Earnings - 7th May 2009 (2)

5:10PM Intrepid Potash beats by $0.07, beats on revs (IPI) 26.14 -0.67 : Reports Q1 (Mar) earnings of $0.33 per share, $0.07 better than the First Call consensus of $0.26; revenues rose 5.3% year/year to $88.9 mln vs the $72.2 mln consensus. Potash sales in the first quarter were 99,000 short tons compared to 213,000 short tons in the first quarter of 2008. Potash production in the quarter decreased to 137,000 short tons compared to 224,000 short tons produced in Q1 of 2008. The average net realized sales price for potash in Q1 2009 increased to $727 per short ton ($802 per metric tonne) compared to $295 per short ton ($325 per metric tonne) in the same period of 2008. This was a decrease from the $762 per short ton in Q4 2008. During Q1 of 2009, Intrepid produced 137,000 short tons of potash and sold 99,000 short tons of potash. This compares to 224,000 short tons produced and 213,000 short tons sold in the first quarter of 2008. profitability. Co says, "While we did see a slight increase in sales volumes from Q4 of 2008, the key factors leading to lower potash demand remained during Q1 of 2009, including overall pressure on commodity prices, volatile input pricing for the farm producer, buyer hesitation to purchase potash while priced above nitrogen and phosphate, and significant uncertainty due to the economy. Furthermore, wet weather in April for many planting regions in the United States has caused a delay in fertilizer applications by several weeks and has further slowed the destocking process at the dealer level. We expect that the current market trends will persist at least through Q2 of 2009, and potentially longer. Further, we anticipate that the application rates for potash fertilizers will decline in 2009, relative to 2008, but we also do not expect this decline to be permanent as fertilizer plays a vital role in ensuring that world agricultural production meets the needs of a growing population. We believe that once dealer inventories clear, dealers will be more cautious in re-stocking to normal summer levels in an effort to keep their inventories low."

4:33PM Emergent Biosolutions beats by $0.22, beats on revs; guides FY09 revs in-line (EBS) 9.62 -0.08 : Reports Q1 (Mar) earnings of $0.35 per share, $0.22 better than the First Call consensus of $0.13; revenues rose 51.0% year/year to $64.5 mln vs the $48.7 mln consensus. Co issues in-line guidance for FY09, sees FY09 revs of $225-240 mln vs. $227.95 mln consensus. Co says results were primarily driven by increased sales of BioThrax.

4:22PM American Public Education beats by $0.03, beats on revs; guides Q2 and FY09 in-line (APEI) 34.12 -0.48 : Reports Q1 (Mar) earnings of $0.28 per share, $0.03 better than the First Call consensus of $0.25; revenues rose 42.7% year/year to $33.2 mln vs the $32.8 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.25-0.27 vs. $0.27 consensus; sees Q2 revs of $33.8-35.0 mln vs. $34.93 mln consensus. Co issues in-line guidance for FY09, sees EPS of $1.19-1.26 vs. $1.21 consensus; sees FY09 revs of $147-151 mln vs. $150.51 mln consensus. Net Q1 course registrations rose 41% yr/yr to 46,650. Net course registrations from new students rose 40% yr/yr to 10,500. As of March 31, a total of 49,600 students were enrolled.

4:21PM Perini beats by $0.10, beats on revs; reaffirms FY09 EPS in-line, revs in-line (PCR) 18.92 -0.02 : Reports Q1 (Mar) earnings of $0.80 per share, $0.10 better than the First Call consensus of $0.70; revenues rose 20.9% year/year to $1.52 bln vs the $1.48 bln consensus. Co reaffirms in-line guidance for FY09, sees EPS of $2.60-2.80 vs. $2.68 consensus; sees FY09 revs of $5.5-6.0 bln vs. $5.48 bln consensus.

4:18PM Air Methods beats by $0.16, beats on revs (AIRM) 26.14 -1.00 : Reports Q1 (Mar) earnings of $0.41 per share, $0.16 better than the First Call consensus of $0.25; revenues rose 5.6% year/year to $124.7 mln vs the $118.2 mln consensus. The co also provided an update on April 2009 flight volume. Total community-based transports were 3,453 during April 2009 compared with 3,723 in April 2008. April 2009 community-based transports for bases open greater than one year decreased by 97 transports, or 2.9%, as compared with April 2008. Weather cancellations during April 2009 for these same bases were mostly unchanged as compared with the prior-year month, decreasing by 14.\

