Earnings - 5th May 2009

6:29PM Ultra Petroleum beats by $0.03, misses on revs (UPL) 46.82 -0.36 : Reports Q1 (Mar) earnings of $0.26 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.23; revenues fell 38.0% year/year to $168 mln vs the $177.3 mln consensus.Co is confirming its annual natural gas and crude oil production guidance for 2009 of 172 to 177 Bcfe. Production for 2009 is an 18 to 22 percent increase over 2008's record annual production of 145.3 Bcfe. All forecast production growth is generated organically and does not include any contribution from exploratory efforts in Pennsylvania. Production guidance for the remainder of 2009 on a quarterly basis is listed in the table below. Fourth quarter 2009 production is forecast to exceed fourth quarter 2008 volumes by ten percent.

4:54PM Central European Dist beats by $0.03, beats on revs; reaffirms FY09 EPS guidance in-line, revs above consensus (CEDC) 24.26 +0.66 : Reports Q1 (Mar) earnings of $0.21 per share, $0.03 better than the First Call consensus of $0.18; revenues fell 27.0% year/year to $297.8 mln vs the $228 mln consensus. Co reaffirms in-line guidance for FY09, sees EPS of $2.40-2.65 vs. $2.60 consensus; sees FY09 revs of $1.55-1.68 bln vs. $1.53 bln consensus.

4:37PM Titanium Metals beats by $0.02, misses on revs (TIE) 7.68 -0.01 : Reports Q1 (Mar) earnings of $0.11 per share, $0.02 better than the First Call consensus of $0.09; revenues fell 30.7% year/year to $203.4 mln vs the $239.2 mln consensus. In addition to competitive pricing pressures resulting from lower demand for titanium products, declines in raw material costs, primarily titanium scrap, have also contributed to lower selling prices for certain products under long-term customer agreements, due in part to raw material indexed pricing adjustments included in certain of these agreements. Although the Company believes long-term global demand trends for titanium are favorable, recent adjustments in production schedules for Boeing and Airbus, delays in the development of the Boeing 787 and a weak global economy are expected to continue to impact customer inventory levels, product demand and product selling prices until global economic conditions improve and commercial aerospace production schedules stabilize.

4:30PM Gladstone misses by $0.02 (GLAD) 6.35 +0.02 : Reports Q1 (Mar) net investment income of $0.26 per share, $0.02 worse than the First Call consensus of $0.28. Net increase in net assets resulting from operations for the quarter ended March 31, 2009 was $10.3 mln, or $0.48 per share, as compared to a net decrease in net assets resulting from operations of ($11.9) mln, or ($0.61) per share, for the quarter ended March 31, 2008. Total assets were $411.4 mln at March 31, 2009, as compared to $425.7 mln at September 30, 2008. Net asset value was $12.10 per actual common share outstanding at March 31, 2009, as compared to $12.89 per actual common share outstanding at September 30, 2008.

4:23PM Airgas beats by $0.03, misses on revs (ARG) 43.72 -0.46 : Reports Q4 (Mar) earnings of $0.68 per share, $0.03 better than the First Call consensus of $0.65; revenues fell 8.7% year/year to $992.1 mln vs the $1.02 bln consensus.

4:21PM Cephalon beats by $0.20, misses on revs; guides Q2 revs below consensus; guides FY09 revs in-line (CEPH) 65.88 +0.75 : Reports Q1 (Mar) earnings of $1.47 per share, $0.20 better than the First Call consensus of $1.27; revenues rose 17.3% year/year to $520 mln vs the $533.3 mln consensus. Co issues guidance for Q2, sees basic EPS of $1.40-1.45, not comparable to $1.41 consensus; sees Q2 revs of $515-535 mln vs. $556.75 mln consensus. Co issues guidance for FY09, reaffirms basic EPS guidance of $6.50-6.60, not comparable to $5.79 consensus; sees FY09 revs of $2.175-2.225 bln vs. $2.26 bln consensus... Drug sales for Q1 are as follows: Actiq $38.2 mln vs. $47 mln First Call Consensus; Fentora $33.7 mln vs. $39 mln First Call Consensus; Provigil 253.4 mln vs. $271 mln First Call Consensus; Treanda $50.2 mln vs. $42 mln First Call Consensus... The FY09 guidance includes CNS franchise sales of $1.16-$1.19 billion, pain franchise sales which were decreased to $530-$555 million, oncology franchise sales which were increased to $300-$320 million, and other product sales which were decreased to $150-$175 million. "While the economy and various healthcare reform proposals create uncertainty for investors, we are taking steps to continue to build a world class biopharmaceutical company... In the short run, AMRIX and TREANDA will supply growth. Longer term, we expect that our recent business development transactions will enable us to create a new franchise in inflammatory diseases and our clinical development work with NUVIGIL will allow it to reach new markets."

