Earnings - 6th Jan 2009

4:48PM Ingersoll-Rand: Trane receives U.S. Department of Energy contract worth up to $5 bln (IR) 18.96 +0.08 : Co reports the U.S. Department of Energy has selected Trane for an Indefinite Delivery Indefinite Quantity Energy Savings Performance Contract worth up to $5 bln. Work may extend through 2019 if the government elects to exercise all contract options. These contracts will allow federal agencies worldwide to lower costs, decrease energy use and minimize their carbon footprints while increasing operational efficiency. The contracts are worth up to $80 bln for energy efficiency, renewable energy and water conservation projects at federally owned facilities worldwide.

4:15PM Polycom sees Q4 EPS of $0.39-0.41 vs $0.35 First Call consensus; revs of $263-265 mln vs $269.44 mln First Call consensus (PLCM) 13.87 -0.08 : The co announces announces prelim info for Q4... Based on preliminary information, Polycom expects to report backlog in the range of $59 million to $60 million, representing growth year-over-year with a slight decline from the third quarter. Deferred revenue is expected to grow both sequentially and year-over-year. In addition, Polycom announced today the implementation of a workforce reduction designed to reduce the Company's cost structure while maintaining flexibility to invest in the strategic growth areas of the business. The plan includes elimination of approximately 150 positions, or six percent of the Company's global workforce with most of these reductions taking effect immediately. The Company currently expects to record restructuring charges and make cash expenditures totaling approximately $6.5 million in the first quarter of 2009 resulting from these actions, primarily related to severance and other employee termination benefits. "The global economic environment impacted our results in the fourth quarter, but did, we believe, illustrate the resilience of Polycom's fast-ROI video product lines," said Robert Hagerty, president and CEO. "As shown by our strong bottom-line results, we took proactive measures in the fourth quarter to control our operating costs and, through our restructuring, are also taking actions to optimize our cost structure as we move into 2009."

4:10PM Team reports Q2 EPS above consensus; reaffirms FY09 guidance (TISI) 25.16 : Co reports Q2 EPS of $0.51 vs $0.49 First Call consensus; revs rose 22% YoY to $148.8 mln vs $151.60 mln single analyst est. Co reaffirmed its current full fiscal year earnings guidance of $1.45 to $1.60 vs $1.54 First Call consensus. "While we are concerned about the impact the extraordinary current market and credit pressures will have on the economic health of our customers and the overall demand for our services, our current outlook for the remainder of the year continues to reflect growth for our business." Team estimates that maintenance services (as opposed to new project construction) represent approximately 85% of its total revenues. The company expects that demand for its maintenance services will remain fairly stable despite the lower profit margins being reported in several customer market segments.ember 2005.

4:08PM AngioDynamics reports EPS in-line, revs in-line; guides FY09 EPS in-line, lowers revs guidance (ANGO) 12.91 +0.04 : Reports Q2 (Nov) earnings of $0.12 per share,in-line with the First Call consensus of $0.12; revenues rose 16.9% year/year to $48.5 mln vs the $48.9 mln consensus. Co issues mixed guidance for FY09, sees EPS of $0.53-0.58, prior guidance was ~$0.55, vs. $0.52 consensus; sees FY09 revs of $198-203 mln, down from prior guidance of $205-210 mln, vs. $202.77 mln consensus.

4:06PM F5 Networks sees Q1 revs of $165.6 mln below previous guidance of $172-174 mln and $171.95 mln consensus (FFIV) 22.50 -0.29 : Co issues guidance for Q1 (Dec), sees EPS of $0.40-0.41 down from $0.41-0.42 vs. $0.41 First Call consensus; sees Q1 (Dec) revs of $165.6 mln vs. $171.95 mln consensus. Co said the revenue shortfall resulted primarily from a fall-off in North American sales at quarter-end. "International revenue was in line with our expectations for the quarter, and total revenue was generally on track until the last week of December, when a number of anticipated orders from certain customers in North America did not come through." Co said sales management team is evaluating each of these anticipated orders to identify primary causes of the slowdown and the company expects to provide more specific information during its regularly scheduled conference call on January 21, 2009. While overall product sales were below the company's internal forecast, sales of new entry-level products remained strong, and demand for BIG-IP 6900, launched in late October, were in line with expectations. Deferred revenue, consisting primarily of unamortized service revenue, grew $11 mln to $156 mln. Cash flow from operations topped $57 mln, and after purchasing $20 mln of F5 common stock the company ended the quarter with cash and investments in excess of $487 mln.

