Earnings - 5th March 2009

5:37PM Intrepid Potash reports EPS in-line, beats on revs (IPI) 17.04 -0.69 : Reports Q4 (Dec) earnings of $0.30 per share, in-line with the First Call consensus of $0.30; revenues rose 41.2% year/year to $79.5 mln vs the $77.7 mln consensus. The average net realized sales price for potash in Q4 2008 increased to $762 per short ton ($840 per metric tonne) compared to $224 per short ton ($247 per metric tonne) in the same period of 2007. Potash sales in the fourth quarter were 94,000 short tons compared to 215,000 short tons in the fourth quarter of 2007. Potash production in the quarter decreased to 201,000 short tons compared to 217,000 short tons produced in Q4 of 2007. Average net realized sales price for langbeinite, which we market under the registered name of Trio(R) increased to $323 per short ton ($356 per metric tonne) in the fourth quarter of 2008 compared to $137 per short ton ($151 per metric tonne) in the fourth quarter of 2007. Co says, "we are approaching 2009 thoughtfully and are focused on maintaining the strength of our balance sheet which allows us to retain a strong marketing position as it relates to the price of potash. We intend to accomplish this by managing production volumes and cash and by adjusting our capital programs appropriately throughout the year. Although we believe that long-term potash fundamentals are solid, we expect the near-term market conditions to remain erratic and unpredictable. The potash market will guide business decisions in 2009, specifically those related to production and capital allocation."

4:08PM Fuel Systems Solutions reports Q4 (Dec) results, misses on revs; guides FY09 revs below consensus (FSYS) 19.11 -0.38 : Reports Q4 (Dec) earnings of $0.04 per share, may not be comparable to the First Call consensus of $0.41. Net income for the fourth quarter of 2008 included a $1.1 million increase in the provision for the loan receivable from the company's unconsolidated WMTM joint venture, a $1.0 million in foreign currency exchange loss, a $900,000 increase in provision for accounts receivable, and $800,000 in costs related to the acquisition of DS; revenues rose 5.8% year/year to $84.3 mln vs the $91 mln consensus. Co issues downside guidance for FY09, sees FY09 revs of $330-360 mln vs. $418.54 mln consensus. As such, the company is targeting 2009 gross margin between 25.0% and 27.0% and 2009 operating margin to be between 10.0% and 12.0%.

4:07PM Union Drilling beats by $0.05, beats on revs (UDRL) 2.58 -0.39 : Reports Q4 (Dec) earnings of $0.19 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.14; revenues rose 20.0% year/year to $80.9 mln vs the $78.8 mln consensus. "The severe decline in our stock price below book value per share over the last few months of 2008 required us to take an impairment charge for the $7.9 million of goodwill on our balance sheet, which resulted in Union Drilling reporting a net loss for the quarter. However, our conservative balance sheet and term contract cover provided us with the ability to take advantage of the depressed stock price through our share repurchase program. Approximately nine percent of the equity in the Company was purchased for less than the cost of a new drilling rig. We will continue to assess the merits of further share repurchases in this declining environment."

4:06PM ArcSight beats by $0.13, beats on revs; guides Q4 EPS in-line, revs above consensus; guides FY09 EPS above consensus, revs above consensus (ARST) 8.79 +0.15 : Reports Q3 (Jan) earnings of $0.21 per share, $0.13 better than the First Call consensus of $0.08; revenues rose 31.4% year/year to $36.4 mln vs the $32.7 mln consensus. Co issues mixed guidance for Q4, sees EPS of $0.09-0.15 vs. $0.10 consensus; sees Q4 revs of $34-38 mln vs. $33.84 mln consensus. Co issues upside guidance for FY09, sees EPS of $0.41-0.48 vs. $0.29 consensus; sees FY09 revs of $130.9-134.9 vs. $127.34 mln consensus. Co says, "Enterprises and govt agencies place great value on protecting their businesses, assets, and services whether in robust or difficult economic times. In our view, this important and resilient value proposition is supported by our continued strong growth in our first year as a public co."

4:02PM Cooper Cos beats by $0.14, beats on revs; guides FY09 EPS in-line, revs in-line (COO) 19.21 -0.95 : Reports Q1 (Jan) earnings of $0.53 per share, $0.14 better thanthe First Call consensus of $0.39; revenues rose 3.5% year/year to $251.1 mln vs the $245 mln consensus. Co issues in-line guidance for FY09, sees EPS of $2.16-$2.36 vs. $2.21 consensus; sees FY09 revs of $1.03-$1.10 bln vs. $1.07 bln consensus.

