could take include: reducing or eliminating our dividends; slowing growth; decreasing the size of the balance sheet; further raising guaranty fees; and raising additional capital (which could be dilutive). Some of these actions could have negative consequences, including decreased revenue due to growth limitations, or increased mark-to-market charges associated with the decreased liquidity for mortgage assets that could arise from a reduction in our market activity. If our capital fails to meet standards set by our regulator, our regulator could require us to enter into a capital restoration plan or take other actions. As discussed below, the U.S. Treasury is authorized to buy Fannie Mae's debt, equity and other securities, subject to our agreement.... While we continue to expect home price declines in 2008 to be within our estimated 7% to 9% range, and peak-to-trough home price declines to be within our estimated 15% to 19% range, we see the trend moving toward the high end of those ranges, driven in particular by higher home price declines in certain regions. We are increasing our forecast for our credit loss ratio for the full-year to 23 to 26 basis points, as compared to our previous guidance of 13 to 17 basis points. We continue to anticipate that our credit loss ratio will increase further in 2009 compared with 2008. We also expect significant additions to our combined loss reserves through the remainder of 2008. Finally, while we expect that 2008 will be our peak year for credit-related expenses, the total amount of credit-related expenses will be significant in 2009."

6:49AM Beazer Homes misses by $0.51, beats on revs (BZH) 5.93 : Reports Q3 (Jun) loss of $2.85 per share, $0.51 worse than the First Call consensus of ($2.34); revenues fell 39.5% year/year to $455.6 mln vs the $430.1 mln consensus. "Despite lower home prices, relatively low interest rates and a large choice of available homes, potential homebuyers remain reluctant due to eroding consumer confidence amid concerns about employment growth, higher energy costs and the overall economy. Based on these demand dynamics, coupled with high supply levels of new and existing home inventory, we believe industry conditions will remain challenging for the remainder of this fiscal year and as we enter fiscal 2009."

12:01AM Mariner Energy beats by $0.18, beats on revs (ME) 26.06 : Reports Q2 (Jun) earnings of $1.39 per share, $0.18 better than the First Call consensus of $1.21; revenues rose 101.5% year/year to $429.5 mln vs the $383.7 mln consensus.

6:23PM Middleby beats by $0.13, beats on revs (MIDD) 50.08 -0.02 : Reports Q2 (Jun) earnings of $1.01 per share, excluding non-recurring items, $0.13 better than the First Call consensus of $0.88; revenues rose 53.3% year/year to $173.5 mln vs the $165.3 mln consensus.

6:01PM ZOLL Medical: U.S. Army awards airworthy certification to ZOLL AED Pro A-W (ZOLL) 32.85 -1.03 : Co announced that it has been notified of Airworthiness Release (AWR) from the U.S. Army's Research, Development, and Engineering Command for the ZOLL AED Pro A-W. The certification indicates that the AED Pro A-W is in compliance with the U.S. Department of Defense medical device certification criteria and is now certified for use aboard MEDEVAC helicopters.

6:00PM Public Storage beats by $0.01, misses on revs (PSA) 80.11 -4.19 : Reports Q2 (Jun) funds from operations of $1.10 per share, $0.01 better than the First Call consensus of $1.09; revenues fell 5.4% year/year to $424.1 mln vs the $436.2 mln consensus.

5:43PM Hertz Global beats by $0.01, beats on revs; guides FY08 EPS below consensus, revs below consensus (HTZ) 9.01 +0.13 : Reports Q2 (Jun) earnings of $0.30 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.29; revenues rose 4.6% year/year to $2.28 bln vs the $2.22 bln consensus. Co lowers guidance for FY08, sees EPS of $1.05-1.15 vs. $1.29 consensus, $1.38-1.44; lowers FY08 revs of $8.7-8.8 bln vs. $8.94 bln consensus, down from $8.9-9.0 bln.

5:35PM Gibraltar Industries beats by $0.29, beats on revs; guides FY08 EPS above consensus (ROCK) 15.01 -0.53 : Reports Q2 (Jun) earnings of $0.67 per share, $0.29 better than the First Call consensus of $0.38; revenues rose 6.5% year/year to $379.2 mln vs the $364.3 mln consensus. Co issues upside guidance for FY08, sees EPS of $1.50-1.65 vs. $1.15 consensus. (Stock is halted)

5:16PM Atwood Oceanics reports EPS in-line, beats on revs (ATW) 43.28 -0.82 : Reports Q3 (Jun) earnings of $0.93 per share, in-line with the First Call consensus of $0.93; revenues rose 43.7% year/year to $141.4 mln vs the $138.9 mln consensus.