4:05PM Global Payment beats by $0.03, misses on revs; guides FY09 EPS below consensus, revs below consensus (GPN) 34.75 +1.25 : Reports Q2 (Nov) earnings of $0.60 per share, $0.03 better than the First Call consensus of $0.57; revenues rose 29.9% year/year to $401.1 mln vs the $405.5 mln consensus. Co issues downside guidance for FY09, sees EPS of $2.14-2.21, excludes the impact of any future restructuring and other charges, as well as the impact of future acquisitions, such as our announced agreement to acquire ZAO United Card Service in the Russian Federation, vs. $2.39 consensus; sees FY09 revs of $1.55-$1.58 bln vs. $1.65 bln consensus. Co says, "We remain committed to our long-term growth strategy, and the fundamentals of our business model remain strong. This is underscored by our constant currency outlook for diluted earnings per share growth of 21 percent to 25 percent for fiscal 2009, which is consistent with the constant currency outlook we provided last quarter."

4:05PM Interwoven reiterates Q4 rev gudiance, sees EPS above consensus (IWOV)11.88 -0.22 : Co issues mixed guidance for Q4 (Dec), sees EPS of $0.22-0.24, ex-items, vs. $0.19 First Call consensus; sees Q4 (Dec) revs of $69.5-70.0 mln vs. $70.63 mln consensus.

8:58AM Acuity Brands beats by $0.06, misses on revs; sees unit volume in core markets down at least in the middle teens for FY09 (AYI) 35.36 : Reports Q1 (Nov) earnings of $0.82 per share, excluding the acceleration of actions to streamline the organization including consolidation of certain manufacturing, $0.06 better than the First Call consensus of $0.76; revenues fell 11.2% year/year to $452 mln vs the $461.3 mln consensus. Co comments on outlook, "We anticipate that our second quarter will be challenging due primarily to the turbulent economic environment as well as normal seasonal factors, including inconsistent customer demand and the potential for inventory rebalancing by certain customers. Additionally, the spike in commodities prices, particularly steel, that occurred during the spring and summer months of 2008 is likely to continue to pressure our margins into the second quarter as these higher prices flow through our cost of goods sold as a result of the delayed timing of price increases associated with the purchase of such materials. Although we remain disciplined in our pricing for products and services, the recent decline in commodity prices will likely result in lower pricing which may negate our August 2008 price increase. Despite these challenges, we continue to see opportunities. During fiscal 2009, we expect to realize significant savings, primarily in the second half of the fiscal year, from previously announced actions to streamline our operations, including the consolidation of certain manufacturing operations. Additionally, we expect to continue to invest and deploy resources in profitable growth opportunities, including a continued focus on industry-leading product innovation incorporating sustainable design and increased service and product capabilities to better serve our existing customers as well as the renovation and relight market."

7:43AM VASCO Data Security guides below consensus for FY08 (VDSI) 10.34 : Co issues downside guidance for FY08 (Dec), sees FY08 (Dec) revs +9-12% over FY07, which equates to roughly $130.8-134.4 mln vs. $144.71 mln First Call consensus.

7:07AM AMEDISYS issues FY09 guidance above consensus (AMED) 40.33 : Co issuesupside guidance for FY09 (Dec), sees EPS of $4.10-4.30 vs. $3.82 First Call consensus; sees FY09 (Dec) revs of $1.425-1.475 bln vs. $1.41 bln consensus. "Our 2009 guidance is driven by expected improvements in contributions from past acquisitions, our efficiency initiatives and organic revenue growth, including further contributions from our Specialty Division.

