Earnings - 4th Aug 2008

5:48PM Anadarko Petro beats by $0.04, misses on revs (APC) 55.12 -3.59 : Reports Q2 (Jun) earnings of $1.78 per share, excluding $1.73 in charges, $0.04 better than the First Call consensus of $1.74; revenues fell 39.2% year/year to $2.79 bln vs the $3.68 bln consensus.

5:02PM Central European Dist reports Q2 (Jun) results, beats on revs; raises FY08 gudiance; reaffirms FY09 guidance (CEDC) 69.89 -1.99 : Reports Q2 (Jun) earnings of $0.56 per share, may not be comparable to the First Call consensus of $0.52; revenues rose 56.9% year/year to $421.3 mln vs the $400 mln consensus. Co raises guidance for FY08, sees EPS of $2.72-2.92, ex items, vs. $2.77 consensus; sees FY08 revs of $1.65-1.80 bln vs. $1.69 bln consensus. Co issues in-line guidance for FY09, sees EPS of $3.68-3.93, ex items, vs. $3.82 consensus. The margin accretion from these Russian investments, as well the approximately 25% increase in sales, are having a significant impact on our operating performance as evidenced by our gross margin increase from 20.7% to 24.6% and strong net income performance. "

4:45PM AXIS Capital beats by $0.13; net investment income increases 21% (AXS) 31.35 -0.76 : Reports Q2 (Jun) earnings of $1.47 per share, $0.13 better than the single analyst est of $1.34. Co reports net investment income of $137 mln, a 21% increase. Diluted book value per common share of $30.30, an increase of 21% from June 30, 2007, and 5% from December 31, 2007. Co states, "Despite the extremely competitive market conditions, our underwriting results were good and our reserves from prior accident years continued to develop favorably. We also posted record quarterly net investment income. Our business is still generating very strong underwriting profitability even against the backdrop of increased market loss activity during this first half of the year in the property lines."

4:19PM Comstock beats by $0.26, misses on revs (CRK) 55.50 -4.95 : Reports Q2 (Jun) earnings of $1.50 per share, ex-gain on previously announced property sales, $0.26 better than the First Call consensus of $1.24; revenues rose 107.0% year/year to $172 mln vs the $227.5 mln consensus. Co states that Q2 operating results reflect strong market prices for oil and natural gas combined with strong production growth from Comstock's onshore operations. CSR's production from its continuing onshore operations in 2Q08 increased 42% to 15.3 bln cubic feet equivalent of natural gas as compared to production of 10.7 Bcfe in 2Q07. CSR announces that it plans to increase its 2008 budget for its onshore drilling program to $410 mln as compared to the company's original budget for 2008 of $278 mln.

4:17PM Rackable Systems misses by $0.11, reports revs in-line; reaffirms FY08 EPS guidance, revs guidance (RACK) 12.55 -0.08 : Reports Q2 (Jun) loss of $0.12 per share, $0.11 worse than the First Call consensus of ($0.01); revenues fell 7.6% year/year to $76 mln vs the $76.2 mln consensus. Co reaffirms guidance for FY08, sees EPS of $0.01 vs. $0.16 consensus; sees FY08 revs of $353.2-374.4 mln vs. $352.86 mln consensus. "Our business outlook for the second half of 2008 is positive and we are reaffirming our 2008 annual guidance," said Mark J. Barrenechea, President and Chief Executive Officer of Rackable Systems. "Our new XE series product is in the market, our industry focus is yielding results, and our core Internet market is expanding into cloud computing. We see these as favorable trends for the second half of 2008 and into 2009."

4:09PM China Security and Surveillance beats by $0.02, beats on revs; guides Q3 EPS above consensus, revs above consensus; raises FY08 guidance (CSR) 14.12 -0.14 : Reports Q2 (Jun) earnings of $0.39 per share, $0.02 better than the First Call consensus of $0.37; revenues rose 77.9% year/year to $92.7 mln vs the $86.3 mln consensus. Co issues upside guidance for Q3, sees EPS of $0.43-0.45 vs. $0.43 consensus; sees Q3 revs of $110-115 mln vs. $103.08 mln consensus. Co raises guidance for FY08, sees EPS of $1.60-1.77 vs. $1.66 consensus; sees FY08 revs of $400-410 mln vs. $392.06 mln consensus.

