Earnings - 7th May 2009 (2)

5:10PM Intrepid Potash beats by $0.07, beats on revs (IPI) 26.14 -0.67 : Reports Q1 (Mar) earnings of $0.33 per share, $0.07 better than the First Call consensus of $0.26; revenues rose 5.3% year/year to $88.9 mln vs the $72.2 mln consensus. Potash sales in the first quarter were 99,000 short tons compared to 213,000 short tons in the first quarter of 2008. Potash production in the quarter decreased to 137,000 short tons compared to 224,000 short tons produced in Q1 of 2008. The average net realized sales price for potash in Q1 2009 increased to $727 per short ton ($802 per metric tonne) compared to $295 per short ton ($325 per metric tonne) in the same period of 2008. This was a decrease from the $762 per short ton in Q4 2008. During Q1 of 2009, Intrepid produced 137,000 short tons of potash and sold 99,000 short tons of potash. This compares to 224,000 short tons produced and 213,000 short tons sold in the first quarter of 2008. profitability. Co says, "While we did see a slight increase in sales volumes from Q4 of 2008, the key factors leading to lower potash demand remained during Q1 of 2009, including overall pressure on commodity prices, volatile input pricing for the farm producer, buyer hesitation to purchase potash while priced above nitrogen and phosphate, and significant uncertainty due to the economy. Furthermore, wet weather in April for many planting regions in the United States has caused a delay in fertilizer applications by several weeks and has further slowed the destocking process at the dealer level. We expect that the current market trends will persist at least through Q2 of 2009, and potentially longer. Further, we anticipate that the application rates for potash fertilizers will decline in 2009, relative to 2008, but we also do not expect this decline to be permanent as fertilizer plays a vital role in ensuring that world agricultural production meets the needs of a growing population. We believe that once dealer inventories clear, dealers will be more cautious in re-stocking to normal summer levels in an effort to keep their inventories low."

4:33PM Emergent Biosolutions beats by $0.22, beats on revs; guides FY09 revs in-line (EBS) 9.62 -0.08 : Reports Q1 (Mar) earnings of $0.35 per share, $0.22 better than the First Call consensus of $0.13; revenues rose 51.0% year/year to $64.5 mln vs the $48.7 mln consensus. Co issues in-line guidance for FY09, sees FY09 revs of $225-240 mln vs. $227.95 mln consensus. Co says results were primarily driven by increased sales of BioThrax.

4:22PM American Public Education beats by $0.03, beats on revs; guides Q2 and FY09 in-line (APEI) 34.12 -0.48 : Reports Q1 (Mar) earnings of $0.28 per share, $0.03 better than the First Call consensus of $0.25; revenues rose 42.7% year/year to $33.2 mln vs the $32.8 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.25-0.27 vs. $0.27 consensus; sees Q2 revs of $33.8-35.0 mln vs. $34.93 mln consensus. Co issues in-line guidance for FY09, sees EPS of $1.19-1.26 vs. $1.21 consensus; sees FY09 revs of $147-151 mln vs. $150.51 mln consensus. Net Q1 course registrations rose 41% yr/yr to 46,650. Net course registrations from new students rose 40% yr/yr to 10,500. As of March 31, a total of 49,600 students were enrolled.

4:21PM Perini beats by $0.10, beats on revs; reaffirms FY09 EPS in-line, revs in-line (PCR) 18.92 -0.02 : Reports Q1 (Mar) earnings of $0.80 per share, $0.10 better than the First Call consensus of $0.70; revenues rose 20.9% year/year to $1.52 bln vs the $1.48 bln consensus. Co reaffirms in-line guidance for FY09, sees EPS of $2.60-2.80 vs. $2.68 consensus; sees FY09 revs of $5.5-6.0 bln vs. $5.48 bln consensus.

