Earnings - 12th May 2009

5:05PM China Digital TV reports EPS in-line, revs in-line; guides Q2 revs below consensus (STV) 10.58 +0.31 : Reports Q1 (Mar) earnings per ADS of $0.13 per share, in-line with the First Call consensus of $0.13; revenues fell 16.9% year/year to $14.3 mln vs the $14.2 mln consensus. Co issues downside guidance for Q2, sees Q2 revs of $14.5-15.5 mln vs. $17.46 mln consensus. China Digital TV expects smart card shipments for the second quarter of 2009 to be in the range of 2.35-2.55 mln. Based on internal sales projections, the co remains confident that the second half of 2009 will see meaningful increases in smart card shipments compared to the first half of 2009.

4:16PM GT Solar misses by $0.05, misses on revs; guides FY10 EPS below consensus, revs below consensus (SOLR) 7.22 -0.05 : Reports Q4 (Mar) earnings of $0.13 per share, excluding non-recurring items, $0.05 worse than the First Call consensus of $0.18; revenues rose 4.8% year/year to $138.5 mln vs the $151.3 mln consensus. Co issuesdownside guidance for FY10, sees EPS of $0.45-0.60 vs. $0.81 consensus; sees FY10 revs of $450-550 mln vs. $672.06 mln consensus. Co said, "Against the backdrop of the macroeconomic downturn, we saw slower spending by customers in our PV equipment business in the second half of our fiscal year, a trend that is continuing in fiscal 2010. In our polysilicon business, we expect to ship a significant portion of our reactor-based backlog over the next few months and recognize revenue later in fiscal year 2010. We are encouraged that many of our polysilicon customers continue to execute their projects in anticipation of the promising long-term future growth of solar."

4:05PM Applied Materials reports EPS in-line, beats on revs (AMAT) 11.48 -0.24 : Reports Q2 (Apr) loss of $0.10 per share, in-line with the First Call consensus of ($0.10); revenues fell 52.5% year/year to $1.02 bln vs the $906.1 mln consensus. Backlog at the end of the period was $3.16 bln, down from $4.05 bln at the end of 1Q09. "In a period of exceptionally weak demand, Applied preserved its strong balance sheet, returned a dividend to our stockholders and made substantial investments in our future," said Mike Splinter, Chairman and CEO.

4:03PM AuthenTec beats by $0.02, beats on revs; guides Q2 revs above consensus (AUTH) 1.86 -0.10 : Reports Q1 (Mar) loss of $0.12 per share, excluding non-recurring items,$0.02 better than the First Call consensus of ($0.14); revenues fell 54.6% year/year to $7.0 mln vs the $6.5 mln consensus. For Q2, co sees EPS of $(0.10)-(0.08), excluding non-recurring items, vs. ($0.09) consensus; sees Q2 revs of $7.8-8.3 mln vs. $7.6 mln consensus.

1:34AM Nelnet beats by $0.38, beats on revs (NNI) 6.50 : Reports Q1 (Mar) earnings of $0.64 per share, excluding non-recurring items, $0.38 better than the First Call consensus of $0.26; revenues rose 45.9% year/year to $141.1 mln vs the $117.3 mln consensus.

1:26AM Zoltek misses by $0.08, misses on revs (ZOLT) 8.03 : Reports Q2 (Mar) earnings of $0.01 per share, $0.08 worse than the First Call consensus of $0.09; revenues fell 27.4% year/year to $36 mln vs the $37.3 mln consensus.

1:22AM GeoEye reports Q109 results (GEOY) 27.36 : Reports Q1 (Mar) loss of $0.09 per share, $0.16 better than the ($0.25) First Call consensus; revenues increased 25.9% year/year to $45.21 mln vs $41.92 mln consensus. The increase in revenue was primarily due to GeoEye-1 satellite beginning commercial operations in February 2009 resulting in increased imagery orders from the National Geospatial-Intelligence Agency. In addition, co began recognizing deferred revenue related to the cost share from NGA for GeoEye-1.

