6:02PM eFuture reports EPS of $0.89; revs grew 47.8% to $10.5 mln (EFUT) 8.40 +0.40 : Co expects its 2009 total revenues to be in the range of ~US$27-28 mln, representing annual growth of 33-38% over 2008. Adjusted EBITDA (non-GAAP) is expected to be in the range of ~ !US$4.9 mln to US$5.9 mln.
5:50PM SW Energy beats by $0.05, beats on revs (SWN) 33.47 -0.96 : Reports Q1 (Mar) earnings of $0.36 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.31; revenues rose 3.2% year/year to $540.8 mln vs the $450.3 mln consensus. Gas and oil production totaled 63.9 Bcfe in Q1 of 2009, up from 39.1 Bcfe in Q1 of 2008, and included 50.2 Bcf from the co's Fayetteville Shale play, up from 23.6 Bcf in Q1 of 2008. SWN has increased its production guidance for the remainder of 2009. Co sees Bcfe of 289-292, up from prior estimate of 280-284
5:02PM Compass Minerals Intl misses by $0.29, misses on revs (CMP) 51.54 -0.48 : Reports Q1 (Mar) earnings of $1.85 per share, $0.29 worse than the First Call consensus of $2.14; revenues fell 18.7% year/year to $309.1 mln vs the $384.5 mln consensus. Co says, "Looking forward, we believe our essential products, diverse end uses and competitive advantages, including our leadership positions, advantaged assets and lower operating costs, position us to continue to generate value for our stakeholders as we navigate through this challenging environment. Sulfate of potash prices should continue to be well above year-ago levels. However, we expect the current potash demand trend to extend into the second quarter, and we expect full-year sales volumes to be below normal with the second half of the year somewhat stronger than the first half. We also expect a more balanced supply and demand environment for highway deicing salt for the upcoming winter season. While salt demand is heavily influenced by weather, highway deicing products are essential to public safety and we expect a typical highway deicing bid season in 2009."
5:01PM Baidu.com beats by $0.10, beats on revs; guides Q2 revs above expectations (BIDU) : Reports Q1 (Mar) earnings of $0.86 per share, $0.10 better than the First Call consensus of $0.76; revenues rose 41.5% year/year to $118.6 mln vs the $116 mln consensus. Co issues in-line guidance for Q2, sees Q2 revs of $157-161 mln vs. $145.92 mln consensus.
4:59PM U.S. Steel misses by $2.15, misses on revs, slashes dividend (X) 27.71 -1.32 : Reports Q1 (Mar) loss of $3.84 per share, excluding non-recurring items, $2.15 worse thanthe First Call consensus of ($1.69); revenues fell 47.1% year/year to $2.75 bln vs the $3.14 bln consensus. Co says weak customer demand for flat-rolled products, coupled with customers' efforts to reduce inventories, has resulted in very low order rates and further downward pressure on prices for its Flat-rolled and US Steel Europe segments. Its tubular operations have also experienced a severe downturn primarily as a result of reduced drilling activity due to lower oil and gas prices, high inventory levels and unprecedented levels of unfairly traded and subsidized tubular imports from China. Co says it continues to face an extremely difficult global economic environment. Co expects an operating loss in Q2 as its order book remains at low levels and idled facility carrying costs continue to be incurred. Co says extremely short lead times coupled with the uncertainty surrounding financial markets and key steel-consuming industries such as automotive and construction make it difficult to forecast beyond a very short horizon. Co also cuts quarterly dividend to $0.05/sh from $0.30/sh.
4:17PM Health Management beats by $0.03, beats on revs (HMA) 4.05 +0.23 : Reports Q1 (Mar) earnings of $0.15 per share, excluding non-recurring gains, $0.03 better than the First Call consensus of $0.12; revenues rose 3.1% year/year to $1.19 bln vs the $1.17 bln consensus. HMA's provision for doubtful accounts, or bad debt expense, was $144.0 mln, or 12.1% of net revenue, for Q1 compared to $129.0 mln, or 11.2% of net revenue, for the same quarter a year ago. Co said, "HMA continues to deleverage its balance sheet by improving hospital operations and generating strong operating cash flow. HMA's total debt to EBITDA ratio and interest coverage ratio as of March 31, 2009 are well within the requirements of our loan agreements at 4.87x and 2.69x, respectively."
4:16PM Rent-A-Center beats by $0.11, reports revs in-line; guides Q2 revs below consensus (RCII) 21.59 -0.10 : Reports Q1 (Mar) earnings of $0.65 per share, excluding non-recurring items, $0.11 better than the First Call consensus of $0.54; revenues fell 3.8% year/year to $728.2 mln vs the $733.9 mln consensus. Co issues downside guidance for Q2, sees Q2 revs of $679-694 mln vs. $706.91 mln consensus. Co issues mixed guidancefor FY09, sees EPS of $2.18-2.32 vs. $2.14 consensus; sees FY09 revs of $2.78-2.84 bln vs. $2.85 bln consensus.
