Earnings - 23th June 2009

4:35PM Darden Restaurants beats by $0.04, reports revs in-line; guides FY10 EPS below consensus (DRI) 33.00 -1.24 : Reports Q4 (May) earnings of $0.90 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.86; revenues rose 8.2% year/year to $1.98 bln vs the $1.98 bln consensus. Co issues downside guidancefor FY10, sees EPS of $2.59-2.85 vs. $2.91 consensus. Co says, "we're assuming that the economic and industry weakness we've experienced over the past six months will continue through all of our fiscal 2010. We are assuming that blended same-restaurant sales for our three large casual dining brands, Olive Garden, Red Lobster and LongHorn Steakhouse, will be between -2% and flat in FY10. Based on these same-restaurant results and ~50-55 net new restaurant openings, total sales change is expected to be between -1% and +1% and diluted net EPS are expected to range from -2% to +8%. Please note that our FY09 included a 53rd week of operations. Excluding that extra week, our FY10 same-restaurant sales assumptions and plans for net new restaurant openings are expected to drive total sales growth of +1% to +3% and diluted net EPS growth that ranges from flat to +10%. It is also important to note that going forward, we will no longer report results and prior period comparisons that exclude integration costs and purchase accounting adjustments."

4:32PM AeroVironment earnings correction: Beats by $0.01; guides FY10 revs above consensus (AVAV) 27.36 -0.49 : Earlier we incorrectly calculated the co's revenue guidance. We have deleted the original comment. Co reports Q4 (Apr) earnings of $0.27 per share,$0.01 better than the First Call consensus of $0.26; revenues rose 18.2% year/year to $76 mln vs the $71.2 mln consensus. Co issues upside guidance for FY10, sees FY10 revs growth of 18-22%, which equates to ~$292.2-302.2 mln. $290.35 mln consensus.

4:07PM Oracle beats by $0.02, beats on revs (ORCL) 19.87 -0.10 : Reports Q4 (May) earnings of $0.46 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.44; revenues fell 5.2% year/year to $6.86 bln vs the $6.47 bln consensus. Co says, "We executed substantially better than we expected on both the top and bottom line for the quarter. We grew Q4 non-GAAP operating margins by a faster than expected 240 bps to over 51%. That helped us generate $7.7 bln in free cash flow for fiscal 2009. We grew faster and took market share from SAP in every region around the world. In Europe our applications business grew 5% in constant currency versus negative 27% growth for SAP in their most recent quarter. Historically Europe has been an SAP stronghold, but these results prove that we can compete and beat them everywhere. The Exadata Database Machine is well on its way to being the most successful new product launch in Oracle's 30 year history. Several of Teradata's largest customers are performance testing -- then buying -- Oracle Exadata Database Machines. In a recent competitive benchmark, a Teradata machine took over six hours to process a query that our Exadata Database Machine ran in less than 30 minutes. They bought Exadata."

4:05PM Sonic beats by $0.04, beats on revs (SONC) 9.00 +0.50 : Reports Q3 (May) earnings of $0.24 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.20; revenues fell 9.9% year/year to $191.9 mln vs the $181.7 mln consensus. Co says, "While our sales were lower than we expected in the third quarter, we believe our continued emphasis on distinctive promotions that drive traffic, loyalty and check -- in concert with our unique quality and customer service experience -- will improve sales over the long run."

9:19AM Commercial Metals beats by $0.04, misses on revs (CMC) 14.21 : Reports Q3 (May) loss of $0.10 per share from cont ops, $0.04 better than the First Call consensus of ($0.14); revenues fell 53.9% year/year to $1.34 bln vs the $1.49 bln consensus. Co says it believes for the balance of calendar 2009, market conditions in the US will remain difficult. There is very little evidence of stimulus dollars impacting demand. It is likely in 2010 that the stimulus package will impact infrastructure spending and, thus, demand for steel long products such as rebar. Co is seeing some small signs of a pick up in demand. However, this is more a function of seasonality and restocking of certain steel products than a general recovery in demand. Co believes destocking of rebar and merchant products is almost over. It is likely that steel prices will stabilize and recover modestly in the coming months.