Earnings - 7th October 2008

7:50PM MetLife preannounces Q3 EPS and revs below consensus; co withdraws its 2008 earnings; co announces 75 mln common stock offering (MET) 36.87 -7.45 : Co issues downside guidance; co sees Q3 operating EPS of $0.83-0.93 vs $1.48 First Call consensus, sees revs of $1.15 bln vs $1.38 bln consensus. The co's range of operating earnings for Q3 of 2008 primarily reflects: A decline in variable investment income, which is expected to be below plan by ~$117 mln, net of income tax, or $0.16 per diluted common share. The impact of poor equity markets on fee revenue in the company's variable annuity business and a related adjustment to deferred acquisition costs; An accrual of ~$48 mln, net of income tax, or $0.07 per diluted common share, related to the first phase of the company's previously-announced Operational Excellence initiative. The previously-announced decision to commute three excess insurance policies for asbestos-related claims, which amounts to a reduction in operating earnings available to common shareholders of ~$23 mln, net of income tax, or $0.03 per diluted common share. Co says, "MET is a well capitalized co with a strong balance sheet and financial strength ratings that are among the highest in the industry. With our earlier announcement to offer 75 mln shares of common stock to the public, we are taking an additional, proactive step to further assure all of our stakeholders that MetLife is financially sound and well positioned to meet our future obligations." Seperately, co announced plans to offer 75 mln shares of common stock to the public. The offering will supplement the co's strong capital position and will be used for both general corporate purposes and potential strategic initiatives. The underwriters will have a 30-day option to purchase shares representing an additional 15% of the offering amount from MetLife, Inc. to cover over-allotments, if any. The offering is expected to price on Wednesday, October 8, 2008.

5:04PM China Organic Agriculture guides Q3 EPS and revs (CNOA) 0.22 +0.05 : Co sees Q3 EPS of $0.14-0.16 on revs of $34-36 mln. Co says, "Revenue of over $30 mln in a single quarter will be a record for CNOA. With a majority of these sales coming from our Ankang subsidiary, we can be assured our business model's focus on trading opportunities will provide strong growth for shareholders. As discussed in previous reports, this large jump in revenue for the quarter compared to the first two quarters of 2008 is largely due to the cyclical nature of rice sales. Since harvest takes place in Q3 and Q4 of the year, sales tend to be higher in these quarters. Nevertheless, CNOA's recent sales are still considered quite large, compared with last year's third quarter results of $22.4 mln."

4:11PM Team beats by $0.01, revs in-line, reaffirms FY09 prior guidance (TISI) 27.39 -1.30 : Co reports Q1 (Aug) earnings of $0.25 per share, a penny better than the First Call consensus. Revenue rose 19% yr/yr to $123.3 mln vs consensus of $123.3 mln (2 ests). Co says it is off to a great start to the 2009 fiscal year and it re-affirms its prior EPS guidance of $1.45-1.60 vs $1.55 consensus.

4:10PM YUM! Brands beats by $0.04, beats on revs; reaffirms FY08 EPS guidance (YUM) 27.50 -0.81 : Reports Q3 (Sep) earnings of $0.58 per share, $0.04 better than the First Call consensus of $0.54; revenues rose 10.6% year/year to $2.84 bln vs the $2.78 bln consensus. Co reaffirms guidance for FY08, sees EPS of $1.89 vs. $1.90 consensus. Co says the U.S. business delivered system same-store-sales growth of 3%. Company same-store-sales growth of 4% was led by strong performance at Taco Bell and Pizza Hut, partially offset by a 4% decline at KFC. The co says international development is on track to deliver at least 1,400 new units, exceeding the 2007 record of 1,358 (YRI 852, China Division 506) and their most recent guidance of 1,300. Co says "...We are confidently reaffirming our full-year forecast for 12% EPS growth based on our year-to-date 17% EPS growth and our fourth-quarter outlook for both strong global system-sales growth and double-digit operating profit growth..."

4:06PM ScanSource sees Q1 revs below consensus (SCSC) 23.27 -0.72 : Co issues downside guidance; co sees Q1 revs of $535-543 vs $546.7 mln consensus.

4:03PM Unica lowers Q4 EPS and revs guidance (UNCA) 6.80 -0.26 : Co sees Q4 EPS of ~$0.01, down from previous non-GAAP guidance of $0.05-0.07, vs $0.06 First Call consensus; revs of ~$28 mln, down from $31.0-32.0 mln, vs $31.48 mln First Call consensus. "We are disappointed with the financial results we expect to report for the fourth quarter. The increasingly challenging macroeconomic environment had a negative impact on the length of sales cycles and secondarily on the timing of project implementations. "With the potential for current economic challenges to become more pronounced and/or take longer to improve, we believe it is prudent to target modest total revenue growth. At the same time, we expect continued strong growth in our subscription revenue and we are focused on expanding margins and driving positive cash flow in fiscal 2009. Long-term, there are a number of positive developments that make us optimistic about the company's strategic direction and future opportunity. For example, our subscription revenue growth remains very strong, we continue to win marquee customers and our pipeline of opportunities remains solid. Finally, we have a strong balance sheet to support the execution of our growth strategy and enhance shareholder value while the company weathers the short-term macroeconomic challenges."