4:07PM Blue Nile beats by $0.03, beats on revs (NILE) 44.58 +0.39 : Reports Q1 (Mar) earnings of $0.13 per share, $0.03 better than the First Call consensus of $0.10; revenues fell 11.4% year/year to $62.4 mln vs the $58.3 mln consensus. "Consistent with last quarter, we are not providing specific financial guidance due to the continued uncertainty surrounding the economic environment and consumer spending. However, on a directional basis, we want to provide some context for our view on the full year. Sales trends improved in the first quarter compared to the fourth quarter of 2008, and we anticipate further improvement as we progress through 2009 with an expectation that the fourth quarter will post a year-over-year sales increase. Additionally, we expect non-GAAP adjusted EBITDA for 2009 to exceed last year's level. Finally, we anticipate that free cash flow for the full year will be significantly higher than the $11.8 million reported in the first quarter on a trailing twelve month basis,"

4:07PM Fuel Systems Solutions beats by $0.23, beats on revs; guides FY09 revs in-line (FSYS) 17.01 -0.70 : Reports Q1 (Mar) earnings of $0.44 per share, $0.23 better thanthe First Call consensus of $0.21; revenues fell 15.3% year/year to $80.1 mln vs the $74.4 mln consensus. Co issues in-line guidance for FY09, sees FY09 revs of $330-360 mln vs. $342.31 mln consensus.

4:07PM PDL BioPharma misses by $0.01, beats on revs; guides FY09 revs in-line (PDLI) 7.10 -0.09 : Reports Q1 (Mar) earnings of $0.23 per share, $0.01 worse than the First Call consensus of $0.24; revenues rose 24.7% year/year to $62.6 mln vs the $60 mln consensus. Co issues in-line guidance for FY09, sees FY09 revs of $310-325 mln vs. $318.57 mln consensus. Net income after taxes for 2009 continues to be projected in the range of $185 to $200 mln and cash generated in 2009 still is expected to be in the range of $260 to $280 mln.

4:06PM Thoratec beats by $0.06, beats on revs (THOR) 31.00 +1.29 : Reports Q1 (Mar) earnings of $0.22 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.16; revenues rose 38.9% year/year to $89.5 mln vs the $83.3 mln consensus.  Co says it continued its impressive performance of 2008 into Q1 with expanded market penetration of its HeartMate II. Growth was driven by continued adoption for Bridge-to-Transplantation (BTT) and enrollment in its Destination Therapy (DT) trial. Co also added four HeartMate II centers during the quarter. Co hopes to achieve DT approval by early 2010.

4:06PM Millipore beats by $0.22, beats on revs; guides FY09 EPS above consensus (MIL) 58.79 -0.01 : Reports Q1 (Mar) earnings of $1.06 per share, $0.22 better than the First Call consensus of $0.84; revenues rose 3.0% year/year to $407.9 mln vs the $389.7 mln consensus. Co raises its EPS range for FY09, now sees EPS of $3.75-$3.90 (vs. $3.74 consensus), up from the previous range of $3.70-$3.85.

4:04PM Clean Energy Fuels beats by $0.01, beats on revs (CLNE) 8.71 -0.20 : Reports Q1 (Mar) loss of $0.06 per share, excluding non-recurring items, $0.01 better than the First Call consensus of ($0.07); revenues rose 1.0% year/year to $30.2 mln vs the $29.4 mln consensus

4:03PM Coinstar beats by $0.07, beats on revs; guides Q2 EPS in-line, revs slightly above; reaffirms FY09 revs guidance (CSTR) : Reports Q1 (Mar) earnings of $0.14 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.07; revenues rose 42.4% year/year to $271.2 mln vs the $261.9 mln consensus. Co sees Q2 GAAP EPS of $0.14-0.20, vs $0.17 consensus; sees revs of $300-310 mln vs $299.4 mln consensus. Co reaffirms guidance for FY09, sees FY09 revs of $1.2-1.3 bln vs. $1.24 bln consensus.

8:34AM Frontier Oil beats by $0.37, beats on revs (FTO) 15.39 : Reports Q1 (Mar) earnings of $0.70 per share, including inventory and hedging gains, $0.37 better than the First Call consensus of $0.33; revenues fell 28.7% year/year to $846.2 mln vs the $836.2 mln consensus. Co says, "Our first quarter financial performance provided a strong start in what we expect to be a challenging year for the refining sector. Gasoline demand appears to have stabilized or marginally improved, while distillate consumption continues to weaken with the economy. We are hopeful that the U.S. driving season will provide a seasonal boost, but we do not foresee significant improvement in demand or product margins without an accompanying U.S. economic recovery."