8:06AM Cornell Corr reports Q4 EPS of $0.50 vs $0.40 First Call consensus; revs of $101.5 mln vs $101.53 mln First Call consensus (CRN) 13.99 : Cornell Corr sees Q1 EPS of $0.30-0.34 vs $0.34 First Call consensus; Cornell Corr sees FY09 EPS of $1.64-1.72 vs $1.60 First Call consensus.

8:05AM Lincoln Educational Services beats by $0.07, beats on revs; guides Q1 EPS above consensus, revs above consensus; guides FY09 EPS above consensus, revs above consensus (LINC) 15.56 : Reports Q4 (Dec) earnings of $0.51 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.44; revenues rose 18.8% year/year to $107.3 mln vs the $103.3 mln consensus. Co issues upside guidance for Q1, sees EPS of $0.05-0.07 vs. $0.01 consensus; sees Q1 revs of $112-114 mln vs. $103.39 mln consensus. Co issues upside guidance for FY09, sees EPS of $0.90-0.95 vs. $0.86 consensus; sees FY09 revs of $476-486 mln vs. $446.16 mln consensus.

8:03AM Western Refining beats by $0.08, misses on revs (WNR) 11.22 : Reports Q4 (Dec) earnings of $0.49 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $0.41; revenues fell 31.5% year/year to $1.66 bln vs the $2.16 bln consensus. "Refining margins in our markets are typically weaker in the first quarter. However, they were strong in the months of January and February and we expect to have continued strong margins in our markets in the month of March as we move into the driving season... With the improvements we have made at our refineries and the robust margins we have experienced to date in the quarter, the first quarter of 2009 has the potential to be one of our most profitable quarters."

7:33AM China Security and Surveillance misses by $0.04, beats on revs; reaffirms FY09 EPS guidance, revs guidance (CSR) 3.11 : Reports Q4 (Dec) earnings of $0.49 per share, $0.04 worse than the First Call consensus of $0.53; revenues rose 70.4% year/year to $143.5 mln vs the $129.4 mln consensus. Co reaffirms guidance for FY09, sees EPS of $2.16-2.26 vs. $2.17 consensus; sees FY09 revs of $600-630 mln vs. $572.44 mln consensus. offerings. Co says "... while our pricing and profitability remain firm in the government sector, we nevertheless experienced price erosions in our corporate segment, due to higher emphasis on cost controls by many of our corporate customers. As such, while we continue to project healthy demand and revenue growth over the next 12 months, we are focused on further integrating our operations and generating greater synergies across our portfolio of technologies, products, and subsidiaries. We are also focused on increasing our manufacturing and administrative efficiencies through targeted cost savings initiatives.''

7:04AM Fuel-Tech misses by $0.01, beats on revs (FTEK) 8.28 : Reports Q4 (Dec) loss of $0.02 per share, $0.01 worse than the First Call consensus of ($0.01); revenues fell 44.4% year/year to $18.1 mln vs the $16.5 mln consensus. Co said, "While we are reasonably encouraged about our business prospects for 2009, especially in the wake of the re-instatement of CAIR and the resulting strong start to our 2009 APC orders, we are mindful of the severe economic stress on many of our customers. We believe that both our revenues and profits in 2009 will exceed our 2008 results, but we think it is just too early in the year for us to more definitively quantify those estimates in a meaningful way. We will consider providing more definitive estimates on our future quarterly earnings conference calls."

7:03AM Family Dollar reports February same-store sales increased 6.4%; sees Q2 EPS of $0.59-0.61 vs $0.51 First Call consensus (FDO) 27.27 :  

6:59AM SXC Health Solutions beats by $0.14, beats on revs; guides FY09 EPS above consensus, revs in-line (SXCI) 19.21 : Reports Q4 (Dec) earnings of $0.28 per share, excluding amortization of NMHC acquisiton, $0.14 better than the First Call consensus of $0.14; revenues rose 1143.2% year/year to $292.8 mln vs the $280.9 mln consensus. Co issues mixed guidance for FY09, sees EPS of $0.99-1.08 vs. $0.77 consensus; sees FY09 revs of $1.2-1.3 bln vs. $1.21 bln consensus. Co sees adjusted Ebitda of $51.0-54.0 mln.

6:06AM Urban Outfitters misses by $0.04, misses on revs (URBN) 15.97 : Reports Q4 (Jan) earnings of $0.24 per share, $0.04 worse than the First Call consensus of $0.28; revenues rose 9.2% year/year to $508.1 mln vs the $515.3 mln consensus. For Q4, gross profit margin declined by 555 basis points, vs the prior year's comparable period. This decrease is primarily due to a higher rate of applied and anticipated merchandise markdowns to clear seasonal inventory.

1:26AM Middleby beats by $0.15, misses on revs (MIDD) 21.47 : Reports Q4 (Dec) earnings of $1.04 per share, $0.15 better than the First Call consensus of $0.89; revenues rose 3.8% year/year to $151 mln vs the $161.1 mln consensus.