9:04AM Safeway misses by $0.01, reports revs in-line; reaffirms FY08 EPS guidance (SWY) 21.77 : Reports Q3 (Sep) earnings of $0.46 per share, $0.01 worse than the First Call consensus of $0.47; revenues rose 3.9% year/year to $10.17 bln vs the $10.08 bln consensus. Co reaffirms guidance for FY08, sees EPS of $2.25-2.35 vs. $2.26 consensus. "During the third quarter we took action to provide our customers with better everyday values," said Steve Burd, Chairman, President and CEO. "As we begin the fourth quarter, our sales momentum is building, with identical-store sales (excluding fuel) currently above 1.5%, and we are continuing to reduce costs."

8:48AM Corning to reaffirm Q3 EPS of $0.43-0.45 ($0.44 First Call Consensus) at Conference (GLW) 13.95 : The co's Vice Chairman and Chief Financial Officer James Flaws will provide an update on the co's Display Technologies segment and Corning's outlook for the 2009 display glass market during the Maxim Group Growth Conference. Third-quarter glass volume shipments for the company's wholly owned business and Samsung Corning Precision Glass grew 2% sequentially, which was lower than expected. Flaws will explain that there was a more pronounced shift in glass demand to Corning's equity venture. "SCP's volume was up 12% in the third quarter, while volume at Corning's wholly owned business was down 10%, which was lower than expected," he will note. Despite the lower than expected volume at the company's wholly owned business, Corning still anticipates that its third-quarter earnings per share will be in line with the September revised guidance of $0.43 to $0.45, before special items. The company believes that inventory levels in the supply chain have declined, noting that Taiwanese panel makers reported improved panel shipments for August, while panel price declines have moderated. Flaws will note that Corning's glass pricing came in as expected in the third quarter and that the company currently intends to continue its pricing strategy in the fourth quarter... "Given this economic uncertainty, we are prepared to adjust our production capacity to match end market demand," Flaws will tell attendees.


8:20AM Advance Auto forecasts Q3 EPS estimate to be flat vs 3Q07 EPS of $0.57; First Call consensus is $0.66 (AAP) 34.37 : Co reports that revenue for its Q3 ended Oct 4, 2008 increased approx 2.6% driven by 124 net new stores and flat comparable store sales. The company had expected third quarter sales growth to decelerate vs the second quarter due to the absence of the economic stimulus payments checks issued by the Federal government. However, the challenging economic environment, volatility in the financial and credit markets and the impact of the hurricanes and related gas shortages in the Southeast further limited sales growth in Q3. The lower than anticipated sales growth will result in the company's earnings per share to be approx flat as compared to 3Q07 reported EPS of $0.57, vs First Call consensus of $0.66. In addition, the company believes the third quarter sales trends will continue through the balance of the fiscal year as customers further adjust to the challenging economic environment.

8:05AM ION Geophysical awarded multi-year, Marine Multi-Component processing contract (IO) 9.99 : Co announces that its GX Technology Imaging Solutions group has been awarded a multi-year seismic data processing contract by Mobil Producing Nigeria Unlimited, operator of the Nigeria National Petroleum Corporation Joint Venture. The contract, the largest data processing award in IO's history, specifies that GX Technology and its longstanding Nigerian partner -- Bulwark Services -- will provide advanced imaging services for a series of 2C and 4C seabed seismic surveys that will be acquired over the next several years over producing fields offshore Nigeria.

3:21AM F5 Networks lowers Q4 revenue guidance (FFIV) 21.50 : Co issues downside guidance for Q4 (Sep), sees Q4 (Sep) revs of $171.3 mln vs. $173.19 mln First Call consensus. Co expects to meet or exceed its GAAP and non-GAAP EPS targets for the quarter. John McAdam, F5 president and chief executive officer, said results for Q4 reflect further weakening in the financial vertical and a sharp slowdown in Europe during the last week of September, partially offset by a slight rebound in Japan and US Federal revenues and by strong demand for the company's new entry-level products. "Despite weakness in the global economy, demand for the BIG-IP 3600 in particular was much stronger than we initially anticipated," McAdam said. "During the month of September alone BIG-IP 3600 sales exceeded our initial forecast for the entire quarter, resulting in more orders than we could ship during the quarter."