4:07PM Bankrate reports EPS in-line, revs in-line; reaffirms FY08 revs guidance (RATE) 31.59 +0.03 : Reports Q2 (Jun) earnings of $0.33 per share, excluding non-recurring items, in-line with the First Call consensus of $0.33; revenues rose 72.8% year/year to $40.2 mln vs the $40.2 mln consensus. Co reaffirms guidance for FY08, sees FY08 revs of $164-169 mln vs. $165.58 mln consensus; reaffirms adjusted EBITDA for the year to be between $54-58 mln.

4:07PM DaVita beats by $0.07, beats on revs (DVA) 55.89 -0.25 : Reports Q2 (Jun) earnings of $0.90 per share, $0.07 better than the First Call consensus of $0.83; revenues rose 7.2% year/year to $1.41 bln vs the $1.37 bln consensus. "We are narrowing our operating income guidance for 2008 to a range of $800-$840 million. Our operating income for 2009 is currently projected to be in the range of $820-$880 million."

4:05PM AthenaHealth beats by $0.02, beats on revs (ATHN) 27.02 -1.24 : Reports Q2 (Jun) earnings of $0.11 per share, $0.02 better than the First Call consensus of $0.09; revenues rose 34.6% year/year to $33 mln vs the $32.5 mln consensus.

4:05PM Qiagen reports Q2 (Jun) results, misses on revs; raises FY08 guidance (QGEN) 18.59 -0.05 : Reports Q2 (Jun) earnings of $0.20 per share, may not be comparable to the First Call consensus of $0.19; revenues rose 61.4% year/year to $217.9 mln vs the $221.3 mln consensus. Co issues in-line guidance for FY08, sees EPS of $0.79-0.80, up from $0.74-0.78, excluding non-recurring items, vs. $0.78 consensus; sees FY08 revs of $889-919 mln vs. $906.54 mln consensus.

4:03PM Masimo beats by $0.05, beats on revs; guides FY08 EPS above consensus, revs above consensus (MASI) 37.24 -0.56 : Reports Q2 (Jun) earnings of $0.18 per share, $0.05 better than the First Call consensus of $0.13; revenues rose 17.4% year/year to $74.8 mln vs the $71.5 mln consensus. Co issues upside guidance for FY08, sees EPS of $0.64 vs. $0.59 consensus, up from previous guidance of $0.52; sees FY08 revs of $300 mln vs. $297.01 mln consensus, and up from previous guidance of $246-$292 mln.

8:03AM Bronco Drilling misses by $0.08, beats on revs (BRNC) 17.81 : Reports Q2 (Jun) earnings of $0.21 per share, excluding non-recurring items, $0.08 worse than the First Call consensus of $0.29; revenues rose 12.0% year/year to $69.8 mln vs the $67.9 mln consensus. Co increased its number of term contracts during the second quarter and now has approximately 57% of its estimated revenue days for the last two quarters of 2008 and 32% of its estimated revenue days for 2009 covered via term contracts.

8:02AM Freightcar America misses by $0.10, beats on revs (RAIL) 36.13 : Reports Q2 (Jun) earnings of $0.14 per share, excluding non-recurring items, $0.10 worse than the First Call consensus of $0.24; revenues fell 27.7% year/year to $141.3 mln vs the $131.9 mln consensus.

7:35AM IntercontinentalExchange reports EPS in-line, revs in-line; announces $500 mln buyback (ICE) 96.20 : Reports Q2 (Jun) earnings of $1.19 per share, excluding non-recurring items, in-line with the First Call consensus of $1.19; revenues rose 44.3% year/year to $197.2 mln vs the $195.8 mln consensus. ICE also announced that its Board of Directors has authorized a share buyback program of up to $500 mln. "We've continued to grow our business substantially while generating synergies in our U.S. futures business and producing operating margins that reflect our disciplined approach to growth. This consistently strong performance provides us with the balance sheet and cash flows necessary to execute the share repurchase program recently authorized by our Board of Directors, even as we continue to invest for future growth. This program reflects our belief that the current share price does not appropriately reflect the strong underlying fundamentals of our global business. In compliance with SEC rules, we will begin the repurchase of shares after the Creditex acquisition closes." ICE Clear Europe is expected to commence operations on September 15, 2008. Updated guidance includes 2008 revenues in the range of $20-25 mln.