4:18PM Air Methods beats by $0.16, beats on revs (AIRM) 26.14 -1.00 : Reports Q1 (Mar) earnings of $0.41 per share, $0.16 better than the First Call consensus of $0.25; revenues rose 5.6% year/year to $124.7 mln vs the $118.2 mln consensus. The co also provided an update on April 2009 flight volume. Total community-based transports were 3,453 during April 2009 compared with 3,723 in April 2008. April 2009 community-based transports for bases open greater than one year decreased by 97 transports, or 2.9%, as compared with April 2008. Weather cancellations during April 2009 for these same bases were mostly unchanged as compared with the prior-year month, decreasing by 14.\

4:07PM Blue Nile beats by $0.03, beats on revs (NILE) 44.58 +0.39 : Reports Q1 (Mar) earnings of $0.13 per share, $0.03 better than the First Call consensus of $0.10; revenues fell 11.4% year/year to $62.4 mln vs the $58.3 mln consensus. "Consistent with last quarter, we are not providing specific financial guidance due to the continued uncertainty surrounding the economic environment and consumer spending. However, on a directional basis, we want to provide some context for our view on the full year. Sales trends improved in the first quarter compared to the fourth quarter of 2008, and we anticipate further improvement as we progress through 2009 with an expectation that the fourth quarter will post a year-over-year sales increase. Additionally, we expect non-GAAP adjusted EBITDA for 2009 to exceed last year's level. Finally, we anticipate that free cash flow for the full year will be significantly higher than the $11.8 million reported in the first quarter on a trailing twelve month basis,"

4:07PM Fuel Systems Solutions beats by $0.23, beats on revs; guides FY09 revs in-line (FSYS) 17.01 -0.70 : Reports Q1 (Mar) earnings of $0.44 per share, $0.23 better thanthe First Call consensus of $0.21; revenues fell 15.3% year/year to $80.1 mln vs the $74.4 mln consensus. Co issues in-line guidance for FY09, sees FY09 revs of $330-360 mln vs. $342.31 mln consensus.

4:07PM PDL BioPharma misses by $0.01, beats on revs; guides FY09 revs in-line (PDLI) 7.10 -0.09 : Reports Q1 (Mar) earnings of $0.23 per share, $0.01 worse than the First Call consensus of $0.24; revenues rose 24.7% year/year to $62.6 mln vs the $60 mln consensus. Co issues in-line guidance for FY09, sees FY09 revs of $310-325 mln vs. $318.57 mln consensus. Net income after taxes for 2009 continues to be projected in the range of $185 to $200 mln and cash generated in 2009 still is expected to be in the range of $260 to $280 mln.

4:06PM Thoratec beats by $0.06, beats on revs (THOR) 31.00 +1.29 : Reports Q1 (Mar) earnings of $0.22 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.16; revenues rose 38.9% year/year to $89.5 mln vs the $83.3 mln consensus.  Co says it continued its impressive performance of 2008 into Q1 with expanded market penetration of its HeartMate II. Growth was driven by continued adoption for Bridge-to-Transplantation (BTT) and enrollment in its Destination Therapy (DT) trial. Co also added four HeartMate II centers during the quarter. Co hopes to achieve DT approval by early 2010.

4:06PM Millipore beats by $0.22, beats on revs; guides FY09 EPS above consensus (MIL) 58.79 -0.01 : Reports Q1 (Mar) earnings of $1.06 per share, $0.22 better than the First Call consensus of $0.84; revenues rose 3.0% year/year to $407.9 mln vs the $389.7 mln consensus. Co raises its EPS range for FY09, now sees EPS of $3.75-$3.90 (vs. $3.74 consensus), up from the previous range of $3.70-$3.85.

4:04PM Clean Energy Fuels beats by $0.01, beats on revs (CLNE) 8.71 -0.20 : Reports Q1 (Mar) loss of $0.06 per share, excluding non-recurring items, $0.01 better than the First Call consensus of ($0.07); revenues rose 1.0% year/year to $30.2 mln vs the $29.4 mln consensus

4:03PM Coinstar beats by $0.07, beats on revs; guides Q2 EPS in-line, revs slightly above; reaffirms FY09 revs guidance (CSTR) : Reports Q1 (Mar) earnings of $0.14 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.07; revenues rose 42.4% year/year to $271.2 mln vs the $261.9 mln consensus. Co sees Q2 GAAP EPS of $0.14-0.20, vs $0.17 consensus; sees revs of $300-310 mln vs $299.4 mln consensus. Co reaffirms guidance for FY09, sees FY09 revs of $1.2-1.3 bln vs. $1.24 bln consensus.