4:10PM Plum Creek beats by $0.01, misses on revs; expects Q2 results to be approximately breakeven; guides FY09 EPS in-line (PCL) 34.90 -1.45 : Reports Q1 (Mar) earnings of $0.95 per share, $0.01 better than the First Call consensus of $0.94; revenues rose 29.5% year/year to $470 mln vs the $506.4 mln consensus. For Q2 the co expects results to be approx breakeven. Co issues in-line guidance for FY09, sees EPS of $1.20-$1.45 vs. $1.45 consensus. Manufacturing results are expected to remain weak as the company manages production to match current demand. Given the severity of the downturn in lumber demand, the company is rationalizing and consolidating its lumber operations. During the second quarter, the company will permanently close one lumber mill.
4:09PM Grand Canyon Education beats by $0.05, beats on revs; guides Q2 revs above consensus; guides FY09 above consensus (LOPE) 16.00 +0.46 : Reports Q1 (Mar) earnings of $0.15 per share, $0.05 better than the First Call consensus of $0.10; revenues rose 65.1% year/year to $59.0 mln vs the $56.9 mln consensus. For Q2, co sees EPS of $0.10 vs. $0.10 consensus; sees Q2 revs of $58.0 mln vs. $56.5 mln consensus. Co issues upside guidance for FY09, sees EPS of $0.60-0.64 vs. $0.55 consensus; sees FY09 revs of $254-258 mln vs. $252.5 mln consensus.
4:08PM Aaron's reports Q1 EPS of $0.65 vs $0.52 First Call consensus; revs $474.0 mln vs $458.17 mln First Call consensus (AAN) 28.68 +0.02 : Co sees Q2 EPS of $0.45-0.50 vs $0.46 First Call consensus; sees revs of $430 mln vs $441.04 mln First Call consensus. Co increases FY09 EPS guidance to $1.90-2.05 vs $1.82 First Call consensus; increases rev guidance to $1.80 bln vs $1.77 bln First Call consensus. "Our business has been especially strong in recent quarters as more consumers are finding it extremely attractive to use the Aaron's option of obtaining basic home furnishings necessities with no credit checks and the ability to return the merchandise at any time. Although we have done well through the years in different economic environments, both good and challenging, we believe the current conditions have helped accelerate the number of customers coming into our stores. We currently see no indication that this trend will diminish in the foreseeable future."
4:06PM Edwards Lifesciences beats by $0.01, beats on revs; guides Q2 EPS in-line; guides FY09 EPS in-line, revs in-line (EW) : Reports Q1 (Mar) earnings of $0.70 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.69; revenues rose 5.6% year/year to $313.5 mln vs the $309.4 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.73-0.77, excluding non-recurring items, vs. $0.76 consensus. Co issues in-line guidance for FY09, sees EPS of $2.95-3.03 (a $0.02 increase of low end from prior guidance) vs. $2.97 consensus; sees FY09 revs of $1.24-1.30 bln vs. $1.28 bln consensus.
4:05PM Heartland Finl beats by $0.32, beats on revs (HTLF) 11.75 -0.81 : Reports Q1 (Mar) earnings of $0.29 per share, $0.32 better than the First Call consensus of ($0.03). Earnings for the first quarter of 2009 were positively affected by increased net interest income, loan servicing income, securities gains and gains on sale of loans. Nonperforming loans were $67.1 mln or 2.85% of total loans and leases at March 31, 2009, compared to $78.0 mln or 3.24% of total loans and leases at December 31, 2008. The first quarter 2009 provision for loan losses was $6.7 mln compared to $1.8 mln for the first quarter 2008. Nonperforming loans were $67.1 mln or 2.85% of total loans and leases at March 31, 2009, compared to $78.0 mln or 3.24% of total loans and leases at December 31, 2008. Net charge-offs during the first quarter 2009 were $5.0 mln compared to $1.1 mln during the first quarter 2008. Co says, "Realizing that we are far from being out of the woods, we are encouraged that the rate of increase in our nonperforming assets slowed during the first quarter of 2009. We remain cautious, however, and are continuing to actively work with stressed borrowers to find solutions to their debt problems and are diligently working to find buyers for our repossessed real estate."
4:04PM Tyler Tech beats by $0.04, beats on revs; guides FY09 EPS in-line, revs in-line (TYL) 15.10 -0.43 : Reports Q1 (Mar) earnings of $0.16 per share, $0.04 better thanthe First Call consensus of $0.12; revenues rose 17.2% year/year to $69.6 mln vs the $67.8 mln consensus. Co issues in-line guidance for FY09, sees EPS of $0.66-0.72 vs. $0.69 consensus; sees FY09 revs of $292-298 mln vs. $292.94 mln consensus. "Broad economic conditions and the related effects on local government budgets remain a concern, and we are closely monitoring market conditions and the potential impact on our business, especially in the second half of the year. While we have not seen a significant effect on our results to date, the leading indicators that we follow are somewhat mixed, and our current annual guidance for 2009 is unchanged from that provided earlier this year."