7:01AM Church & Dwight beats by $0.03, beats on revs; guides FY08 EPS above consensus (CHD) 54.75 : Reports Q2 (Jun) earnings of $0.66 per share, $0.03 better than the First Call consensus of $0.63; revenues rose 8.7% year/year to $594 mln vs the $581.1 mln consensus. Co issues upside guidance for FY08, sees EPS of $2.83-2.85 vs. $2.81 consensus.

6:13AM Humana beats by $0.06, beats on revs; guides Q3 EPS above consensus; guides FY08 EPS above consensus, revs in-line (HUM) 44.64 : Reports Q2 (Jun) earnings of $1.24 per share, $0.06 better than the First Call consensus of $1.18; revenues rose 14.4% year/year to $7.35 bln vs the $7.14 bln consensus. Co issues upside guidance for Q3, sees EPS of $1.45-1.50 vs. $1.36 consensus. Co issues mixed guidance for FY08, sees EPS of $4.30-4.40 vs. $4.20 consensus; sees FY08 revs of $28-30 bln vs. $28.51 bln consensus.


6:09AM DISH Network beats by $0.13, reports revs in-line; reports subscriber loss of 25k (DISH) 28.96 : Reports Q2 (Jun) earnings of $0.73 per share, $0.13 better than the First Call consensus of $0.60; revenues rose 5.4% year/year to $2.91 bln vs the $2.91 bln consensus. DISH Network lost approximately 25,000 net subscribers during the quarter ended June 30, 2008, ending the quarter with approximately 13.79 million subscribers.

6:06AM Advanced Medical Optics misses by $0.03, beats on revs; guides FY08 EPS below consensus, reaffirms revs in-line (EYE) 17.20 : Reports Q2 (Jun) earnings of $0.24 per share, excluding non-recurring items, $0.03 worse than the First Call consensus of $0.27; revenues rose 22.6% year/year to $320.5 mln vs the $307.7 mln consensus. Co issues mixed guidance for FY08, sees EPS of $1.00-1.15, excluding non-recurring items, vs. $1.35 consensus; sees FY08 revs of $1.22-1.24 bln vs. $1.23 bln consensus. Co expects its 2008 U.S. excimer procedures to be approx 25% below 2007 levels.

Earnings - 7th July 2008

5:46PM VSE awarded subcontract to support Army night vision and electronic sensor directorate (VSEC) 25.18 +0.26 : Co was awarded a subcontract in June 2008 as part of the winning team selected to support the Night Vision and Electronic Sensors Directorate. The new prime contract has a contract ceiling of ~$487 mln, and VSE will be eligible to compete for tasks under the new award.
5:45PM Energetics wins DoE contract to support federal energy programs (VSEC) 25.18 -0.06 : Energetics, a wholly owned subsidiary of VSE (VSEC) announced a five-year contract award for $85 mln it will share with joint venture partner New West Technologies, LLC. The contract will provide technical, engineering, analytical and management support services for all Department of Energy (DoE) research and development programs in energy efficiency and renewable energy. These R&D programs address solar energy, wind and hydropower, geothermal energy, biomass energy, industrial technologies, FreedomCAR and vehicle technologies, hydrogen, fuel cells, and infrastructure technologies, building technologies, weatherization, water technologies, and Federal energy management.

11:44AM Cash America second quarter to exceed initial earnings estimates (CSH) 33.49 +1.36 : Co announces that mgmt believes that its second quarter earnings per share will come in well above its previously provided guidance for the second quarter ended June 30, 2008. Co's pawn lending business contributed to the higher-than-expected results as rev from pawn loans and increased gross profit dollars on the sale of merchandise exceeded expectations. In addition, co's online cash advance product offering experienced strong rev growth and lower-than-expected loan losses. These elements are projected to generate earnings above the guidance levels published in the co's April 24, 2008 press release. CSH had previously reported in its earnings release for the first quarter of 2008 that it expected second quarter 2008 earnings per share to be between $0.51-0.54. Co's updated expectation for the second quarter of 2008 is now between $0.62-0.64 (consensus $0.53), up over 44% from $0.43 earned in the second quarter of 2007. (POPPED)