8:34AM Frontier Oil beats by $0.37, beats on revs (FTO) 15.39 : Reports Q1 (Mar) earnings of $0.70 per share, including inventory and hedging gains, $0.37 better than the First Call consensus of $0.33; revenues fell 28.7% year/year to $846.2 mln vs the $836.2 mln consensus. Co says, "Our first quarter financial performance provided a strong start in what we expect to be a challenging year for the refining sector. Gasoline demand appears to have stabilized or marginally improved, while distillate consumption continues to weaken with the economy. We are hopeful that the U.S. driving season will provide a seasonal boost, but we do not foresee significant improvement in demand or product margins without an accompanying U.S. economic recovery."

8:33AM Alexandria RE beats by $0.40, beats on revs; guides FY09 FFO slightly below consensus (ARE) 37.95 : Reports Q1 (Mar) funds from operations of $1.89 per share, $0.40 better than the First Call consensus of $1.49; revenues rose 21.2% year/year to $132.8 mln vs the $113.4 mln consensus. Co issues downside guidance for FY09, sees FFO of $5.43 vs. $5.44 consensus.

8:32AM Dawson Geophys. beats by $0.22, beats on revs (DWSN) 21.69 : Reports Q2 (Mar) earnings of $0.79 per share, $0.22 better than the First Call consensus of $0.57; revenues fell 17.6% year/year to $64.6 mln vs the $61.3 mln consensus. "The company's second quarter results reflect a significant decrease in domestic exploration activities by the company's clients. Revenues in the second quarter of fiscal 2009 continued to include relatively high third-party charges related to the use of helicopter support services, specialized survey technologies and dynamite energy sources."

8:32AM Smart Balance beats by $0.02, beats on revs (SMBL) 7.38 : Reports Q1 (Mar) earnings of $0.02 per share, $0.02 better than the First Call consensus of ($0.00); revenues rose 23.2% year/year to $62.6 mln vs the $59.4 mln consensus. "Smart Balance's outlook for the first half of 2009 percentage growth in net sales versus 2008 is high teens to mid-twenties. The Company expects continued volume growth led by increased distribution and new products in spreads, peanut butter, cooking oil and popcorn, as well as expansion of its milk products. The food industry is experiencing uncertainty in 2009 around consumer reaction to the economy, potentially delaying trial by prospective consumers of the Company's premium-priced products. Gross profit as a percent of net sales is expected to improve to 45%+ in 2009 as input costs for the year are expected to be lower than 2008. Marketing investments will increase in 2009 versus 2008 as the Company will continue to aggressively support its core user base and develop awareness among new consumers."

Earnings - 25th Feb 2009

6:47PM Goodrich Petroleum beats by $0.06, misses on revs (GDP) 25.51 -0.22 : Reports Q4 (Dec) loss of $0.01 per share, $0.06 better than the First Call consensus of ($0.07); revenues rose 35.7% year/year to $44.1 mln vs the $49.9 mln consensus.

5:39PM United Rentals beats by $0.21, reports revs in-line; suspends guidance (URI)4.19 -0.33 : Reports Q4 (Dec) earnings of $0.72 per share, excluding $15.41 in non-recurring charges and $0.44 in gains, $0.21 better than the First Call consensus of $0.51; revenues fell 14.5% year/year to $791 mln vs the $788.2 mln consensus. The co also announced that it will suspend issuing formal guidance due to continued uncertainty in the macro-economy and the impact of the credit environment on the co's customers.