Earnings - 4th Sept 2008

4:24PM ADC Telecom beats by $0.01, reports revs in-line; guides FY08 EPS in-line, revs in-line (ADCT) 9.17 -0.51 : Reports Q3 (Jul) earnings of $0.27 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.26; revenues rose 12.7% year/year to $390.2 mln vs the $388.6 mln consensus. Co issues in-line guidance for FY08, sees EPS of $1.12-1.20, excluding $1.02 in non-recurring items, vs. $1.17 consensus; sees FY08 revs of $1.5-1.52 bln vs. $1.51 bln consensus. Based on their 3Q08 sales, ADCT now expects 4Q08 sales to be lower than 3Q08 as customers' capital spending nears the end of the calendar year. For FY08, gross margins are expected to be around 35%; however, they are expected to rise and decline with sales volume levels and mix from quarter to quarter. Looking ahead and generally consistent with its historical seasonality, ADCT anticipates that sales in Q109 will be lower than Q408.

4:17PM Martek Biosci beats by $0.04, beats on revs; guides Q4 EPS in-line, revs in-line; raises FY08 EPS above consensus, raises revs in-line (MATK) 32.12 -0.75 : Reports Q3 (Jul) earnings of $0.28 per share, $0.04 better than the First Call consensus of $0.24; revenues rose 13.6% year/year to $88.4 mln vs the $86.5 mln consensus. Co issues in-line guidance for Q4, sees EPS of $0.24-0.27 vs. $0.26 consensus; sees Q4 revs of $87-91 mln vs. $89.12 mln consensus. Co issues raises EPS guidance for FY08, sees EPS of $1.06-1.09 vs. $1.04 consensus, up from $1.01-1.05; sees FY08 revs of $349-353 mln vs. $349.22 mln consensus, up from $344-350 mln.

4:11PM Cooper Cos beats by $0.02, reports revs in-line; guides Q4 revs in-line; narrows FY08 EPS below consensus, narrows revs in-line (COO) 36.30 -0.01 : Reports Q3 (Jul) earnings of $0.67 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.65; revenues rose 13.5% year/year to $285.9 mln vs the $285.2 mln consensus. Co issues guidance for Q4, sees EPS of $0.58-0.64, may not be comparable to $0.70 consensus; sees Q4 revs of $285-295 mln vs. $291.52 mln consensus. Co narrows EPS guidance for FY08, sees EPS of $2.18-2.24 vs. $2.29 consensus, up from $2.10-2.35; narrows FY08 revs to $1.08-1.1 bln vs. $1.09 bln consensus, up from $1.06-1.1 bln. Co lowers capital expenditures to $140-160 mln in fiscal 2008, up from $160-170 and reaffirms FY09 of $125-140 mln.

4:08PM Smith & Wesson misses by $0.02, beats on revs (SWHC) 5.39 -0.31 : Reports Q1 (Jul) earnings of $0.05 per share, $0.02 worse than the First Call consensus of $0.07; revenues rose 4.9% year/year to $78 mln vs the $75.4 mln consensus. "While the first quarter presented challenges, many of which we believe are transitory in nature, it also delivered ongoing handgun sales growth in all of our key channels. As we work through this challenging period in the industry and the economy, we will maintain our focus on driving long term revenue growth in each of our markets, and on controlling costs at every opportunity."

4:06PM Quiksilver beats by $0.04, beats on revs; guides FY08 EPS (ZQK) 7.19 -0.34 : Reports Q3 (Jul) earnings of $0.25 per share, $0.04 better than the First Call consensus of $0.21; revenues rose 6.9% year/year to $564.9 mln vs the $543.9 mln consensus. Co issues guidance for FY08, sees EPS slightly below $0.90 vs. $0.86 consensus. Co states, "...Our gross margins benefited from a higher proportion of our revenues coming from Europe and from our retail stores than in the same quarter a year ago and we again achieved some improvements in sourcing margins. At the same time, this business mix drove our expense ratio higher, and a weaker performance at retail, together with conservative ordering by our wholesale customers, led to some deleveraging of expenses."

4:04PM Ulta Salon beats by $0.01, reports revs in-line; guides Q3 EPS in-line, revs in-line; guides FY09 EPS in-line, reaffirms FY09 revs guidance (ULTA) 11.06 -0.32 : Reports Q2 (Jul) earnings of $0.06 per share, $0.01 better than the First Call consensus of $0.05; revenues rose 24.3% year/year to $249.1 mln vs the $251.3 mln consensus. Co issues in-line guidance for Q3, sees EPS of $0.08-0.10 vs. $0.10 consensus; sees Q3 revs of $259-263 mln vs. $258.80 mln consensus. Co issues mixed guidance for FY09, sees EPS of $0.52-0.57 vs. $0.54 consensus; sees FY09 revs of $1.12-1.13 bln vs. $1.13 bln consensus.

