Earnings - 26th Sept 2008

1:24PM Interactive Brokers sees Q3 EPS of $0.55-0.65 vs $0.47 First Call consensus; approves share repurchase program of up to 8 mln shares (IBKR) 20.42 -0.67 : Co expects income before income tax and minority interest to be between $325-375 mln and diluted EPS to be $0.55-0.65 (vs $0.47 consensus) for the quarter to end on September 30, 2008. Co believes that the impact of the recent significant market events have unduly depressed the price of the co's common stock, and the Board of Directors has therefore determined that a program of stock repurchases would be an opportunistic use of available funds. Co approves a share buyback program by its subsidiary IBG, authorizing it to repurchase up to 8 mln shares of the common stock. "Our strong financial profile and cash position provide us with the opportunity to repurchase our stock to return value to shareholders. The repurchase program reinforces our belief in the long-term value of our stock, which is being negatively affected by the current credit market environment. IBG LLC has more than $4 bln of equity capital and does not rely on outside liquidity to any meaningful extent and is therefore relatively unaffected by recent events." (stock is currently halted)

10:10AM Oshkosh Truck announces improved EPS and debt reduction expectations for Q4 (OSK) 9.47 -0.02 : Co announces that it expects to report EPS for its Q4 at or above the higher end of its previously announced EPS estimate range of $0.50-0.65 (vs $0.59 First Call consensus). Furthermore, Oshkosh expects to reduce its debt to $2.80-2.85 bln at September 30, 2008 compared to its previous expectations of $2.85-2.90 bln due to cash flow from earnings and working capital initiatives. "During the last several months, we have improved our cost structure by downsizing our workforce ~10% and lowering discretionary spending. We have been reducing our working capital by selling excess inventory, rationalizing production and pursuing receivables initiatives. These swift and decisive actions should help us to remain competitive in fiscal 2009."

9:17AM Cleveland-Cliffs announces three supply agreements signed at world pellet prices from its North American iron ore segment (CLF) 65.14 : Co says it recently signed three new supply agreements from its North American Iron Ore segment at World Pellet Prices as defined by the "Eastern Canada Pellet Price," which is currently 228.82 U.S. cents per natural metric ton unit (approx $148/metric ton for pellets containing 65% iron content). The three new supply agreements each have a five-year term, with one of the agreements beginning in 2008 and the other two beginning in 2009.

8:30AM A-Power Energy receives new distributed power generation contract worth $195 mln - distributed power backlog increases to over $800 mln (APWR) 12.15 : Co announces that it has signed a new contract with Jilin Glad Group Co to build two distributed power generation stations in Shulan City, Jilin Province, China with a total contract value of ~ $195 mln. Jilin Glad Group Co was established in November 2002 and specializes in the operation of thermal power plants in China's Jilin province. This two-phase project is expected to begin in September 2008 with installation of a 24MW power station valued at $54 mln. Completion of the first phase of the project is estimated for October 2009. The second phase of the project includes a 100MW distributed power generation system valued at $141 mln and is expected to begin in January 2009 with completion date to be determined after commencement. With this contract, APWR's distributed power generation backlog has grown to exceed $800 mln, up from ~ $650 mln as of August 20, 2008.

8:04AM KB Home reports wider than expected loss, misses on revs (KBH) 21.16 : Reports Q3 (Aug) loss of $1.87 per share, $0.65 worse than the First Call consensus of ($1.22); revenues fell 55.7% year/year to $681.6 mln vs the $734.7 mln consensus. The 2008 third quarter results included a pretax, non-cash charge of $82.2 mln for inventory and joint venture impairments and a charge of $58.1 mln to record a valuation allowance against net deferred tax assets generated during the quarter. The co's cash balance at August 31, 2008 totaled $942.5 mln, up 46% from $645.9 mln at August 31, 2007. The Company's debt balance at the end of the current quarter was $1.88 billion, down $284.1 mln from $2.16 billion at the end of the 2007 third quarter, largely due to the redemption of debt. "Continued deterioration in new home demand, new and existing home prices, excessive inventories and mortgage credit availability prevailed across most U.S. housing markets in the third quarter... These difficult conditions have now been exacerbated by the recent, unprecedented turmoil in financial and credit markets, and it is too early to assess whether the federal government's proposed interventions will be effective. As our industry navigates a housing market decline now subsumed by a larger global financial crisis, we at KB Home continue to focus on three integrated strategic objectives: maintaining a strong financial position, restoring operational profitability and positioning ourselves to capitalize on a housing market recovery when it occurs... The sharp decline in net orders we experienced in the third quarter reflects the broader dynamics of the housing market and our strategic responses to these conditions - reducing our active community count, implementing a comprehensive product transition and executing a more disciplined pricing strategy... Market fundamentals appear unlikely to improve significantly in the near term, as foreclosures continue to rise, housing inventory overhang remains at historically high levels and mortgages have become more difficult to obtain. In this environment, we will continue to pursue opportunities to optimize our financial results while operating conditions in our markets across the country move, at varying rates, towards a long-term supply and demand equilibrium."

7:28AM Park Electrochem misses dual analyst estimate by $0.15; misses on revs (PKE) 26.82 -0.17 : Co reports Q2 earnings per share of $0.24, $0.15 worse than the dual analyst estimate of $0.39; revenues declined 8% to $55.6 mln vs dual analyst estimate of $60.7 mln.

7:02AM Jabil Circuit misses by $0.01, reports revs in-line; guides Q1 EPS in-line, revs in-line (JBL) 10.69 : Reports Q4 (Aug) earnings of $0.30 per share, $0.01 worse than the First Call consensus of $0.31; revenues rose 4.3% year/year to $3.27 bln vs the $3.24 bln consensus. Co issues in-line guidance for Q1, sees EPS of $0.30-0.38 vs. $0.36 consensus; sees Q1 revs of $3.40-3.60 bln vs. $3.44 bln consensus.

5:13AM AZZ Inc. beats by $0.13, reports revs in-line; guides FY09 EPS above consensus, revs above consensus (AZZ) 38.40 : Reports Q2 (Aug) earnings of $0.92 per share, $0.13 better than the First Call consensus of $0.79; revenues rose 26.6% year/year to $103.3 mln vs the $103.6 mln consensus. Co issues upside guidance for FY09, sees EPS of 3.25-3.35 vs. $3.07 consensus; sees FY09 revs of $420.0-430.0 mln vs. $416.03 mln consensus. Co reports backlog at the end of Q2 was highest in co history at $190.8 mln vs $149.2 mln in Q208, an increase of 28%.


1:16AM Keithley Instruments lowers Q4 revenue guidance; announces reduction in operating costs to improve performance (KEI) 8.35 : Co issues downside guidance for Q4 (Sep), sees Q4 (Sep) revs of $33.0-35.0 mln vs. $40.00 mln First Call consensus. Co reduces its global workforce by approx 5.0%, which includes recent attrition. The actions are expected to reduce operating expenses by approx 7.0%, which will be offset partially by inflationary and other cost increases that are expected to be incurred during FY09. The co expects that non-recurring severance and related costs for implementation of its actions will total approximately $1.6 mln, with all of the charges being incurred in Q408. Based upon current expectations, co expects to incur a pre-tax loss for the quarter, excluding the non-recurring charges mentioned above.


1:13AM Sutor Technology announces Q408 results (SUTR) 4.71 : Reports Q4 (Jun) earnings of $0.26 per share, $0.05 better than the $0.21 single-analyst consensus; revenues increased 14.5% year/year to $105.5 mln vs the $110.01 mln single-analyst consensus.