4:15PM American Medical beats by $0.10, beats on revs; guides Q2 EPS above consensus; raisesaFY09 EPS above consensus (AMMD) 12.13 -0.41 : Reports Q1 (Mar) earnings of $0.25 per share, excluding non-recurring items, $0.10 better than the First Call consensus of $0.15; revenues rose 2.7% year/year to $123.6 mln vs the $119.7 mln consensus. Co issues upside guidance for Q2, sees EPS of $0.22-0.26, excluding non-recurring items, vs. $0.20 consensus. Co raises guidance for FY09, sees EPS of $0.96-1.07, excluding non-recurring items, vs. $0.80 consensus, up from $0.86-0.99.

4:10PM Las Vegas Sands beats by $0.03, beats on revs (LVS) 11.51 +2.01 : Reports Q1 (Mar) earnings of $0.01 per share, excluding non-recurring items, $0.03 better than the First Call consensus of ($0.02); revenues were unchanged from the year-ago period at $1.08 bln. Co says the steady execution of the business plan it presented in November 2008, including the implementation of its cost savings program, continues to be its primary focus as it navigates through the current challenging economic conditions. Co has made notable progress during the quarter on each of the three basic objectives of its plan first, to maximize its cash flow from current operations in Las Vegas and Macao, including through theimplementation of ~$470 mln in annualized cost savings...  The Venetian Macao continues to attract large numbers of visitors, and it remained pleased with its gaming volumes overall, which have held up relatively well despite the challenging operating environment.Visits to The Venetian Macao increased to over 6.0 mln during Q1 of 2009, representing a 14.1% increase compared to visits in Q1 of 2008. According to the Statistics and Census Service of Macao, visitor arrivals to the Macao market decreased by ~9.6% during Q1 of 2009 compared to the same quarter in 2008... The co's current developments in Bethlehem, Pennsylvania and Singapore remain on track. In less than three weeks, on May 22nd, co plans the debut and soft opening of its newest property, Sands Bethlehem, with a formal grand opening celebration planned for June 9th. This expansive complex, developed on the site of Pennsylvania's historic Bethlehem Steel Works in the Lehigh Valley, will bring a unique entertainment destination, including a slot floor with 3,000 of the most popular slot machines featuring the latest releases from the major slot manufacturers, to one of the few gaming markets in the country that has experienced healthy growth throughout 2008 and into 2009. In Singapore, co continues to target a late 2009 / early 2010 opening of Marina Bay Sands. Both its construction timeline and development budget remain on track for this important project.

4:06PM Xenoport beats by $0.01, beats on revs (XNPT) 14.78 +0.17 : Reports Q1 (Mar) loss of $0.29 per share, $0.01 better than the First Call consensus of ($0.30); revenues rose 75.3% year/year to $26.3 mln vs the $19.9 mln consensus.

4:05PM Dolan Media beats by $0.05, beats on revs; guides FY09 EPS above consensus, revs above consensus (DM) 12.20 +0.13 : Reports Q1 (Mar) earnings of $0.18 per share, $0.05 better than the First Call consensus of $0.13; revenues rose 54.0% year/year to $63.9 mln vs the $59.3 mln consensus. Co issues upside guidance for FY09, sees EPS of $0.70-0.80 vs. $0.58 consensus; sees FY09 revs of $240-252 mln vs. $238.61 mln consensus.

4:01PM Plantronics beats by $0.17, beats on revs; guides Q1 EPS above consensus, revs above consensus (PLT) 13.57 +0.12 : Reports Q4 (Mar) earnings of $0.01 per share,$0.17 better than the First Call consensus of ($0.16); revenues fell 29.7% year/year to $146.8 mln vs the $129.6 mln consensus. Co issues upside guidance for Q1, sees EPS of $0.08-0.12 vs. $0.04 consensus; sees Q1 revs of $145-150 mln vs. $137.93 mln consensus.