7:05AM America's Car-Mart beats by $0.05, beats on revs (CRMT) 17.66 : Reports Q4 (Apr) earnings of $0.43 per share, $0.05 better than the First Call consensus of $0.38; revenues rose 1.8% year/year to $77.9 mln vs the $74.9 mln consensus. Same store revenue increased .9% for the three months. The average down-payment percentage was 8.6% compared to 7.5% for the prior year period and collections as a percentage of average finance receivables was 17.7% compared to 17.5% for the prior year. The provision for credit losses was 20.8% of sales compared to 20.0% in the same period last year. Net charge-offs as a percentage of average finance receivables was 6.3% compared to 5.9% in the same period last year. Gross margins on vehicle sales were slightly lower during 4Q09 and Selling, General, and Administrative Expenses were higher as infrastructure investments, primarily payroll costs, continued to be phased in. Co says, "Our future growth will come from both increases in sales at our existing dealerships and the addition of new dealerships. We finished 2009 with an increase in the average number of retail units sold per lot per month. Even with this increase, we know that we have significant up-side for volume levels at our existing dealerships... We saw improvements in credit loss percentages and the level of accounts over 30 days past due at year end is at its lowest level in several years. It is exciting to be in a position to grow revenues into the future without near-term capital constraints and maximize the leveraging of the infrastructure investments we have made."

Earnings - 9th Sept 2008

=4:37PM Texas Instruments narrows Q3 EPS; sees revs in-line (TXN) 21.71 -0.67 : Co sees Q3 EPS of $0.42-0.46 vs $0.44 First Call consensus, compared with prior range of $0.41-0.47; sees revs of $3.33-3.47 bln vs $3.40 bln First Call consensus, compared with the prior range of $3.26-3.54 bln. The company will hold a conference call at 4 p.m. Central time today to discuss this update

4:35PM FedEx raises Q1 EPS above consensus; reaffirms FY09 EPS in-line (FDX) 84.75 -0.11 : Co raises Q1 EPS to $1.23 vs $0.95 First Call consensus, up from prior guidance of $0.80-1.00. Co reaffirms FY09 EPS of $4.75-5.52 vs $4.98 consensus as weaker macroeconomic conditions offset better-than-expected first quarter results. Co says, "First quarter results benefitted from lower-than-expected fuel costs late in the quarter and stringent cost management. While sustained declines in fuel prices could improve our full-year outlook, the slowing economic growth trends in the U.S. are now extending to other areas of the global economy. As a result, we have reduced our planned capital investments by $400 mln, to $2.6 bln for FY09."

4:17PM Verifone misses by $0.02, reports revs in-line; guides Q4 EPS below consensus, revs in-line; guides FY09 EPS below consensus (PAY) 19.70 -0.26 : Reports Q3 (Jul) earnings of $0.32 per share, $0.02 worse than the First Call consensus of $0.34; revenues rose 11.7% year/year to $258.7 mln vs the $256.8 mln consensus. Co issues mixed guidance for Q4, sees EPS of $0.33-0.36 vs. $0.37 consensus; sees Q4 revs of $260-268 mln vs. $263.68 mln consensus. Co issues downside guidance for FY09, sees EPS of $1.23-1.43 vs. $1.44 consensus; VeriFone expects to achieve annual net revenue growth in the 10 to 15% range for FY09.

4:16PM ArcSight beats by $0.04, beats on revs; guides Q2 EPS in-line, revs in-line; reaffirms FY09 EPS guidance, revs guidance (ARST) 9.79 +0.27 : Reports Q1 (Jul) earnings of $0.01 per share, $0.04 better than the First Call consensus of ($0.03); revenues rose 39.9% year/year to $27.7 mln vs the $27.1 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.02-0.05 vs. $0.05 consensus; sees Q2 revs of $29-31 mln vs. $30.30 mln consensus. Co reaffirms guidance for FY09, sees EPS of $0.22-0.26 vs. $0.24 consensus; sees FY09 revs of $124-128 mln vs. $126.66 mln consensus.

4:14PM Himax Tech raises guidance (HIMX) 3.00 -0.31 : Co raises Q3 GAAP EPS guidance to $0.07-0.09 from $0.04-0.06, may not compare to $0.07 consensus. Non-GAAP EPS is now expected to be $0.14-0.17, up from prior guidance of $0.11-0.14. Co expects revs to decline by 5%-8% from the $246.9 mln sequentially, which equates to $227.1-234.6 mln vs $224.82 mln consensus. Previous guidance forecasted revenues to decline by low-teen percent from 2Q08. Himax narrowed its gross margin outlook for 3Q08. Gross margin is expected to decline by 1-1.5 percentage points from the 25.5% posted in 2Q08. The company had previously guided gross margin to decline by 1-2 percentage points. "We revised our third quarter guidance primarily due to better-than-expected revenue outlook and effective cost control measures. During the past month, we have seen increasing demand on our display drivers for major applications while our non-driver products continue to contribute to our revenues. In spite of the challenging market environment, we are confident we can meet our updated guidance.''

4:06PM AeroVironment beats by $0.04, beats on revs (AVAV) : Reports Q1 (Jul) earnings of $0.22 per share, $0.04 better than the First Call consensus of $0.18; revenues rose 8.9% year/year to $53.6 mln vs the $49.9 mln consensus. For fiscal year 2009 the company maintains its guidance of revenue growth of between 20% and 25% over fiscal year 2008, with an operating income margin of between 12% and 14%.

