Earnings - 21st May 2009

4:20PM Safe Bulkers beats by $0.50, misses on revs (SB) 7.06 -0.64 : Reports Q1 (Mar) earnings of $1.14 per share, $0.50 better than the First Call consensus of $0.64; revenues fell 4.9% year/year to $46.9 mln vs the $50.5 mln consensus. The increase in net income is mainly attributable to early redelivery income, a foreign exchange gain and net revenue. The Company operated 12.53 vessels on average during the first quarter of 2009 earning a Time Charter Equivalent ("TCE") rate of $41,486 compared to 11 vessels and a TCE rate of $49,692 during the first quarter of 2008.

4:15PM Salesforce.com beats by $0.04, reports revs in-line; guides mixed Q2; raises FY10 EPS, lowers FY10 revs (CRM) 39.65 -0.62 : Reports Q1 (Apr) earnings of $0.15 per share, $0.04 better than the First Call consensus of $0.11; revenues rose 23.1% year/year to $304.9 mln vs the $304.7 mln consensus. Co issues mixed guidance for Q2, sees EPS of $0.14-0.15 vs. $0.13 consensus; sees Q2 revs of $312-313 mln vs. $319.22 mln consensus. Co issues mixed guidance for FY10, sees EPS of $0.59-0.60 vs. $0.55 consensus, up from previous guidance of $0.54-0.55; sees FY10 revs of $1.24-1.27 bln vs. $1.31 bln consensus, down from previous guidance of $1.30-1.33 bln. "In a tough IT spending environment, we added a first quarter record 3,900 net new customers to bring our total to over 59,000, and strong cost controls enabled us to raise our full year earnings guidance."

4:10PM LDK Solar misses by $0.13, beats on revs (LDK) 9.30 -0.55 : Reports Q1 (Mar) loss of $0.21 per share, $0.13 worse than the First Call consensus of ($0.08); revenues fell 33.6% year/year to $283.3 mln vs the $240 mln consensus. Gross margin for 1Q09 was 1.7%, compared to negative 49.6% in 4Q08 and 27.7% in the first quarter of fiscal 2008. For 2Q09, LDK estimates its wafer shipments between 200 MW to 220 MW. Co states, "...We continue to adjust our expansion plans in order to most effectively reduce near-term capital expenditure outlays and to best align with the decrease in demand seen industry-wide. We continued to ramp polysilicon production in our 1,000 MT polysilicon plant and are pleased with the progress in the construction our 15,000 MT plant and look forward to the increasing cost savings that in-house polysilicon production will afford as our polysilicon production grows."

4:09PM Autodesk beats by $0.10, beats on revs; guides Q2 EPS above consensus, revs in-line (ADSK) 18.83 -0.31 : Reports Q1 (Apr) earnings of $0.18 per share, excluding non-recurring items, $0.10 better than the First Call consensus of $0.08; revenues fell 28.9% year/year to $425.8 mln vs the $419.1 mln consensus. Co issues mixed guidance for Q2, sees EPS of $0.15-0.20, excluding non-recurring items, vs. $0.14 consensus; sees Q2 revs of $395-420 mln vs. $413.01 mln consensus. Autodesk began implementing its new expense reduction plan, which was announced in April. The plan is anticipated to result in pre-tax cost savings of approximately $120 million in fiscal 2010. Combined with the expense reduction initiatives announced in January, Autodesk anticipates achieving approximately $250 million in total cost savings in fiscal 2010, as compared to fiscal 2009.

4:05PM Aeropostale beats by $0.01, reports revs in-line; guides Q2 EPS above consensus (ARO) 32.47 -0.16 : Reports Q1 (Apr) earnings of $0.49 per share, excluding $0.02 in non-recurring items, $0.01 better than the First Call consensus of $0.48; revenues rose 21.3% year/year to $408 mln vs the $404.7 mln consensus. Co issues upside guidancefor Q2, sees EPS of $0.46-0.48, excluding $0.03 in non-recurring items, vs. $0.37 consensus. Same store sales for the first quarter increased 11%, compared to an increase of 10% in the year-ago period.

