Earnings - 9th July 2009

4:19PM AmerisourceBergen reaffirms FY09 EPS guidance of $1.59-1.65 vs $1.63; to report earnings one week later than original schedule (ABC) 17.84 -0.09 : Co announces that it now plans to release its results for Q3 2009 on Thursday, July 30, 2009, prior date was July 23.

4:07PM 99 Cents Only reports Q1 sales of $332.1 mln vs $322.3 mln First Call consensus; same store sales for the quarter increased 7.2% (NDN) 13.63 +0.11 : Co reports Q1 sales of $332.1 vs $322.3 mln First Call consensus. This represents an increase of 8.9% over total sales of $304.9 mln for the same quarter last year. The company's overall retail sales in the first quarter of fiscal 2010 were $321.8 mln compared to $294.7 mln in the same quarter last year. For the company's non-Texas operations, retail sales in the first quarter of fiscal 2010 were $294.4 mln compared to $265.5 mln in the same quarter last year. The company's overall same-store sales for Q1 ended June 27, 2009, increased 7.2%, with the number of same-store sales transactions increasing 6.0% and the average transaction up 1.2% to $9.56.

4:04PM Shaw Group misses by $0.03, beats on revs; guides FY09 EPS below consensus, raises cash flow guidance (SGR) 26.16 +1.39 : Reports Q3 (May) earnings of $0.57 per share, excluding the Westinghouse segment, $0.03 worse than the First Call consensus of $0.60; revenues rose 2.0% year/year to $1.85 bln vs the $1.8 bln consensus. Co issues downside guidance for FY09, sees EPS of $2.00, excluding non-recurring items, vs. $2.22 consensus. Co is increasing ther full year 2009 guidance for operating cash flow to approximately $525 mln.

8:32AM Ross Stores guides above consensus for Q2 reports Jun same store sales +1.0% vs -1.8% Briefing.com consensus (ROST) 40.55 : Co issues upside guidance for Q2 (Jul), sees EPS of $0.73-0.75 vs. $0.62 First Call consensus, prior guidance $0.60-0.63. Co said, "Considering our recent business trends, we now are forecasting July same store sales to be relatively flat to last year, up from our prior guidance of down 1% to 2%. Based on our ahead-of-plan sales in May and June and our updated July outlook, along with very strong merchandise gross margin and favorable expense trends, our second quarter earnings are expected to be well ahead of our original range of $.60 to $.63 per share."

8:30AM Emulex rejects Broadcom's $11/sh offer (ELX) 9.70 : Co announces that its Board has rejected the revised offer by Broadcom (BRCM) to acquire Emulex for $11 per share in cash. The Board determined that the offer significantly undervalues Emulex's long-term prospects and is inadequate. The Board recommends that Emulex stockholders not tender their shares into the offer. Briefing Note: For some background, ELX's board has been trying to kill this hostile takeover for a while. The deal was first announced on April 21 for an unsolicited $9.25 cash offer when ELX was trading at $6.61 (was a 40% premium at the time). On May 15, ELX's board formally rejected the $9.25 offer, then on May 26, ELX's board recommended to investors to vote against the deal. On Jun 1, the WSJ reported that ELX filed a lawsuit to kill the deal. On Jun 30, BRCM raised its offer to $11 in cash from $9.25. Then today the board again rejected the deal.

8:20AM TJX Cos guides Q2 EPS above consensus; reports Jun same store sales +4.0% vs -2.6% Briefing.com consensus (TJX) 31.10 : Co said, "With above-plan sales and strong merchandise margins for the first two months of the quarter, and July sales expected to exceed our previous guidance, we are raising our earnings outlook for the second quarter." Co issues upside guidance for Q2 (Jul), sees EPS of $0.56-0.59 vs. $0.49 First Call consensus.

8:16AM Emulex guides Q4 EPS to high end of range, revs slightly above consensus (ELX) 9.70 : Co issues guidance for Q4 (Jun), sees EPS at the high end of $0.01-0.05 vs. $0.04 First Call consensus; sees Q4 (Jun) revs of $78-79 mln vs. $77.27 mln consensus. Co said, "I'm very pleased with the team's focus and execution during the quarter, coming in at the high end of our guidance. In addition to strong near term operational performance we expanded our design wins for both our core Fibre Channel HBAs and our CNAs further reinforcing the strength of the Company's future prospects."