9:33AM Vornado Rlty Trust beats by $0.15, beats on revs (VNO) 51.92 0.54 : Reports Q1 (Mar) funds from operations of $1.73 per share, excluding non-recurring items, $0.15 better than the First Call consensus of $1.58; revenues rose 5.1% year/year to $682 mln vs the $650 mln consensus.

9:30AM Wynn Resorts misses by $0.29, reports revs in-line (WYNN) 42.81 +0.00 : Reports Q1 (Mar) loss of $0.27 per share, $0.29 worse than the First Call consensus of $0.02; revenues fell 5.0% year/year to $740 mln vs the $742.6 mln consensus. Co reports Table games win percentage of 17.7% was below the property's expected range of 21% to 24% and the 19.9% in the first quarter of 2008. Construction continues on a further expansion of Wynn Macau. Encore at Wynn Macau is expected to open in 2010, adding a fully-integrated resort hotel to Wynn Macau with approximately 400 luxury suites and four villas, along with restaurants, retail and gaming space. The current project budget is approximately $700 million. As of March 31, 2009, we have incurred $254.6 million associated with the construction of Encore at Wynn Macau.our business transformation is reflected in our operating segment performance."

8:24AM Pegasystems beats by $0.13, beats on revs (PEGA) 17.36 : Reports Q1 (Mar) earnings of $0.23 per share, $0.13 better than the single analyst est of $0.10; revenues rose 28.7% year/year to $62.4 mln vs the $58.9 mln single analyst est. Co says, "We expect these challenging conditions will continue and so we are working hard on building pipeline and backlog for the remainder of 2009."

8:08AM Precision Castparts misses by $0.01, misses on revs (PCP) 77.39 : Reports Q4 (Mar) earnings of $1.87 per share, $0.01 worse than the First Call consensus of $1.88; revenues fell 9.2% year/year to $1.6 bln vs the $1.77 bln consensus. "During our fourth quarter, we faced some strong headwinds - slower-than-expected recovery from the Boeing strike, lower metal selling prices, and weakening foreign currencies, and our operations were equal to the challenge," Donegan said. "During the first quarter and into the second quarter of fiscal 2010, our aerospace customers are making corrections to their inventories that will take some anticipated growth out of their schedules and will impact each of our three operating segments. The second quarter will also have its seasonal challenges of scheduled forge shutdowns for maintenance and extended holidays in our European operations. All of our efforts will be directed at minimizing the impact to our results. Looking beyond these headwinds, however, we regain traction, and we see sales and margin growth resuming in our third and fourth quarters as the base build schedules start to stabilize, and 787 production work begins."

7:34AM IntercontinentalExchange beats by $0.14, reports revs in-line (ICE) 90.43 : Reports Q1 (Mar) earnings of $1.09 per share, excluding non-recurring items, $0.14 better than the First Call consensus of $0.95; revenues rose 12.1% year/year to $232 mln vs the $230.3 mln consensus. The increase in transaction and clearing revenue was driven primarily by new products, strong trading volume in ICE's futures segment, the launch of ICE Clear Europe in November 2008, an increase of participants in ICE's markets and the Creditex acquisition. Total volume for ICE Futures Europe represented the highest quarterly contract volume in exchange history.

7:33AM Foundation Coal misses by $0.06, misses on revs (FCL) 20.67 : Reports Q1 (Mar) loss of $0.10 per share, $0.06 worse than the First Call consensus of ($0.04); revenues fell 2.9% year/year to $395.3 mln vs the $400.8 mln consensus. Co said, "Despite the economic downturn, Foundation expects to ship up to 2 million more tons of coal in 2009 than in 2008. Currently, Foundation is engaged in conversations with several steam coal customers regarding the potential need to defer coal shipments due to logistical challenges arising from growing inventories and reduced electricity demand. Up to this point negotiated customer deferrals have not occurred. However, as reflected in our new shipment guidance, the deferral of some 2009 shipments now appears probable, and Foundation will work with its customers to achieve a solution that benefits both parties and preserves the present value of each contract. While the range of possible outcomes is broad due to today's dynamic market environment, under the current shipment scenario, Foundation continues to forecast record financial performance and positive free cash flow for the full year 2009 based on our favorable hedged position."