5:35PM California Water misses by $0.04, misses on revs (CWT) 40.88 +0.13 : Reports Q4 (Dec) earnings of $0.35 per share, $0.04 worse than the First Call consensus of $0.39; revenues rose 16.5% year/year to $100.1 mln vs the $101.7 mln consensus.

5:33PM Flowserve beats by $0.14, misses on revs; guides FY09 EPS above consensus (FLS) 46.12 -1.42 : Reports Q4 (Dec) earnings of $2.03 per share, $0.14 better than the First Call consensus of $1.89; revenues rose 5.4% year/year to $1.17 bln vs the $1.26 bln consensus. Co reaffirms upside guidance for FY09, sees EPS of $7.25-8.25, excluding ~$0.50 in non-recurring items, vs. $6.96 consensus.

4:51PM Circor beats by $0.31, beats on revs; guides Q1 EPS in-line, revs below consensus (CIR) 20.74 +0.06 : Reports Q4 (Dec) earnings of $1.12 per share, excluding a pre-tax, non-cash goodwill and intangible impairment charge of $141.3 million recorded as a special charge, $0.31 better than the First Call consensus of $0.81; revenues rose 15.8% year/year to $202 mln vs the $194.9 mln consensus. Co issues mixed guidance for Q1, sees EPS of $0.56-0.68 vs. $0.65 consensus; sees Q1 revs of $170-176 mln vs. $184.45 mln consensus.

4:48PM Tenaris beats by $0.02, beats on revs (TS) 17.96 -0.98 : Reports Q4 (Dec) earnings of $1.01 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.99; revenues rose 3.9% year/year to $3.24 bln vs the $3.01 bln consensus. Co says, "We estimate that global apparent demand for OCTG in 2008 rose by around 11% in 2008 compared to 2007. This increase includes a substantial surge in inventories in the US fueled by surging Chinese imports of standard and non heat-treated products. We expect that apparent demand for OCTG will suffer a strong adjustment in 2009, reflecting an expected decline in oil and gas drilling activity and efforts to reduce inventories. Demand for premium and other high-end OCTG products should hold up better than for standard product grades as oil and gas companies maintain their investments in complex projects already underway. Demand for our large-diameter pipes for pipeline projects in South America rose during 2008 as we made deliveries to a number of pipeline projects in Brazil, Argentina and Colombia.However, sales are expected to decline in 2009 as the current order backlog is lower than last year and customers delay the implementation of new projects.Steelmaking raw material costs for our seamless pipe products and steel costs for our welded pipe products rose steeply in the first half of the year but fell even more steeply during the second half of the year as the recessionary environment had an almost immediate impact on global steelmaking activity. Pipe prices, which had risen during the second and third quarter are now declining following the correction in raw material and energy costs."

4:33PM Genco Shipping & Trading misses by $0.01, beats on revs (GNK) 11.66 -1.06 : Reports Q4 (Dec) earnings of $1.55 per share, $0.01 worse than the First Call consensus of $1.56; revenues rose 54.6% year/year to $101.6 mln vs the $100.2 mln consensus. The average daily time charter equivalent, or TCE, rates obtained by the company's fleet increased 13.4% to $35,304 per day for the three months ended December 31, 2008 compared to $31,140 for the three months ended December 31, 2007. "We estimate that one of our vessels will be drydocked in the first quarter of 2009. An additional six vessels will be drydocked in the remainder of 2009."

4:32PM USEC Inc. reports EPS in-line, misses on revs; guides FY09 revs above consensus (USU) 5.28 -0.16 : Reports Q4 (Dec) earnings of $0.16 per share, in-line with the First Call consensus of $0.16; revenues fell 30.0% year/year to $431.9 mln vs the $440.4 mln consensus. Co issues upside guidance for FY09, sees FY09 revs of $2.2-2.25 bln vs. $2.01 bln consensus. 