7:55AM Gymboree raises Q2 EPS guidance by $0.10 to $0.19-0.24 vs $0.16 consensus, prior guidance $0.09-0.14 (GYMB) 34.49 : Comparable store sales for the second quarter are now expected to reflect negative growth in the range of mid-single digits. This represents an improvement from the prior guidance of negative comparable store sales growth in the range of mid- to high single digits.

7:35AM Chattem beats by $0.05, misses on revs; reaffirms FY09 EPS guidance (CHTT)62.94 : Reports Q2 (May) earnings of $1.26 per share, $0.05 better than the First Call consensus of $1.21; revenues rose 4.4% year/year to $121.8 mln vs the $123.4 mln consensus. Co reaffirms guidance for FY09, sees EPS of $4.54-4.64, excluding non-recurring items, vs. $4.51 consensus. Co says, Total domestic revenues increased $7.4 mln, or 6.8%, in the second quarter of fiscal 2009 to $116.1, as compared to $108.7 mln in the prior year period. The increase in domestic revenues was led by sales of Gold Bond, ACT, Icy Hot, Cortizone-10 and Selsun Blue. Partially offsetting these increases were decreased sales of Unisom(R) and certain of our smaller brands and a $4.2 mln, or 83%, increase in promotional programs that were recorded as a reduction of revenue rather than as advertising and promotion expense in our consolidated statement of income. International revenues decreased $2.3 mln, or 29%, in 2Q09 as a result of our change in distributors in Latin America, general sales weakness in our European markets due to the weak economy and an adverse foreign exchange rate impact.

Earnings - 19th Aug 2008

5:06PM TJX Cos announces sale of Bob's Stores; co guides FY09 EPS in-line with consensus (TJX) 34.77 -0.82 : Co guides FY09 adjusted EPS in-line; co sees EPS of $2.17-2.22, now excluding a $0.02 gain, vs $2.30 consensus. Full year guidance for diluted earnings per share from continuing operations for the current fiscal year includes an expected $.09 per share benefit from the 53rd week in the Company's Fiscal 2009 fourth quarter as well as $.02 per share of unanticipated tax-related adjustments recorded in Q1 of FY09. Co announced that it has sold Bob's Stores to private equity firms Versa Capital Management and Crystal Capital. Terms of the sale were not disclosed. The co will record an after-tax loss in its FY09 third quarter of approximately $15 million, or $.03 per share, from the sale of Bob's Stores, which will be reported as a loss from discontinued operations. As a result of this sale and reclassification of Bob's Stores to discontinued operations, the Company is updating its guidance to reflect income from continuing operations, which will exclude the impact of the sale of Bob's Stores and its operating results. The Company's guidance for the third and fourth quarter for diluted earnings per share from continuing operations is unchanged from the guidance for diluted earnings per share previously issued in the Company's 8/12/08 press release.

4:29PM Open Text beats by $0.05, beats on revs (OTEX) 34.00 -0.66 : Reports Q4 (Jun) earnings of $0.63 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.58; revenues rose 14.3% year/year to $200.3 mln vs the $190.8 mln consensus.

4:13PM Hewlett-Packard beats by $0.03, beats on revs; guides Q4 EPS above consensus, revs in-line (HPQ) 43.69 -0.91 : Reports Q3 (Jul) earnings of $0.86 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.83; revenues rose 10.5% year/year to $28.03 bln vs the $27.41 bln consensus. Co reports Q3 (Jul) notebook rev grew 26% y/y, compares to 31% y/y growth in Q2, and desktop rev grew 6% y/y, compares to 0% y/y growth in Q2. Co issues guidance for Q4, sees EPS of 1.01-1.03, excluding non-recurring items, vs. $1.00 consensus; sees Q4 revs of $30.2-30.3 bln vs. $30.22 bln consensus.