4:05PM Alkermes misses by $0.02, misses on revs; guides FY10 revs below consensus (ALKS) 8.50 -0.31 : Reports Q4 (Mar) loss of $0.14 per share, $0.02 worse thanthe First Call consensus of ($0.12); revenues fell 29.7% year/year to $43.9 mln vs the $44.6 mln consensus. Co issues downside guidance for FY10, sees FY10 revs of $182-197 mln vs. $205.84 mln consensus.

4:04PM Dress Barn beats by $0.08, beats on revs; guides FY09 EPS above consensus (DBRN) 14.85 +0.02 : Reports Q3 (Apr) earnings of $0.39 per share, $0.08 better than the First Call consensus of $0.31; revenues rose 6.6% year/year to $375.7 mln vs the $362.3 mln consensus. Co issues upside guidance for FY09, sees EPS of $1.00-$1.05 vs. $0.88 consensus. Co says, "This estimate is based upon various assumptions for the fiscal fourth quarter including flat to a low single digit increase in comparable store sales and average diluted shares for the earnings per share calculation of approximately 64 million."

9:17AM ReneSola beats by $0.01, misses on revs; guides FY09 revs below consensus (SOL) 3.70 : Reports Q1 (Mar) earnings of $0.02 per share, $0.01 better thanthe First Call consensus of $0.01. Co issues downside guidance for FY09, sees FY09 revs of $500-550 mln vs. $585.70 mln consensus. Co's production costs were reduced to US$0.36 per watt and our silicon consumption rate fell to an average of 6.0 grams per watt during 1Q09. Operating margin for 1Q09 was negative 54.6%, compared to negative 90.2% for Q4 2008 and positive 18.9% for 1Q08. Excluding the inventory write-down, adjusted operating margin for Q1 2009 was 9.1%. ReneSola's wholly owned subsidiary Zhejiang Yuhui Solar Energy Source Co., Ltd entered into an agreement on May 20, 2009 to acquire the entire issued share capital of solar cell and module manufacturer, Wuxi Jiacheng Solar Energy Technology Co. The total consideration for the acquisition was RMB 118 mln, paid in cash.

8:36AM Barnes & Noble beats by $0.11, beats on revs; guides Q2 EPS above consensus; guides FY10 EPS above consensus (BKS) 23.89 : Reports Q1 (Apr) loss of $0.04 per share, $0.11 better than the First Call consensus of ($0.15); revenues fell 4.4% year/year to $1.1 bln vs the $1.08 bln consensus, with comparable store sales decreasing 5.7% for the quarter, slightly better than guidance for a decrease of 6-9%. Co issues upside guidance for Q2, sees EPS of $0.05-0.15 vs. $0.03 consensus; the co expects Q2 comparable store sales to decline 5-7%. Co issues upside guidance for FY10, sees EPS of $1.10-1.40 vs. $1.07 consensus, from previous guidance of $0.95-1.25; the co now expects FY10 comparable store sales to decline 3-5%, better than previous guidance for a comparable store sales decline of 4-6%.

8:34AM Gamestop reports EPS in-line, revs in-line; guides Q2 EPS below consensus; reaffirms FY10 EPS guidance (GME) 26.47 : Reports Q1 (Apr) earnings of $0.42 per share,in-line with the First Call consensus of $0.42; revenues rose 9.2% year/year to $1.98 bln vs the $2 bln consensus. Co issues downside guidance for Q2, sees EPS of $0.28-0.33 vs. $0.40 consensus. Q2 comparable store sales are projected to decline by 8% to 11%, due to an unfavorable comparison to the 20% increase in same store sales in the prior year quarter, declining new console unit sales, and the impact of government stimulus checks issued last year.  Co reaffirms guidance for FY10, sees EPS of $2.83-2.93 vs. $2.87 consensus. "Although new video game software sales declined by 2.8%, lower-priced used products grew a robust 31.9%, illustrating that value is becoming more important to our customers... In the second quarter, like the first, we face very strong comparisons to the prior year period due to the unprecedented number of blockbuster titles released in the first half of 2008 and a significantly more brittle global economy. We do expect the back half of this year to be stronger than the first half due to a full and wide-ranging new title lineup. All together, this places us in a prime position to capitalize on the growth in the market in the fall and holiday seasons."