4:13PM Fluor beats by $0.12, beats on revs; reaffirms FY09 EPS guidance (FLR) 32.95 -2.38 : Reports Q4 (Dec) earnings of $1.04 per share, $0.12 better than the First Call consensus of $0.92; revenues rose 28.9% year/year to $6.07 bln vs the $5.81 bln consensus. Co reaffirms guidance for FY09, sees EPS of $3.90-4.20 vs. $3.76 consensus. The fourth quarter of 2008 benefited from a low tax rate, including a $12 million reduction for the capital loss resulting from the sale of the existing office facilities in the United Kingdom. Increased fourth quarter operating results were primarily due to growth in the Oil & Gas segment. While the company sees evidence of a slowdown in certain new capital investment programs, the impact to Fluor's backlog has been relatively minor.

4:13PM Salesforce.com beats by $0.04, beats on revs; guides Q1 EPS in-line, revs in-line; guides FY10 EPS above consensus, revs in-line (CRM) 28.10 +0.63 : Reports Q4 (Jan) earnings of $0.11 per share, $0.04 better than the First Call consensus of $0.07. Co issues in-line guidance for Q1, sees EPS of $0.10-0.11 vs. $0.10 consensus; sees Q1 revs of $304-305 vs. $305.48 mln consensus. Co issues mixed guidance for FY10, sees EPS of $0.54-0.55 vs. $0.51 consensus; sees FY10 revs of $1.30-1.33 bln vs. $1.33 bln consensus. "Salesforce.com is proud to be the first billion dollar cloud computing company... the company announced it has reached 55,400 customers and surpassed 1.5 million net paying subscribers."

4:08PM Perini beats by $0.03, reports revs in-line; guides FY09 EPS below consensus, revs below consensus (PCR) 16.58 -1.62 : Reports Q4 (Dec) earnings of $0.79 per share, $0.03 better than the First Call consensus of $0.76. Co issues downside guidance for FY09, sees EPS of $2.60-2.80 down from $2.80-3.00 vs. $2.95 consensus; sees FY09 revs of $5.5-6 bln down from $6-6.5 bln vs. $6.16 bln consensus. Co says "We believe that the Stimulus Package will present a number of good opportunities for our Company. We are very well positioned geographically as a financially strong and diversified building and civil infrastructure construction company."

4:06PM NuVasive misses by $0.03, beats on revs; guides Q1 EPS in-line, revs in-line; guides FY09 revs in-line (NUVA) 35.89 -0.35 : Reports Q4 (Dec) earnings of $0.10 per share, $0.03 worse than the First Call consensus of $0.13; revenues rose 59.1% year/year to $74.6 mln vs the $73.2 mln consensus. Co issues in-line guidance for Q1, sees EPS of $0.01-0.03 vs. $0.02 consensus; sees Q1 revs of $75 vs. $75.11 mln consensus. Co issuesguidance for FY09, sees EPS of $0.83-0.85, may not compare to $0.34 consensus; sees FY09 revs of $345-350 vs. $347.77 mln consensus. "The Osteocel and Progentix transactions strongly position us to compete in the $1.5 billion biologics market as we seek to grow the product line to over $100 million in the next few years. Despite uncertain economic conditions, we see 2009 as an opportunity for NuVasive to continue taking market share with the speed and creativity that we have become known for. To that end, we plan to aggressively invest in the growth of our business in 2009, including the initiation of our XLTDR clinical study, increased scientific and marketing investments in our biologics platform, continued international expansion, and the launch of fifteen new products and line extensions. We look forward to capitalizing on current market conditions to accelerate our move into the top tier of global spine companies."

4:02PM ManTech reports EPS in-line, misses on revs; guides Q1 EPS above consensus, revs in-line; guides FY09 EPS in-line, revs in-line (MANT) : Reports Q4 (Dec) earnings of $0.69 per share, in-line with the First Call consensus of $0.69; revenues rose 17.3% year/year to $494.7 mln vs the $505.8 mln consensus. Co sees Q1 EPS of $0.68-0.71 vs. $0.67 consensus; sees Q1 revs of $485-505 mln vs. $493.33 mln consensus. Co issues in-line guidance for FY09, sees EPS of $2.91-3.05 vs. $2.95 consensus; sees FY09 revs of $2.1-2.2 bln vs. $2.12 bln consensus.