Earnings - 9th Feb 2009

5:29PM Comstock misses by $0.09, misses on revs (CRK) 40.27 -0.63 : Reports Q4 (Dec) earnings of $0.22 per share, excluding non-recurring items, $0.09 worse than the First Call consensus of $0.31; revenues rose 4.9% year/year to $100.2 mln vs the $106.8 mln consensus. Comstock also announced that it is reducing its 2009 drilling budget from $450 million to $366 million in response to weak natural gas prices.

4:36PM Zoltek misses by $0.11, misses on revs (ZOLT) 8.65 +0.44 : Reports Q1 (Dec) earnings of $0.02 per share, $0.11 worse than the First Call consensus of $0.13; revenues fell 3.7% year/year to $38.6 mln vs the $50.3 mln consensus. Co says, "We normally expect to be impacted by customers' year-end production curtailment and seasonal inventory adjustments in the last quarter of each calendar year the first quarter of our fiscal year. This year our results were further affected by customer reaction to increasingly serious global economic uncertainties. Customers in the computer and automotive markets, along with one of our wind turbine customers, postponed or cancelled some orders. While this is certainly disappointing, we believe it represents a temporary lull in the strong growth profile that Zoltek has established in recent years. Although our business is not immune to the global economic turndown, as well as the effects of currency fluctuations and extreme variations in cost of energy and raw materials, there is no evidence of change in the long-term demand from commercial applications for low-cost carbon fibers or the outlook for our business."

4:35PM Correction: Compass Minerals Intl beats by $0.24, beats on revs (CMP) : Earlier we reported the incorrect revenue actual for Q4. We have deleted that story. CMP reports Q4 (Dec) earnings of $2.44 per share, excluding non-recurring items, $0.24 better than the First Call consensus of $2.20; revenues rose 19.1% year/year to $388.3 mln vs the $381.4 mln consensus. Co says, "In 2008, our salt segment continued to show robust volume, pricing and earnings growth in both winter and non-winter applications. Our specialty fertilizer segment was transformed during the year as strong market fundamentals allowed for unprecedented price gains and margin expansion. As we begin 2009, specialty potash pricing has remained strong, though demand has continued to be soft, driven by the global financial and credit issues that affect the broader agriculture market. Our salt segment is continuing its momentum, aided by severe winter weather, previously established price increases and more moderate shipping costs. Together, our strong business segments should continue to provide shareholders with profitable growth in the coming year."

4:11PM Zhongpin sees FY08 revs below consensus; guides FY09 EPS and revs above consensus (HOGS) 10.83 -0.17 : Co sees revs of $540.00 mln vs $565.10 mln First Call consensus. Revenue was slightly lower than the company's guidance of $550 million to $570 million due to lower than anticipated sales volume and selling prices during the fourth quarter of 2008, partly resulting from the impact of the global economic downturn on the Chinese economy. The company expects its 2008 fiscal year gross margin and net margin to be in line with the company's previous guidance. Co issues upside FY09 guidance, sees FY09 EPS of $1.50-1.63 vs $1.49 First Call consensus; sees revs $780-810 mln vs $720.42 mln First Call consensus. Management expects strong revenue growth in 2009 due to anticipated growth from new markets and additional capacity from the company's new chilled and frozen pork and prepared meat facilities as they ramp up to target utilization levels in the first half of 2009. Gross margin for the full year 2009 is expected to be approximately 12.0% with net margin of at least 6.0%. Due to the adverse impact on China's meat processing industry caused by the global economic slowdown, and the company's primary focus on rapidly expanding its market share, management expects margins for fiscal year 2009 to be slightly below the 2008 levels.

4:09PM American Fincl beats by $0.07; guides FY09 EPS above consensus (AFG) : Reports Q4 (Dec) earnings of $1.04 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.97. Co issues upside guidance for FY09, sees EPS of $3.70-4.00 vs. $3.55 consensus. "Looking into 2009, we expect to produce strong underwriting profits, and forecast an overall combined ratio in the 88% to 91% range. Because of our strong underwriting culture, we will continue to focus on maintaining adequate rates; our objective is to achieve a flat to slight increase in the Specialty Group's overall average renewal rates in 2009. We expect our specialty P&C net written premiums to be down a mid-teen percentage from 2008 levels. This is primarily the result of expected increased reinsurance cessions under our crop quota share agreement and lower spring commodity prices. Absent these changes, which do not affect overall volume of business, our expectation is that the reduction will be in the two to five percent range."