8:32AM Toro beats by $0.10, misses on revs; guides FY09 EPS in-line (TTC) 27.99 : Reports Q2 (Apr) earnings of $1.00 per share, $0.10 better than the First Call consensus of $0.90; revenues fell 21.7% year/year to $499.9 mln vs the $507.7 mln consensus. Co issuesin-line guidance for FY09, sees EPS of $1.60-1.80 vs. $1.64 consensus. "While there are forecasts of the economic environment improving by the end of 2009, we expect that would have little impact on our fiscal year which ends in October," said Hoffman. Given the ongoing global recession, the co has adjusted its outlook for fiscal 2009 and now expects fiscal 2009 revenues to decline about 18% from fiscal 2008. Co also said that shipments during the quarter to both the professional and residential markets declined due to the impact of the ongoing global recession resulting in lower golf equipment and project spending, continued weakness in commercial construction and housing, and soft consumer demand.

8:32AM Ross Stores reports EPS in-line, beats on revs; guides Q2 EPS above consensus; guides FY10 EPS above consensus (ROST) 35.81 : Reports Q1 (Apr) earnings of $0.72 per share, in-line with the First Call consensus of $0.72; revenues rose 8.7% year/year to $1.69 bln vs the $1.66 bln consensus. Co issues upside guidance for Q2, sees EPS of $0.60-$0.63 vs. $0.54 consensus. Co issues upside guidance for FY10, sees EPS of $2.62-$2.72 vs. $2.54 consensus.

7:33AM Hormel Foods beats by $0.09, misses on revs, sees FY09 EPS at upper end of range (HRL) 32.95 : Reports Q2 (Apr) earnings of $0.59 per share, $0.09 better than the First Call consensus of $0.50; revenues rose 19.9% year/year to $1.6 bln vs the $1.68 bln consensus. Co sees FY09 EPS at upper end of previously announced guidance range of $2.15-2.25.

7:04AM Brocade beats by $0.02, beats on revs (BRCD) 6.23 : Reports Q2 (Apr) earnings of $0.11 per share, $0.02 better than the First Call consensus of $0.09; revenues rose 42.7% year/year to $506.3 mln vs the $476.4 mln consensus. Non-GAAP gross margin was 56.2% vs 59.7% in Q109 and 61.1% in Q208. Non-GAAP operating margin was 18.8% vs 26.1% in Q109 and 22.9% in Q208.

7:02AM The Buckle beats by $0.08, beats on revs (BKE) 32.83 : Reports Q1 (Apr) earnings of $0.58 per share, $0.08 better than the First Call consensus of $0.50; revenues rose 24.6% year/year to $199.7 mln vs the $195.4 mln consensus. Comparable store net sales for the thirteen-week period ended May 2 increased 17.7% from the prior year period. Online sales (not included in comparable store sales) increased 75.7% to $11.7 mln for the thirteen week period.

6:04AM Stage Stores beats by $0.01, reports revs in-line; guides Q2 EPS above consensus; guides FY10 EPS in-line (SSI) 11.55 : Reports Q1 (Apr) loss of $0.02 per share, $0.01 better than the First Call consensus of ($0.03); revenues fell 5.6% year/year to $333.6 mln vs the $336.2 mln consensus. Co issues upside guidance for Q2, sees EPS of $0.20-0.27 vs. $0.09 consensus. Co issues in-line guidance for FY10, sees EPS of $0.40-0.65 (previous $0.35-0.60) vs. $0.49 consensus. Co projects Q209 comparable store sales decrease of 6.0-9.0%. For FY09, co projects comparable store sales decrease of 5.5-8.0%.