4:04PM G-III Apparel beats by $0.01, beats on revs; reaffirms FY09 EPS guidance, revs guidance (GIII) 18.22 +0.14 : Reports Q2 (Jul) loss of $0.23 per share, $0.01 better than the First Call consensus of ($0.24); revenues rose 35.3% year/year to $113.5 mln vs the $100.6 mln consensus. Co reaffirms guidance for FY09, sees EPS of $1.35-1.40 vs. $1.38 consensus; sees FY09 revs of approx $730 mln vs. $737.91 mln consensus.

10:51AM Comp Vale Do Rio confirms negotiations with iron ore clients (RIO) 21.70 -1.04 : Co confirms it has informed it is negotiating with Asian clients the convergence of reference prices for iron ore to the same level of those charged to European clients. Currently, reference prices for Asian clients are 11.0% to 11.5% lower than prices for Europe, depending on the type of iron ore. Vale highlights that this negotiation is not concluded and there is no guarantee that it will be successfully concluded. If the price convergence is implemented, it will imply in an estimated revenue increase smaller than 3.0% of Vale's total revenue for the twelve-month period ended at June 30, 2008, of $35.5 bln.

7:53AM Korn/Ferry beats by $0.06, beats on revs; guides Q2 EPS in-line (KFY) 17.42 : Reports Q1 (Jul) earnings of $0.36 per share, $0.06 better than the First Call consensus of $0.30; revenues rose 10.8% year/year to $217.5 mln vs the $206.9 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.26-0.32 vs. $0.31 consensus. "Assuming constant foreign exchange rates, Korn/Ferry estimates that second quarter fiscal 2009 fee revenue is likely to be in the range of $185-200 mln."

5:14AM Manpower Employment Outlook Survey shows slower hiring ahead (MAN) 48.26 : U.S. employers are projecting a continued decline in hiring intentions for Quarter 4 2008, according to the seasonally adjusted results of the latest Manpower Employment Outlook Survey conducted quarterly by Manpower. Of the 14,000 employers surveyed in the U.S., 22% expect to increase their staff levels during the October -- December period, while 13% expect to reduce their payrolls, resulting in a Net Employment Outlook of 9%. Fifty-nine percent expect no change in hiring and 6% are undecided about their Quarter 4 2008 hiring plans.

12:58AM Avery Dennison provides financial update; says July and August net income per share below forecast (AVY) 50.00 : Co announces unaudited preliminary internal reports for the months of July and August, 2008 show consolidated net income per share to be approx $0.15 - $0.20 below the co's internal forecast for those months. The shortfall in earnings was primarily due to further economic weakness in the markets which the AVY serves. The co is not currently affirming nor updating its most recent full-year guidance (which was provided on July 22, 2008), and will do so after the close of September when the Company reports its Q308 results on October 21, 2008.

Earnings - 24th June 2008

5:04PM Sonic misses by $0.03, misses on revs; guides FY08 EPS below consensus (SONC) 16.51 +0.22 : Reports Q3 (May) earnings of $0.28 per share, $0.03 worse than the First Call consensus of $0.31; revenues rose 1.5% year/year to $213 mln vs the $220 mln consensus. Co issues downside guidance for FY08, sees EPS growth of 4-6%, which equates to ~$1.00-1.02 vs. $1.05 consensus.

4:44PM Darden Restaurants beats by $0.03, reports revs in-line; guides FY09 EPS in-line, revs above consensus (DRI) 31.60 +0.95 : Reports Q4 (May) earnings of $0.78 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.75; revenues rose 25.1% year/year to $1.83 bln vs the $1.82 bln consensus. Co issues in-line guidance for FY09, sees EPS growth of 9-10%, excluding items, which equates to ~$2.98-3.01 vs. $2.99 consensus; sees FY09 revs growth of 14-15%, which equate as ~$7.56-7.62 bln vs. $7.39 bln consensus.

4:07PM Silicon Labs raises Q2 EPS and revs guidance (SLAB) 35.84 +0.02 : Co sees Q2 EPS of $0.40-0.42, up from $0.37-0.39 vs $0.38 First Call consensus; revs $102-104 mln, up from $98-101 mln vs $100.00 mln First Call consensus. Co cites stronger than expected demand, particularly in the voice and embedded modem businesses. The guidance revision was provided as an update concurrent with the announcement of the acquisition of Integration Associates, also made today.

4:06PM 3Com beats by $0.04, beats on revs (COMS) 2.37 -0.02 : Reports Q4 (May) earnings of $0.09 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.05; revenues rose 3.3% year/year to $321.3 mln vs the $315.3 mln consensus.