4:07PM K12 beats by $0.02, beats on revs; reaffirms FY09 revs guidance (LRN) 16.44 -0.21 : Reports Q2 (Dec) earnings of $0.12 per share, $0.02 better than the First Call consensus of $0.10; revenues rose 42.6% year/year to $77.6 mln vs the $76.7 mln consensus. Co reaffirms guidance for FY09, sees FY09 revs of $310-320 mln vs. $322.17 mln consensus.

4:06PM American Science & Engineering beats by $0.22, beats on revs (ASEI) 79.40 : Reports Q3 (Dec) earnings of $1.13 per share, $0.22 better than the First Call consensus of $0.91; revenues rose 53.3% year/year to $65.3 mln vs the $62.8 mln consensus. "Revenue growth in the quarter was driven by a robust demand for our Z Backscatter Vans, AS&E's proprietary cargo products, and field services. Operating income significantly increased in the quarter with improved gross margins from higher revenues, significant improvement in cargo margins, and continued focus on controlling overhead and expenses."

8:12AM AGCO Corp beats by $0.07, misses on revs; guides FY09 EPS in-line, revs in-line (AG) 25.04 : Reports Q4 (Dec) earnings of $1.08 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $1.01; revenues fell 0.6% year/year to $2.16 bln vs the $2.36 bln consensus. Co issues in-line guidance for FY09, sees EPS of $3.00-3.25 vs. $3.22 consensus; sees FY09 revs of $7.5-7.8 bln vs. $7.74 bln consensus.

7:34AM Lorillard beats by $0.16, beats on revs (LO) 62.26 : Reports Q4 (Dec) earnings of $1.53 per share, $0.16 better than the First Call consensus of $1.37; revenues rose 13.7% year/year to $1.09 bln vs the $0.93 bln consensus. The increase in gross profit reflects an increase in net sales, partially offset by higher manufacturing costs and higher costs related to the State Settlement Agreements.

7:04AM Energy Conversion beats by $0.02, beats on revs; guides Q3 revs below consensus; guides FY09 revs below consensus (ENER) 25.75 : Reports Q2 (Dec) earnings of $0.33 per share, $0.02 better than the First Call consensus of $0.31; revenues rose 82.8% year/year to $103.1 mln vs the $101.8 mln consensus. Co issues downside guidance for Q3, sees Q3 revs of $95-110 mln vs. $120.17 mln consensus. Co issuesdownside guidance for FY09, sees FY09 revs of $395-440 mln vs. $450.61 mln consensus.

3:14AM Sohu.com beats by $0.19, reports revs in-line; guides Q1 EPS above consensus, revs below consensus (SOHU) 45.61 : Reports Q4 (Dec) earnings of $1.35 per share, excluding non-recurring items, $0.19 better than the First Call consensus of $1.16; revenues rose 86.2% year/year to $121.6 mln vs the $121 mln consensus. Co issuesmixed guidance for Q1, sees EPS of $1.05-1.10, excluding non-recurring items, vs. $1.01 consensus; sees Q1 revs of $111.5-115.5 mln vs. $117.41 mln consensus. Co reports non-GAAP operating margin of 43%, compared with 38% in Q308. Non-GAAP net margin excluding income tax adjustments $6.0 mln increased to 44% for Q408, compared with 35% in Q308. Sohu estimates brand advertising revenues for Q109 to be between $39.0-41.0 mln. Sohu estimates online game revenues for Q109 to be between $58.0-60.0 mln.

1:54AM Ctrip.com beats by $0.09, beats on revs (CTRP) 21.50 : Reports Q4 (Dec) earnings of $0.33 per ADS, excluding non-recurring items, $0.09 better than the First Call consensus of $0.24; revenues rose 19.0% year/year to $58.1 mln vs the $57.1 mln consensus. Operating margin was 30% in Q408, compared to 36% in the same period in 2007. Excluding share-based compensation charges (non-GAAP), operating margin was 38%, compared to 42% during the same period in 2007. Gross margin was 77% during Q408, compared to 81% in the same period in 2007. For Q109, co expects to continue the year-on-year net revenue growth at a rate of approx 5-10%.

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.