8:21AM Dollar Tree beats by $0.02, reports revs in-line; guides Q1 EPS in-line, revs in-line; guides FY10 EPS in-line, revs in-line (DLTR) 36.06 : Reports Q4 (Dec) earnings of $1.15 per share, $0.02 better than the First Call consensus of $1.13; revenues rose 6.8% year/year to $1.39 bln vs the $1.39 bln consensus. Co issues in-line guidance for Q1, sees EPS of $0.49-0.54 vs. $0.52 consensus; sees Q1 revs of $1.13-1.16 bln vs. $1.14 bln consensus. Co issues in-line guidance for FY10, sees EPS of $2.55-2.75 vs. $2.72 consensus; sees FY10 revs of $4.96-5.09 vs. $4.98 bln consensus.

8:07AM Del Monte beats by $0.08, misses on revs; guides FY09 EPS above consensus (DLM) 6.55 : Reports Q3 (Jan) earnings of $0.30 per share, $0.08 better thanthe First Call consensus of $0.22; revenues rose 8.4% year/year to $942.3 mln vs the $956.3 mln consensus. Co issues upside guidance for FY09, sees EPS of $0.64-0.68 vs. $0.59 consensus, up from previous guidance of $0.58-0.62. Co sees FY09 sales up 9-11% vs previous guidance of up 8-10%; we calculate this to be a range of $3.49-3.55 bln vs $3.52 bln consensus.

7:33AM Petrohawk Energy misses by $0.07, beats on revs (HK) 17.50 : Reports Q4 (Dec) loss of $0.04 per share, $0.07 worse than the First Call consensus of $0.03; revenues rose 19.1% year/year to $270.7 mln vs the $225.9 mln consensus.

7:31AM POZEN beats by $0.11, beats on revs (POZN) 5.75 : Reports Q4 (Dec) loss of $0.14 per share, $0.11 better than the First Call consensus of ($0.25); revenues rose 125.6% year/year to $14 mln vs the $10.5 mln consensus.

6:34AM SPX Corp beats by $0.19, misses on revs (SPW) 42.27 : Reports Q4 (Dec) earnings of $2.06 per share, $0.19 better than the First Call consensus of $1.87; revenues rose 17.1% year/year to $1.51 bln vs the $1.53 bln consensus. "However, global economic conditions changed drastically in the final months of the year, and we were not immune to these events. We experienced backlog declines in the fourth quarter, and were required to record an impairment charge to the asset value of one of our businesses. The first quarter of 2009 continues to be difficult for our customers, and we are anticipating that trend will continue throughout the year."

12:10AM Sociedad Quimica y Minera de Chile reports Q408 results (SQM) 29.93 : Co anounces year/year earnings growth of 170% for Q408, reporting quarterly net income of $120.3 mln ($0.46 per ADR) compared to the 2007 figure of $44.6 mln ($0.17 per ADR). Operating income for the fourth quarter reached $150.8 mln, 151% higher than the $60.1 mln recorded for the same period of 2007. Revenues totaled $397.9 mln, an increase of approx 29.9% with respect to Q407, when revenues amounted to $306.2 mln.

12:05AM Ormat Tech beats by $0.01, beats on revs (ORA) 29.42 : Reports Q4 (Dec) earnings of $0.26 per share, $0.01 better than the First Call consensus of $0.25; revenues rose 35.2% year/year to $95.5 mln vs the $84.1 mln consensus. Commenting on the outlook for 2009, CEO Dita Bronicki said, "We expect our 2009 Electricity Segment revenues to be between $280 mln and $290 mln. We also expect an additional $9 mln of revenues from our share of electricity revenue generated by a subsidiary, which is accounted for under the equity method. With regard to our Products Segment, we expect that our 2009 revenues will be between $100 mln and $120 mln." Co expects to pay a dividend of $0.06/share in the next three quarters, compared to $0.05 per quarter in 2008.

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.