4:05PM AeroVironment beats by $0.03, beats on revs; guides FY09 revs in-line (AVAV) 25.01 +0.24 : Reports Q4 (Apr) earnings of $0.30 per share, $0.03 better than the First Call consensus of $0.27; revenues rose 26.8% year/year to $64.3 mln vs the $59.3 mln consensus. Co issues in-line guidance for FY09, sees FY09 revs growth of 20-25%, which equates to ~$258.9-269.7 mln vs. $259.44 mln consensus.

4:04PM Jabil Circuit beats by $0.06, reports revs in-line; guides Q4 EPS in-line, guides Q4 revs (JBL) 14.29 +0.05 : Reports Q3 (May) earnings of $0.26 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.20; revenues rose 2.9% year/year to $3.09 bln vs the $3.08 bln consensus. Co issues guidance for Q4, sees EPS of $0.29-0.33, excluding non-recurring items, vs. $0.29 consensus; sees Q4 revs of $3.2-3.3 bln vs. $3.19 bln consensus.

4:03PM L-1 Identity Solutions reaffirms Q2 EPS guidance of $0.04 vs $0.03 consensus; revs $140-145 mln vs $138.34 mln consensus (ID) 13.19 -0.25 : Co reaffirms Q2 EPS guidance of $0.04 vs $0.03 First Call consensus; revs $140-145 mln vs $138.34 mln First Call consensus. Sees Adjusted EBITDA at the top end of the range at approximately $22.0 mln (consensus $19.9 mln). "Regarding the Digimarc transaction and the recently announced unsolicited offer from Safran, we are assessing our options. However, I want to reassure our investors that the merger agreement is still intact and that we will use all of our resources in Washington, within the Department of Defense, Department of Homeland Security and the State and Local Governments to prevent sensitive data and information of our citizens from falling into the hands of a foreign entity, particularly one that is 30 percent owned and controlled by the French Government."

8:51AM Reliance Steel guides Q2 EPS above prior guidance and consensus; sees Q2 EPS of $2.00-2.10 vs $1.64 consensus (RS) 73.48 : Co said, "Because the prices for carbon steel products have increased more significantly and more rapidly than we had anticipated and because we have been successful in expanding our gross profit margins more than anticipated in the current environment, we have increased our earnings guidance."

8:33AM Kroger beats by $0.03; raises low end of FY09 EPS guidance; raises same store sales guidance (KR) 26.00 : Reports Q1 (Apr) earnings of $0.58 per share, $0.03 better than the First Call consensus of $0.55; revenues rose 11.5% year/year to $23.11 bln vs the $22.32 bln consensus. Co issues in-line guidance for FY09, sees EPS of $1.85-1.90 vs. $1.90 consensus, prior guidance $1.83-1.90. Company raised its identical sales and earnings guidance for fiscal 2008. Based on the strength of its first quarter results, Kroger now expects identical sales growth of 4.0% to 5.5%, excluding fuel, for fiscal 2008. Previous guidance was 3.0% to 5.0%.

8:33AM ConAgra Q4 EPS to be higher than planned (CAG) 22.22 : Co sees Q4 EPS to be higher than the co's original EPS estimate of $0.30-0.35, ex-items, vs $0.36 consensus. The higher-than-planned EPS primarily reflects very strong Trading & Merchandising profits, which are now classified within discontinued operations. The co is also pleased with the overall performance of the Food & Ingredients segment, as well as improved execution with regard to pricing in the Consumer Foods segment.

7:03AM Centurytel announces increased dividend and acceleration of share repurchase program; expects to meet or exceed its previously announced Q2 operating revs and diluted EPS guidance of $647-$657 mln and $0.78-$0.82 (CTL) 31.25 : Co announces that its Board of Directors determined to: 1) increase it's annual cash dividend to $2.80 from $.27 per share; 2) declare a one-time dividend of $.6325 per share, payable on July 21, 2008, to shareholders of record on July 7, 2008, effectively adjusting the total second quarter dividend to the new $.70 quarterly dividend rate; 3) utilize future share buybacks to target net debt at 2.75 times operating cash flow; 4) accelerate purchases under the current $750 mln share repurchase program to complete the remaining balance of approximately $385 mln by year end 2008 or early 2009, which is expected to increase the co's ratio of net debt to operating cash flow; and 5) continue to distribute substantially all of CenturyTel's free cash flow to shareholders. The co also expects to meet or exceed its previously announced Q2 operating revs and diluted EPS, excluding nonrecurring items, of $647 to $657 mln (consensus of $652.7 mln) and $0.78-$0.82 (vs $0.80 consensus), respectively.