8:33AM Alexandria RE beats by $0.40, beats on revs; guides FY09 FFO slightly below consensus (ARE) 37.95 : Reports Q1 (Mar) funds from operations of $1.89 per share, $0.40 better than the First Call consensus of $1.49; revenues rose 21.2% year/year to $132.8 mln vs the $113.4 mln consensus. Co issues downside guidance for FY09, sees FFO of $5.43 vs. $5.44 consensus.

8:32AM Dawson Geophys. beats by $0.22, beats on revs (DWSN) 21.69 : Reports Q2 (Mar) earnings of $0.79 per share, $0.22 better than the First Call consensus of $0.57; revenues fell 17.6% year/year to $64.6 mln vs the $61.3 mln consensus. "The company's second quarter results reflect a significant decrease in domestic exploration activities by the company's clients. Revenues in the second quarter of fiscal 2009 continued to include relatively high third-party charges related to the use of helicopter support services, specialized survey technologies and dynamite energy sources."

8:32AM Smart Balance beats by $0.02, beats on revs (SMBL) 7.38 : Reports Q1 (Mar) earnings of $0.02 per share, $0.02 better than the First Call consensus of ($0.00); revenues rose 23.2% year/year to $62.6 mln vs the $59.4 mln consensus. "Smart Balance's outlook for the first half of 2009 percentage growth in net sales versus 2008 is high teens to mid-twenties. The Company expects continued volume growth led by increased distribution and new products in spreads, peanut butter, cooking oil and popcorn, as well as expansion of its milk products. The food industry is experiencing uncertainty in 2009 around consumer reaction to the economy, potentially delaying trial by prospective consumers of the Company's premium-priced products. Gross profit as a percent of net sales is expected to improve to 45%+ in 2009 as input costs for the year are expected to be lower than 2008. Marketing investments will increase in 2009 versus 2008 as the Company will continue to aggressively support its core user base and develop awareness among new consumers."

Short Ideas

CSTR 

Long - QLRSF  - July 30 Put Contract @ 1.1/Contract 

Target exit - 2/Contract

Stop Loss - 0.5/Contract

AZO 

Long - 2 AZOUF - Sept 130 Put - @ 5/Contract

Short - 2 AZOUD - Sept 120 Put - @ 3.3/Contract 

Or Play the 150/140 Bear Put Spread. 

Target Exit - AZO touches 145

Stop Loss - Azo closes above 171 

NOTE: Please do your own due diligence before putting your trades/money in market. These trade ideas are for my record purpose only and not for recommendation to the general public. 

Earnings -31st July 2008 (2)

4:41PM Winn-Dixie Stores issues downside FY08 EPS guidance; provides FY08 and FY09 EBITDA guidance (WINN) 15.89 -0.48 : Co issues downside guidance for FY08, sees EPS of $0.25 vs. First Call consensus of $0.27. Co reports preliminary Q4 Adjusted EBITDA to be approx $9 mln, compared to $29.1 mln in 4Q07. The decline in Adjusted EBITDA as compared to the prior year period was due primarily to lower gross margin, an increase in other operating and administrative expenses and the early timing of the Easter holiday. For the 2008 fiscal year, the company expects Adjusted EBITDA to be approx $101 mln, an increase of approx 57% compared to $64.5 million in Adjusted EBITDA in the prior year. For FY09, the company expects Adjusted EBITDA to be in the range of $110 mln to $125 mln.

4:33PM Scotts Miracle-Gro beats by $0.08, beats on revs; guides FY08 EPS in-line (SMG) 19.48 +0.06 : Reports Q3 (Jun) earnings of $2.00 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $1.92; revenues rose 6.6% year/year to $1.17 bln vs the $1.15 bln consensus. Co issues in-line guidance for FY08, sees EPS of $2.00 vs. $2.02 consensus.

4:18PM Synaptics beats by $0.04, beats on revs; announces 3-for-2 split; announces $80 mln common stock repurchase agreement (SYNA) 48.22 +2.08 : Reports Q4 (Jun) earnings of $0.46 per share, $0.04 better than the First Call consensus of $0.42; revenues rose 35.3% year/year to $96.9 mln vs the $92.8 mln consensus. The co also announced that its Board of Directors has approved a 3-for-2split of its common stock to be effected as a stock dividend. Each shareholder of record at the close of market on August 15, 2008 will receive one additional share for every two outstanding shares held on the record date, the payable date will be August 29, 2008, and trading will begin on a split-adjusted basis on September 2, 2008. Co also announces an $80 mln stock buyback program.