9:57AM Mechel Steel sees consolidated net revenue in the first quarter of 2008 is expected to exceed $2.3 bln vs $2.77 bln single analyst est (MTL) 45.00 +2.57 : Co announces consolidated net revenue in the first quarter of 2008 is expected to exceed $2.3 bln (single anlayst est is $2.77 bln), an increase of more than 60% when compared with consolidated net revenue of $1.4 bln in the first quarter of 2007. Co says consolidated net income in the first quarter of 2008 is expected to be about $500 mln, an increase of approx 160% when compared with consolidated net income of $190 mln in the first quarter of 2007. Consolidated gross profit is expected to exceed $1.0 bln, an increase of 97% when compared with gross profit of $545 mln in the corresponding period of 2007, and consolidated operating income is expected to exceed $630 mln, an increase of approx 100% over consolidated operating income of $302 mln in the first quarter of 2007. Co says consolidated EBITDA is expected to exceed $850 mln for the first quarter of 2008 compared with consolidated EBITDA of $340.0 mln in the first quarter of 2007. Consolidated EBITDA margin is expected to increase to over 36.5% in the first quarter of 2008 compared to 24% in the 2007 first quarter.

7:34AM Bankrate issues Q2 guidance, lowers Y08 guidance (RATE) 33.01 : Co issues guidance for Q2 (Jun), sees Q2 (Jun) revs slightly above $40 mln vs. $41.02 mln First Call consensus; co sees EBITDA of $12.3-12.7 mln. Co issues downside guidance for FY08 (Dec), sees FY08 (Dec) revs of $164-169 mln, compared to previous guidance of $167-172 mln, vs. $170.86 mln consensus; co sees EBITDA to $54-58 mln, compared to previous guidance of $64-68 mln. "Our business remains fundamentally solid. However, the global problems in the financial sector have surely had an impact on our display advertising business and we have continued to experience softness in display advertising from several of our largest financial advertisers. At this time we don't sense that the display advertising environment is getting worse, but there has been little improvement to date. The rest of our business remains solid. Cost-Per-Click, "CPC" revenue for the quarter was up 30%, and our deposit, insurance and credit card business continue to do well." "With the softness in display advertising expected to continue, we thought it was prudent to reduce our guidance to reflect that current condition. The revised guidance also contemplates a continued solid performance from our CPC, lead and print businesses."

7:32AM Virtusa issues Q1 guidance, revs below consensus (VRTU) 10.17 : Co issues guidance for Q1 (Jun), sees GAAP EPS of $0.00-0.03, may not be comparable to $0.15 First Call consensus; sees Q1 (Jun) revs of 42-42.5 vs. $45.50 mln consensus. Co said "The principal reason for our revenue and earnings shortfall is that our business at British Telecommunications was negatively impacted late in the quarter. We had reason to believe that we would obtain budgetary allocation for certain engagements at BT and, therefore, we commenced work on these projects. However, the budget allocations for these projects were not approved. Virtusa remains a strategic IT services provider to BT, our largest client, and we continue to maintain a strong relationship with them... Our platforming approach and differentiated service offerings continue to be well received in the marketplace."

6:45AM ATS Medical issues upside Q208 revenue guidance (ATSI) 2.10 : Co issues upside guidance for Q2 (Jun), sees Q2 (Jun) revs of $16.7-16.9 mln vs. $15.73 mln First Call consensus. Revenues from products and services other than the co's mechanical heart valves are expected to exceed $6.0 mln, an increase of approx 18% over the previous $5.1 mln set in Q108.

6:39AM Quicksilver Resources to acquire Fort Worth Basin Barnett Shale assets for $1.3 bln in cash and stock (KWK) 35.60 : Co announces that it has entered into purchase and sale agreements with various private parties including Chief Resources LLC, Hillwood Oil & Gas, L.P. and Collins and Young, LLLC to acquire producing, leasehold, royalty and midstream assets, associated with the Barnett Shale formation in northern Tarrant and southern Denton counties of Texas, for $1.307 bln. The acquired properties currently have net production of approx 45 MMcf per day. Quicksilver estimates that these properties contain more than one trln cubic feet of recoverable natural gas resources net to the co including approx 350 Bcf of proved reserves, of which approx 40% are proved developed, and more than 650 Bcf of additional resource potential on 13,000 net acres. Consideration in the transaction includes $1 bln in cash and $307 mln in Quicksilver Resources common stock. (Catalyst to Pop in future)