4:01PM Int. Intelligence beats by $0.05, misses on revs (ININ) 11.06 -0.39 : Reports Q1 (Mar) earnings of $0.16 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.11; revenues rose 98.8% year/year to $29.5 mln vs the $29.9 mln consensus.
8:16AM Inverness Medical beats by $0.04, misses on revs (IMA) 27.62 : Reports Q1 (Mar) earnings of $0.61 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.57; revenues rose 22.8% year/year to $443.9 mln vs the $455.9 mln consensus.
7:47AM Travelzoo beats by $0.07, beats on revs (TZOO) 7.10 : Reports Q1 (Mar) earnings of $0.02 per share, $0.07 better than the First Call consensus of ($0.05); revenues rose 12.0% year/year to $23.4 mln vs the $20.1 mln consensus. Co says, "Travelzoo reports record revenue. The number of subscribers to our publications grew during the first quarter by 866,000, or 6%, to 15.5 million. This is the fastest quarter-over-quarter growth rate in subscribers that we have seen since 2005."
7:44AM Timken beats by $0.09, misses on revs; guides FY09 EPS below consensus (TKR) 16.85 : Reports Q1 (Mar) earnings of $0.07 per share, excluding non-recurring items,$0.09 better than the First Call consensus of ($0.02); revenues fell 33.1% year/year to $960.4 mln vs the $1.08 bln consensus. Co issues downside guidance for FY09, sees EPS of $(0.15)-0.15, excluding non-recurring items, vs. $0.78 consensus. Co now expects the impact of the global recession to continue through the rest of the year with sales in most of its market sectors being down significantly from last year.
6:09AM Humana beats by $0.04, reports revs in-line; guides Q2 EPS above consensus; guides FY09 EPS above consensus, revs in-line (HUM) 27.36 : Reports Q1 (Mar) earnings of $1.22 per share, $0.04 better than the First Call consensus of $1.18; revenues rose 10.8% year/year to $7.71 bln vs the $7.65 bln consensus. Co issues upside guidance for Q2, sees EPS of $1.65-1.70 vs. $1.50 consensus. Co issues mixed guidance for FY09, sees EPS of $6.10-6.20 vs. $5.90 consensus; sees FY09 revs of $30.0-32.0 bln vs. $30.84 bln consensus. Higher FY09 EPS guidance range reflects improved Government Segment operating performance partially offset by lower expected investment income and commercial membership. The increase in premiums and administrative services fees primarily reflects an increase in average membership for the co's Medicare Advantage and commercial medical products together with continued pricing discipline across all of the co's lines of business. Benefit expenses: The Q109 consolidated benefit ratio (benefit expenses as a percent of premium revenues) was lower than that for the prior year's quarter, as expected. The Q109 consolidated benefit ratio of 83.9% compares to 86.7% in Q108. This 280 basis point decrease was primarily driven by a 320 basis point decrease in the Government Segment benefit ratio together with a 210 basis point decrease in the Commercial Segment benefit ratio. For FY09, co anticipates Medicare Advantage revenue of $16.0-16.5 bln and Medicare stand-alone PDP revenue of approx $2.4 bln. Co predicts $1.2-1.4 bln in cash flow from operations.
5:03AM Smith Intl misses by $0.05, misses on revs (SII) 27.77 : Reports Q1 (Mar) earnings of $0.52 per share, excluding non-recurring items, $0.05 worse than the First Call consensus of $0.57; revenues rose 1.7% year/year to $2.41 bln vs the $2.56 bln consensus.
12:57AM Gulfmark Offshore misses by $0.01, misses on revs (GLF) 29.56 : Reports Q1 (Mar) earnings of $1.32 per share, excluding non-recurring items, $0.01 worse than the First Call consensus of $1.33; revenues rose 30.5% year/year to $108.8 mln vs the $112.1 mln consensus. Commenting on the results, Bruce Streeter, President and CEO, said, "This year, as in most past years, we anticipated lower first quarter demand in the North Sea. We took advantage of the seasonal weakness through a number of actions designed enhance the North Sea fleet position for future periods including: (1) mobilization of two vessels back to the North Sea from Egypt; (2) maintenance actions on two vessels; (3) completion of three planned dry docks; (4) upgrade of two vessels to DP2 (dynamic positioning); and (5) the completion of DP1 installation on a third vessel. Although we experienced a slight improvement in the consolidated average day rate as compared to the fourth quarter of 2008, the impact of currency and the actions mentioned above resulted in a minor reduction in the North Sea average day rate. In the Gulf of Mexico, contract cover allowed rates and utilization to hold until late in the quarter when day rates and utilization opportunities for the smaller PSVs and the FSV/crewboats came under significant pressure. We took delivery of two vessels during the quarter: the Swordfish, a Gulf of Mexico crewboat that we announced in the last earnings release; and late in the quarter we took delivery of the Cherokee, a 250 foot AHTS vessel that went immediately on a long term contract in Southeast Asia. In addition, we took delivery of the Blacktip, a 181 foot FSV, in mid-April that went immediately to work in the Gulf of Mexico..."