4:09PM Verifone guides 3Q revs and EPS above consensus; 4Q revs and EPS above consensus; FY09 EPS above consensus (PAY) 14.73 -0.95 : PAY guides 3Q08 revs of $256-258 mln vs. First Call consensus of $248.3 mln, sees EPS of $0.34-0.35 vs. $0.28 First Call Consensus. PAY guides 4Q08 revs of $260-268 mln vs. First Call consensus of $255.2 mln, sees EPS of $0.36-0.39 vs. $0.30 First Call Consensus. Douglas Bergeron, CEO of VeriFone, stated: "We expect our third and fourth quarters, beginning in May of this year, to be positive in many respects. Despite a slowdown in the US market, we are seeing excellent growth internationally and in the emerging markets in particular."... "For fiscal year 2009, we are prudently expecting that weak macro-economic conditions will prevail in North America and Western Europe, though we expect continued favorable conditions in the emerging markets," said Mr. Bergeron. "We are also working diligently to control growth in operating expenses across the enterprise." For the full year ending October 31, 2009, VeriFone expects to achieve net revenue growth of 10 to 15% annual growth, consistent with its long-term growth targets. VeriFone is projecting continued improvements to gross margins as the year progresses as a result of product cost reduction initiatives and improved pricing strategies. PAY sees FY09 EPS of $1.35-1.55 vs. $1.14 First Call Consensus

4:09PM Navios Maritime announces Q2 results (NM) 9.08 -0.57 : Co reports Q2 EPS of $0.22, ex-items, vs $0.30 First Call consensus; revs increased 161% from a year ago to $354.43 mln vs $139.03 mln First Call consensus. "During the second quarter of 2008, we delivered excellent financial and operational performance, as evidenced by the 6% increase in Adjusted EBITDA to $48.2 million," stated Ms. Angeliki Frangou, Chairman and CEO of Navios Holdings. "Furthermore, we continue to strike a favorable balance of spot exposure and long-term cash flow generation as illustrated by our chartering strategy." ... The increase in revenue is mainly attributable to the increase in TCE per day and the increase in the available days of the fleet in 2008 as compared to 2007.

4:06PM Analog Devices misses by $0.01, reports revs in-line; guides Q4 EPS in-line, revs in-line (ADI) 32.15 -0.03 : Reports Q3 (Jul) earnings from cont operations of $0.44 per share, $0.01 worse than the First Call consensus of $0.45; revenues rose 6.7% year/year to $659 mln vs the $660.5 mln consensus. Co issues in-line guidance for Q4, sees EPS from cont operations of $0.44-0.46 vs. $0.46 consensus; sees Q4 revs growth of 6-9% YoY, which equates to ~$660.9-679.6 mln vs. $673.07 mln consensus.

8:28AM Target beats by $0.06, revs in-line (TGT) 50.05 : Reports Q2 (Jul) earnings of $0.82 per share, $0.06 better than the First Call consensus of $0.76; revs rose 5.8% year/year to $15.47 bln, in-line with the $15.46 bln First Call consensus. "Our second quarter earnings per share modestly exceeded our expectations despite continued soft sales trends. We continue to focus on driving our financial results through superior execution and discipline and by continuing to delight our guests with differentiated merchandise at a compelling value."

8:00AM ReneSola beats by $0.06, beats on revs; guides FY08 revs above consensus; raises output guidance (SOL) 17.93 : Reports Q2 (Jun) earnings of $0.38 per share, $0.06 better than the First Call consensus of $0.32; revenues rose 289.0% year/year to $173 mln vs the $141.3 mln consensus. Co issues upside guidance for FY08, sees FY08 revs of $640-670 mln vs. $612.01 mln consensus, prior guidance $570-590 mln. Co expects output to be in the range of 340 MW to 350 MW from the previously guided 330 MW to 340 MW.

7:17AM Medtronic beats by $0.03, reports revs in-line (MDT) 53.44 : Reports Q1 (Jul) earnings of $0.72 per share, $0.03 better than the First Call consensus of $0.69; revenues rose 18.5% year/year to $3.71 bln vs the $3.67 bln consensus.

6:03AM Home Depot beats by $0.10, beats on revs (HD) 26.96 : Reports Q2 (Jul) earnings of $0.71 per share, $0.10 better than the First Call consensus of $0.61; revenues fell 5.4% year/year to $20.99 bln vs the $20.58 bln consensus. Co believes FY08 sales will decline by approx 5.0% and diluted EPS from continuing operations will decline by approx 24.0%. This is consistent with its previous guidance. FY08 EPS guidance doesn't include its store rationalization charge from the closing of 15 stores and removal of 50 stores from its future growth pipeline.