4:01PM Cascade misses by $0.09, misses on revs (CAE) 46.82 -3.11 : Reports Q2 (Jul) earnings of $0.94 per share, $0.09 worse than the First Call consensus of $1.03; revenues rose 4.8% year/year to $150.1 mln vs the $156 mln consensus.


7:33AM America's Car-Mart beats by $0.07, beats on revs (CRMT) 19.43 : Reports Q1 (Jul) earnings of $0.45 per share, $0.07 better than the First Call consensus of $0.38; revenues rose 29.0% year/year to $75.7 mln vs the $73.8 mln consensus. The provision for credit losses was 20.9% of sales compared to 21.8% in the same period last year. Net charge-offs as a percentage of average finance receivables was 5.7% compared to 6.4% in the same period last year and compared to 5.9% for the quarter ended April 30, 2008. "The solid results we have experienced for the first quarter of Fiscal 2009 are further confirmation of the positive effects of the numerous significant improvements we have made at Car-Mart over the last year and a half... We believe the strong competitive advantages we have over our competitors are continuing to be evident as we have increased our retail sales while at the same time remaining disciplined in our underwriting standards, down payments and loan terms. In fact, our customer profile data continues to show upward trends in the characteristics of our customer base and portfolio. With this positive data, we are confident in our ability to maintain increased sales levels. For this first fiscal quarter of 2009, our retail sales are up nearly 26% from last year, at 7,353 vehicles, continuing a positive sales trend that we have experienced over the last three fiscal quarters. In addition, same store revenues are up 28.5% from last year, as we continue to increase the efficiency and profitability of our existing store base."
7:33AM Movado Group misses by $0.02, misses on revs; reaffirms FY09 EPS guidance (MOV) 23.50 : Reports Q2 (Jul) earnings of $0.39 per share, excluding non-recurring items, $0.02 worse than the First Call consensus of $0.41; revenues fell 7.0% year/year to $129.7 mln vs the $132.9 mln consensus. Co reaffirms guidance for FY09, sees EPS of $1.65-1.72, excluding non-recurring items, vs. $1.69 consensus.


7:13AM Terex issues downside guidance (TEX) 47.32 : Co issues downside guidance for Q3 (Sep), sees EPS of $1.26-1.38 vs. $1.57 First Call consensus. Co issues downside guidance for Q4 (Dec), sees EPS of $1.20-1.33 vs. $1.60 consensus. Co issues downside guidance for FY08 (Dec), sees EPS of $6.35-6.65 vs. $7.08 consensus; sees FY08 (Dec) revs of $10.2-10.6 bln vs. $10.61 bln consensus. "While our Cranes and Materials Processing & Mining segments continue to perform better than our expectations, continued market softening and input costs in the Aerial Work Platforms and Construction segments in Western Europe and the United States are expected to more than offset those positive factors."

7:11AM Jackson Hewitt reports EPS in-line, misses on revs (JTX) 17.18 : Reports Q1 (Jul) loss of $0.69 per share, excluding non-recurring items, in-line with the First Call consensus of ($0.69); revenues fell 27.7% year/year to $4.3 mln vs the $4.5 mln consensus.


7:09AM Ciena reports EPS in-line, revs in-line; guides Q4 revs below consensus (CIEN) 17.43 : Reports Q3 (Jul) earnings of $0.37 per share, excluding non-recurring items, in-line with the First Call consensus of $0.37; revenues rose 23.5% year/year to $253.2 mln vs the $253.7 mln consensus. Co issues downside guidance for Q4, sees Q4 revs of $190-210 mln vs. $263.02 mln consensus. "In addition to existing customer-specific challenges, we have recently begun to experience order delays from many of our Tier One service provider customers, which we attribute to their guarded approach to capital expenditures given the uncertain macroeconomic environment. While we've seen no project or order cancellations, sales cycles are lengthening and some deployments are slowing."

7:07AM Pepsi Bottling reaffirms Q3 and FY08 EPS guidance (PBG) 31.46 : Co announces it is reaffirming its previously stated Q3 and full-year 2008 earnings per share guidance. PBG expects 2008 comparable diluted EPS of $2.30-$2.38, (vs $2.34 consensus), comparable operating profit growth in the low-single digits, and operating free cash flow of about $620 mln. PBG also reaffirmed that it will generate diluted EPS of $1.02-$1.06 in Q3 (vs $1.05 consensus).

7:03AM Flow beats by $0.03, misses on revs (FLOW) 6.74 : Reports Q1 (Jul) earnings of $0.08 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.05; revenues fell 1.4% year/year to $57.1 mln vs the $60.8 mln consensus.