Earnings - 11th Aug 2008

6:53PM Zoltek misses by $0.20, misses on revs (ZOLT) 18.28 -2.81 : Reports Q3 (Jun) earnings of $0.07 per share, includes $0.05 debt charge, excluding non-recurring items, $0.20 worse than the First Call consensus of $0.27; revenues rose 11.7% year/year to $45 mln vs the $58.1 mln consensus. Co says, "The decline in sales from Q2 to Q3 was due in part to the reduced shipments against two major wind contracts, the timing of shipments between the periods and lower technical fiber sales. The co's sales goal for FY08 was based upon assumptions which included the successful completion of a new contract from a major wind turbine customer. However, ZOLT experienced a dearth of significant new contracts from customers in the wind energy field over the past year, which the co attributes to concerns among wind turbine producers regarding the availability and pricing of the high-performance carbon fibers used in making the longest and most powerful wind turbine blades. We are working closely with every one of the major wind turbine manufacturers to address their concerns about incorporating carbon fibers in their design and, while we cannot predict the exact timing, we expect to win new contracts leading to resumption of ZOLT's rapid sales growth. All the major wind turbine producers are designing longer blades and at some length, which may be different for each turbine co, carbon fiber reinforcement becomes necessary and economically competitive. The fundamentals of alternative energy generally -- and wind energy in particular -- are strong and growing, and we expect that growth will continue for many years to come. This business is not going away over the next few years. It's only going to get much bigger>"

4:43PM Airmedia beats by $0.01, beats on revs; guides Q3 revs in-line; guides FY08 revs above consensus (AMCN) 11.15 -0.33 : Reports Q2 (Jun) earnings of $0.12 per share, $0.01 better than the First Call consensus of $0.11; revenues rose 250.6% year/year to $29.8 mln vs the $27.7 mln consensus. Co issues in-line guidance for Q3, sees Q3 revs of $31.0-$33.0 mln vs. $31.86 mln consensus. Co issues upside guidance for FY08, sees FY08 revs of $122.4-$126.4 mln vs. $119.38 mln consensus.

4:39PM International Assets Hldg reports Q3 results (IAAC) 36.00 +0.02 : Co reports Q3 EPS of $0.72 vs ($0.46) in 3Q07; revs rose 226% YoY to $30.96 mln - no ests. "GAAP operating revenues for the third quarter and nine months to date were over three times higher than those of the comparable periods last year and net income was $6.8 mln and $25.7 mln for the three months and nine months, compared with losses for the comparable periods last year. Management believes that adjusted marked-to-market (non-GAAP) results are a better reflection of the Company's performance. On a non-GAAP basis, adjusted operating revenues were up 25% and 57% while adjusted pro forma net income was up 1% and 55% for the third quarter and nine months to date, respectively."

4:18PM Capstone Turbine misses by $0.02, misses on revs (CPST) 2.42 -0.24 : Reports Q2 (Jun) loss of ($0.07) per share, $0.02 worse than the First Call consensus of ($0.05); revenues rose 34% year/year to $7.5 mln vs the $9.73 mln consensus. CPST's backlog at the end of Q1 was $42.7 mln, an increase of approx $14.8 mln, or 53%, from the prior quarter and an increase of approx $37.4 mln, or 706%, from the end of the prior year comparable quarter.

4:14PM LDK Solar beats by $0.87, beats on revs; guides Q3 revs above consensus; guides FY08 revs above consensus (LDK) 33.58 +0.09 : Reports Q2 (Jun) earnings of $1.29 per share, $0.87 better than the First Call consensus of $0.42; revenues rose 345.9% year/year to $441.7 mln vs the $282 mln consensus. Co issues upside guidance for Q3, sees Q3 revs of $486-496 mln vs. $307.05 mln consensus with wafer shipments between 210 MW to 220 MW. Co issues upside guidance for FY08, sees FY08 revs of $1.65-1.75 bln vs. $1.16 bln consensus with wafer shipments in the range of 750 MW to 770 MW. Gross profit margin for the second quarter of fiscal 2008 was 25.4% compared with 35.2% in the second quarter of fiscal 2007. Operating profit margin for the second quarter of fiscal 2008 was 22.7% compared with 31.1% in the second quarter of fiscal 2007.

4:12PM Fluor beats by $0.05, beats on revs; guides FY08 EPS above consensus (FLR) 76.18 -0.14 : Reports Q2 (Jun) earnings of $0.87 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.82; revenues rose 36.8% year/year to $5.77 bln vs the $5.18 bln consensus. Co issues upside guidance for FY08, sees EPS of $3.39-3.54, excluding non-recurring items, vs. $3.29 consensus.