4:17PM KLA-Tencor beats by $0.03, beats on revs (KLAC) 37.59 -0.17 : Reports Q4 (Jun) earnings of $0.60 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.57; revenues fell 19.8% year/year to $590.7 mln vs the $572.8 mln consensus. "This was a year of solid execution for KLA-Tencor in a tough overall market environment. We expanded our potential market opportunity through the acquisition of ICOS Vision Systems, and delivered good operating performance in a very challenging demand environment. Our strong performance in the face of these challenges reflects the strength of our market leadership, the superior value we deliver to our customers in helping them meet their yield demands, and the resilience of the KLA-Tencor team."

4:16PM Weight Watchers misses by $0.02, misses on revs; guides FY08 EPS in-line (WTW) 35.76 +0.06 : Reports Q2 (Jun) earnings of $0.87 per share, $0.02 worse than the First Call consensus of $0.89; revenues rose 3.5% year/year to $400 mln vs the $415.7 mln consensus. Co issues in-line guidance for FY08, sees EPS of $2.85-2.96 vs. $2.89 consensus.

4:13PM Monster Worldwide beats by $0.03, misses on revs; announces Trovix acquisition (MNST) 17.86 -0.31 : Reports Q2 (Jun) earnings of $0.40 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.37; revenues rose 14.9% year/year to $323 mln vs the $361.4 mln consensus. Co announced separately that it has acquired Trovix, a provider of employment products and services using intelligent search technologies, for $72.5 million in cash. Co says, "We anticipate that we will continue to operate in a difficult environment in the near-term... We are increasingly optimistic about our long-term growth prospects and believe that our ongoing investments and recent developments with respect to the resolution of some of our key outstanding litigation will benefit our customers, shareholders and associates now and in the future."

4:12PM Stanley Inc. beats by $0.04, beats on revs; guides Q2 EPS in-line, revs above consensus; raises Y09 guidance (SXE) 31.28 -1.56 : Reports Q1 (Jun) earnings of $0.35 per share, $0.04 better than the First Call consensus of $0.31; revenues rose 29.3% year/year to $172.6 mln vs the $166.2 mln consensus. Co issues guidance for Q2, sees EPS of $0.31-0.33 vs. $0.33 consensus; sees Q2 revs of $184-192 mln vs. $173.45 mln consensus. Co issues raises guidance for FY09, sees EPS of $1.30-1.38, compared to previous guidance of $1.26-1.34, vs. $1.35 consensus; sees FY09 revs of $755-780 mln, compared to previous guidance of $665-695 mln, vs. $709.50 mln consensus.


4:12PM Morningstar beats by $0.08, beats on revs (MORN) 62.96 -0.65 : Reports Q2 (Jun) earnings of $0.57 per share, $0.08 better than the First Call consensus of $0.49; revenues rose 20.5% year/year to $132.2 mln vs the $127.2 mln consensus.

4:11PM Chesapeake Energy beats by $0.01, reports revs in-line (CHK) 50.15 -0.80 : Reports Q2 (Jun) earnings of $0.89 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.88; revenues rose 86.2% year/year to $2.23 bln vs the $2.24 bln consensus.

4:11PM Dynamic Materials beats by $0.06, beats on revs (BOOM) 32.93 : Reports Q2 (Jun) earnings of $0.49 per share, $0.06 better than the First Call consensus of $0.43; revenues rose 83.2% year/year to $63.2 mln vs the $59 mln consensus. "Although year-to-date bookings have been strong, longer lead times on the delivery of carbon steel in the United States are expected to result in sales during the second half of 2008 that will be approximately 5% less than the first half of the year. Sales in the third quarter are expected to be up to 20% less than second quarter sales, while fourth quarter sales are expected to be equal to or above those of the second quarter."

4:08PM Cognizant Tech reports EPS in-line; guides Q3 & FY08 below consensus (CTSH) 28.07 : Reports Q2 (Jun) earnings of $0.35 per share, in-line with the First Call consensus of $0.35; revenues rose 32.7% year/year to $685.4 mln vs the $682.5 mln consensus. Co issues downside guidance for Q3, sees EPS of $0.37 vs. $0.38 consensus; sees Q3 revs of $723 bln vs. $746.13 mln consensus. Co issues downside guidance for FY08, sees EPS of $1.44 vs. $1.48 consensus; sees FY08 revs of $2.81 bln vs. $2.87 bln consensus. Co said, "Due to the continued deterioration in the macroeconomic environment and sagging consumer and business confidence, we are adopting a more conservative stance for the remainder of the year. However, we remain optimistic about our long-term growth prospects given that our pipeline of large deals remains healthy, our market position remains strong and the trend towards increasing offshore spending continues, driven by secular changes in industry dynamics, pressures to find cost efficiencies or, in some cases, both." (Briefing.com note: CTSH actual, guidance and consensus includes stock options expense.)