5:12PM Coleman Cable reports Q2 (Jun) results, beats on revs; guides Q4 (Dec) revs below consensus (CCIX) 12.43 +0.07 : Reports Q2 (Jun) earnings of $0.05 per share, may not be comparable to the First Call consensus of $0.21; revenues rose 8.3% year/year to $267.6 mln vs the $250.7 mln consensus. Co issues guidance for Q4 (Dec), sees EPS of $0.12-0.26, may not be comparable to $0.40 consensus; sees Q4 (Dec) revs of $265-275 mln vs. $279.15 mln consensus.
5:04PM The9 Ltd beats by $0.12, reports revs in-line (NCTY) 24.35 -0.48 : Reports Q2 (Jun) earnings of $0.61 per share, $0.12 better than the First Call consensus of $0.49; net revs grew 69% y/y to $66.3 mln vs. $66.4 mln consensus.

5:04PM Anadigics lowers Q3 guidance below consensus (ANAD) 5.93 +0.00 : Co issues downside guidance for Q3 (Sep), sees EPS of ($0.01)-0.01 vs. $0.12 First Call consensus; sees Q3 (Sep) revs of $62-65 mln vs. $78.03 mln consensus. "As a result of the lower third quarter 2008 financial guidance and weakening economy, the Company reported that while it remains committed to the completion of construction of the facility in Kunshan, China by October 2008, as previously announced on July 22, 2008, it will defer the additional capital investment above the $49.88 million originally contemplated until the Company has better visibility as to when it needs the facility to become operational."

4:48PM Deckers Outdoor FY08 guidance calculation correction (DECK) 115.16 +3.18 : Co sees EPS growth of ~34%, up from 27% (which calc to ~$6.78 vs. $6.50 consensus); sees FY08 revs growth of 43%, up from 31% (which calc to ~$641.97 mln vs. $599.15 mln consensus). The original comment's calculations were incorrect and have been corrected.

4:47PM Assured Guaranty misses by $0.08, beats on revs (AGO) 13.74 -1.26 : Reports Q2 (Jun) earnings of $0.42 per share, excluding non-recurring items, $0.08 worse than the First Call consensus of $0.50; revenues rose 40.2% year/year to $118.3 mln vs the $117.1 mln consensus. "Our second quarter results for new business production in both direct and reinsurance reflect our strong position in a difficult marke... Our overall credit profile across our entire portfolio remained strong during the quarter with only a modest increase in our Closely Monitored Credit list. We did increase loss estimates on one closed end second lien deal. With regard to Moody's decision to place our ratings under review for possible downgrade, we hope that Moody's will reach a timely and favorable resolution and are committed to working with them to achieve this. We have had several discussions with them in the past two weeks and expect several more meetings and discussions to occur as we look to get more clarity on their specific issues and potential solutions."

4:33PM Darling Intl beats by $0.05, beats on revs (DAR) 15.02 -0.35 : Reports Q2 (Jun) earnings of $0.29 per share, $0.05 better than the First Call consensus of $0.24; revenues rose 38.6% year/year to $220.9 mln vs the $205.2 mln consensus.

4:33PM PowerSecure beats by $0.07, beats on revs (POWR) 6.07 -0.27 : Reports Q2 (Jun) earnings of $0.29 per share, $0.07 better than the First Call consensus of $0.22; revenues rose 85.8% year/year to $42 mln vs the $35.3 mln consensus. Co says, "We continue to be bullish on both the needs we see developing across the energy space and our proven ability to deliver solutions which satisfy those needs. We are encouraged by our strong performance this quarter, and the growth in our backlog."

4:21PM Perini beats by $0.03, beats on revs; reaffirms FY08 EPS below consensus, revs in-line; reafrirms FY09 EPS in-line, revs above consensus (PCR) 29.03 -0.39 : Reports Q2 (Jun) earnings of $1.03 per share, $0.03 better than the First Call consensus of $1.00; revenues rose 20.6% year/year to $1.39 bln vs the $1.31 bln consensus. Co reaffirms guidance for FY08, sees EPS of $3.50-3.75 vs. $3.76 consensus; sees FY08 revs of $5.5-5.9 bln vs. $5.62 bln consensus. Co reaffirms guidance for FY09, sees EPS of $4.00-4.20 vs. $4.05 consensus; sees FY09 revs of $7.3-7.8 bln vs. $6.06 bln consensus.