4:12PM McDermott reports EPS in-line, misses on revs (MDR) 41.64 +0.33 : Reports Q2 (Jun) earnings of $0.77 per share, in-line with the First Call consensus of $0.77; revenues rose 26.4% year/year to $1.79 bln vs the $1.85 bln consensus.

4:12PM Safe Bulkers beats by $0.21, beats on revs (SB) 18.00 -0.30 : Reports Q2 (Jun) earnings of $0.82 per share, $0.21 better than the First Call consensus of $0.61; revenues rose 48.1% year/year to $51.4 mln vs the $49.6 mln consensus. "We have benefited from a balanced chartering policy which provides us with a high level of contracted base cash flow, but at the same time allows us to benefit from a continued strong market. Our most recent period time charter for one of our Panamax vessels that we announced earlier this month, at an average daily rate of $63,000 less 1.25% commissions for a period between 22 and 24 months, with nine months forward delivery, demonstrates our ability to develop direct business with the industry's major charterers..."

4:08PM PDL BioPharma beats by $0.15, beats on revs; (PDLI) 11.57 +0.05 : Reports Q2 (Jun) earnings of $0.35 per share, $0.15 better than the First Call consensus of $0.20; revenues rose 25.6% year/year to $111.9 mln vs the $87.27 mln consensus. In conjunction with this press release, PDL announced that Richard Murray, Ph.D., executive vice president and chief scientific officer, will resign from the company, effective September 5, to pursue personal and then other professional interests.

4:05PM American Science & Engineering misses by $0.23, misses on revs (ASEI) 58.98 +0.38 : Reports Q1 (Jun) earnings of $0.30 per share, $0.23 worse than the First Call consensus of $0.53; revenues fell 11.2% year/year to $39.5 mln vs the $46.5 mln consensus. The Company reported a record $100 million in bookings for the first quarter of fiscal year 2009 versus $43 million in the first quarter of the prior fiscal year. Backlog for the first quarter of fiscal year 2009 increased 53% to a record $160 million as compared to the first quarter of the prior fiscal year.

4:03PM American Oriental beats by $0.01, beats on revs; guides FY08 revs in-line (AOB) 9.33 -0.02 : Reports Q2 (Jun) earnings of $0.18 per share, $0.01 better than the First Call consensus of $0.17; revenues rose 74.0% year/year to $59 mln vs the $52.8 mln consensus. Co issues in-line guidance for FY08, sees FY08 revs of at least $245 mln vs. $246.03 mln consensus.

10:27AM GeoResources reports Q2 EPS of $0.50 vs $0.34 two analyst est, revs rose 240% YoY to $28.2 mln vs $22.6 mln two analyst est (GEOI) 14.52 +0.45 :

9:12AM Targa Resources beats by $0.07 (NGLS) 21.80 : Reports Q2 (Jun) earnings of $0.54 per share, $0.07 better than the First Call consensus of $0.47; revenues rose 45.4% year/year to $630.5 mln.

8:47AM Pepco Hldgs beats by $0.14 (POM) 25.03 : Reports Q2 (Jun) earnings of $0.53 per share, excluding non-recurring items, $0.14 better than the First Call consensus of $0.39.

8:12AM Natural Resource beats by $0.05, beats on revs; guides FY08 EPS above consensus, revs in-line (NRP) 34.61 : Reports Q2 (Jun) earnings of $0.47 per share, $0.05 better than the First Call consensus of $0.42; revenues rose 47.9% year/year to $75.6 mln vs the $69 mln consensus. Co issues upside guidance for FY08, sees EPS of $1.85-1.70 vs. $1.66 consensus; sees FY08 revs of $297-273 mln vs. $280.74 mln consensus. Production increased 2.5 mln tons from 2Q07 to 16.1 mln tons for 2Q08 mainly due to increased production at the Williamson mine in the Illinois Basin, where NRP experienced a full qtr of longwall production from the new mine.