7:11AM Archer-Daniels misses by $0.12, misses on revs (ADM) 26.17 : Reports Q3 (Mar) earnings of $0.37 per share, excluding non-recurring items, $0.12 worse than the First Call consensus of $0.49; revenues fell 20.7% year/year to $14.84 bln vs the $16.94 bln consensus. Co said, "While the quarterly results were adversely impacted by two significant, unusual items, our underlying performance was solid in view of the global economic conditions and the associated challenges faced by our industry... Our financial condition is strong, and we remain focused on managing risks and costs as we execute our long-term growth strategy."

7:06AM Steven Madden beats by $0.01, reports revs in-line; guides FY09 EPS in-line (SHOO) 30.15 : Reports Q1 (Mar) earnings of $0.37 per share, $0.01 better than the First Call consensus of $0.36; revenues rose 6.9% year/year to $107.4 mln vs the $106.6 mln consensus. Co issues in-line guidance for FY09, sees EPS of $1.85-1.95 vs. $1.88 consensus. Co's sales are expected to decline 2% to 4% for FY09 (we have calculated this to be FY09 revs of $439-448 mln vs $454.6 mln consensus). Same store sales increased 7.6% in the first quarter of 2009 compared to a decrease of 3.7% in the first quarter of 2008. Gross margin improved to 40.5% as compared to 40.0% in the first quarter of 2008.

7:04AM Emergency Medical Services beats by $0.06, reports revs in-line (EMS) 35.77 : Reports Q1 (Mar) earnings of $0.56 per share, $0.06 better than the First Call consensus of $0.50; revenues rose 8.3% year/year to $613 mln vs the $617 mln consensus.

6:11AM Cognizant Tech beats by $0.01, beats on revs; guides Q2 EPS in-line, revs above consensus (CTSH) 25.90 : Reports Q1 (Mar) GAAP earnings of $0.38 per share,$0.01 better than the GAAP First Call consensus of $0.37; revenues rose 16.0% year/year to $745.9 mln vs the $734.3 mln consensus. Co issues guidance for Q2, sees GAAP EPS of $0.37-0.42 vs. $0.37 GAAP consensus; sees Q2 revs of At least $760 mln vs. $748.51 mln consensus.

6:10AM Macerich beats by $0.10; guides FY09 FFO in-line (MAC) 19.17 : Reports Q1 (Mar) funds from operations of $1.16 per share, $0.10 better than the First Call consensus of $1.06; revenues fell 3.1% year/year to $210.8 mln. Co issues in-line guidance for FY09, sees FFO of $4.25-4.55 vs. $4.40 consensus, adjusted to reflect the impact of issuing 90% of its dividend in stock. The new FFO guidance range assumes the same total FFO but factors in new shares issued for the dividend.

4:03AM Nordic American Tanker reports Q109 EPS and declares dividend (NAT) 36.49 : Co's board declares a dividend of $0.88 per share in respect of Q109. This compares with a dividend of $1.18 per share which was declared in respect of Q108. Net income for Q109 was $0.46 per share based on the weighted average number of shares outstanding during the quarter, 37,424,291, compared to $0.78 per share for Q108 (No First Call estimates available). As of the end of Q109, NAT does not have any net debt. At the time of this release, the co has not drawn on its $500 mln revolving credit facility. The credit facility, which matures in September 2013, is not subject to reduction by the lenders and there is no obligation to repay principal during the term of the facility.

2:10AM Granite Construction reports Q109 results (GVA) 39.63 : Reports Q1 (Mar) earnings of $0.23 per share, excludes items, $0.31 better than the First Call consensus fo ($0.08); revenues declined 23.6% year/year to $347.4 mln vs the $383.44 mln consensus. Co expects Granite East to continue to deliver gross margins in the mid-teens while building a strong backlog of work. Bidding pipeline remains full. Co is tracking more than $4 bkn worth of various infrastructure-related projects that are expected to bid between now and the end of 2009. 2009 outlook includes revenue expectations for Granite West to be in the range of $1.6-1.9 bln with a corresponding gross profit margin percentage between 14-17%. Granite East 2009 revenue is expected to be in the range of $675.0-775.0 mln with a corresponding gross profit margin percentage between 13-15%. In addition, net income attributable to noncontrolling interest in joint ventures for the total co is expected to be approx $25.0-35.0 mln.