4:06PM Gen-Probe beats by $0.09, beats on revs; raises FY08 guidance (GPRO) 53.32 -0.30 : Reports Q2 (Jun) earnings of $0.45 per share, $0.09 better than the First Call consensus of $0.36; revenues rose 18.3% year/year to $119.8 mln vs the $106.5 mln consensus. Co raises guidance for FY08, sees EPS of $1.83-1.87, up from $1.72-1.76, vs. $1.76 consensus; sees FY08 revs of $467-472 mln, up from 450-455 mln, vs. $455.32 mln consensus.

4:06PM ValueClick reports EPS in-line, revs in-line; guides Q3 EPS below consensus, revs below consensus; guides FY08 EPS below consensus, revs below consensus (VCLK) 11.90 +0.67 : Reports Q2 (Jun) earnings of $0.17 per share, in-line with the First Call consensus of $0.17; revenues rose 10.2% year/year to $163.8 mln vs the $165.1 mln consensus. Co issues downside guidance for Q3, sees EPS of $0.14-0.15 vs. $0.16 consensus; sees Q3 revs of $150-156 mln vs. $162.17 mln consensus. Co issues downside guidance for FY08, sees EPS of $0.69-0.71 vs. $0.74 consensus; sees FY08 revs of $655-675 mln vs. $688.52 mln consensus.

4:05PM thinkorswim beats by $0.10, beats on revs (SWIM) 8.03 -0.05 : Reports Q2 (Jun) earnings of $0.27 per share, $0.10 better than the First Call consensus of $0.17; revenues rose 6.7% year/year to $97 mln vs the $88.1 mln consensus. Co also says "We anticipate the balance of 2008 to continue to outperform first quarter results and earlier forecasts. As a result, the co reactivated its stock buyback program which allows for the repurchase of up to five million shares over the next two years."

4:04PM Coinstar beats by $0.09, beats on revs; guides Q3 EPS above consensus, revs above consensus (CSTR) 34.49 +0.32 : Reports Q2 (Jun) earnings of $0.23 per share, $0.09 better than the First Call consensus of $0.14; revenues rose 60.0% year/year to $219.9 mln vs the $206.4 mln consensus. Co issues upside guidance for Q3, sees EPS of $0.18-$0.25 vs. $0.17 consensus; sees Q3 revs of $240-$250 vs. $229.01 mln consensus.


4:02PM Hansen Medical misses by $0.11, misses on revs (HNSN) 15.17 -0.82 : Reports Q2 (Jun) loss of $0.61 per share, $0.11 worse than the First Call consensus of ($0.50); revenues rose 138.8% year/year to $5.8 mln vs the $7.4 mln consensus.

4:02PM Comfort Sys USA beats by $0.06, beats on revs (FIX) 13.24 -0.27 : Reports Q2 (Jun) earnings of $0.38 per share, $0.06 better than the First Call consensus of $0.32; revenues rose 26.6% year/year to $355.1 mln vs the $324.2 mln consensus. Co says, "we remain optimistic about the second half of 2008. Even if a significant nonresidential construction recession becomes fact, we believe that we can continue to demonstrate impressive profitability and growth to the fundamental value of Comfort Systems USA."

3:56PM McAfee beats by $0.07, beats on revs; guides Q3 EPS in-line; guides FY08 EPS in-line, revs above consensus (MFE) 34.39 +2.11 : As mentioned at 15:52, MFE reported Q2 (Jun) earnings of $0.52 per share, $0.07 better than the First Call consensus of $0.45; revenues rose 26.0% year/year to $396.8 mln vs the $369.1 mln consensus. Co issues in-line guidance for Q3, sees EPS of $0.46-0.50 vs. $0.48 consensus. Co issues mixed guidance for FY08, sees EPS of $1.90-2.00 vs. $1.91 consensus; sees FY08 revs of $1.535-1.585 bln vs. $1.51 bln consensus. This 2008 guidance reflects an assumed 29 percent GAAP tax rate and a 27 percent non-GAAP tax rate for the full-year 2008. In addition, guidance does not reflect the future impact of the company's stock repurchase program. Guidance also reflects our current expectations regarding the acquisition of Reconnex which assumes GAAP earnings per share dilution of approximately $0.05 and non-GAAP earnings per share dilution of approximately $0.03 for 2008.