1:49AM Vulcan Materials misses by $0.22, misses on revs (VMC) 50.50 : Reports Q1 (Mar) loss of $0.29 per share, $0.22 worse than the First Call consensus of ($0.07); revenues fell 26.6% year/year to $600.3 mln vs the $690.4 mln consensus. Aggregates shipments declined 30%, reducing earnings $0.58 per diluted share. Aggregates pricing increased 2% overall, with wide variations across markets. Aggregates unit variable production costs were flat and cash fixed costs decreased 21%. Asphalt material margins recovered from the depressed prior year levels. Co expects higher selling prices for products in 2009 to help offset the earnings effects of lower volumes. The average selling price for asphalt mix in 2009 should increase from 2008 as shipments reflect sales orders that include recovery of the sharp increase in liquid asphalt cost that peaked in late 2008. Co expects to reduce total debt by $200 mln during 2009. For FY09, co expects capital spending to be approx $200 mln, down from the $354 mln spent in 2008.

Earnings - 24th Feb 2009

5:45PM Range Resources beats by $0.11, beats on revs (RRC) 33.03 +1.85 : Reports Q4 (Dec) earnings of $0.33 per share, excluding non-recurring items, $0.11 better than the First Call consensus of $0.22; revenues rose 54.4% year/year to $345 mln vs the $262.9 mln consensus. Co says, "RRC's 2009 capital spending budget is currently $700 mln which is expected to approximate cash flow based upon current commodity prices. We will monitor commodity prices and oil field service costs throughout the year and remain flexible to adjust our capital spending. RRC is targeting 10% year-over-year production growth for 2009 with the current capital budget."

5:32PM Nabors Ind beats by $0.01, beats on revs (NBR) 9.51 +0.37 : Reports Q4 (Dec) earnings of $0.83 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.82; revenues rose 11.9% year/year to $1.48 bln vs the $1.46 bln consensus. Co says, "In summary, Q4 was not as bad as it could have been and the future is probably going to be better than the price of our stock seems to indicate. Our North American land drilling markets are adjusting to a new paradigm in natural gas drilling with the commercialization of abundant shale deposits. Over time this will benefit NBR since much of the investments we have made over the last few years were in assets that give us disproportionate exposure and distinct competitive advantages in these areas that are increasingly strategic to the US energy supply. Our international markets are also slowing, but our dominant position in high specification rigs provides competitive advantages and this business is likely poised to grow in spite of current conditions."

5:28PM Health Care REIT reports EPS in-line, revs in-line; guides FY09 FFO below consensus (HCN) 33.45 +2.34 : Reports Q4 (Dec) funds from operations of $0.83 per share,in-line with the First Call consensus of $0.83; revenues rose 17.4% year/year to $147.1 mln vs the $147.6 mln consensus. Co issues downside guidance for FY09, sees FFO of $3.20-3.30 vs. $3.42 consensus.

4:10PM Wynn Resorts misses by $0.37, misses on revs (WYNN) 25.44 +2.16 : Reports Q4 (Dec) earnings of $0.07 per share, excluding non-recurring items, $0.37 worse than the First Call consensus of $0.44; revenues fell 13.6% year/year to $614.3 mln vs the $703.5 mln consensus. Co says, "For the quarter ended December 31, 2008, our Las Vegas properties generated adjusted property EBITDA of $32.6 mln, compared to $97.3 mln in Q4 of 2007, a 66.5% decline due primarily to the decline in casino revenue as well as weaker performance from the Hotel, Food and Beverage, Retail and Entertainment segments. Starting in October, we experienced a dramatic deceleration in business from the casino and non-gaming departments. The Thanksgiving to Christmas period has traditionally been one of the weakest times of the year in Las Vegas but Q4 of 2008 was substantially worse than during the prior year as consumers chose to stay at home and significantly reduced their leisure budgets. In addition, the 15.3% table games hold was the lowest experienced by our Las Vegas properties since Wynn Las Vegas' opening in April 2005."

4:07PM First Solar beats by $0.31, beats on revs (FSLR) 137.68 +12.84 : Reports Q4 (Dec) earnings of $1.61 per share, $0.31 better than the First Call consensus of $1.30; revenues rose 116.0% year/year to $433.7 mln vs the $410.4 mln consensus.

4:06PM U.S. Steel restates Q4 results (X) 22.15 +0.62 : The co announces that it has filed its Annual Report on Form 10-K for the period ending December 31, 2008, which includes revisions to the unaudited fourth quarter and full-year 2008 results that were reported in the earnings release issued on January 27, 2009. Following the release of financial results, U. S. Steel made certain updates and corrections mainly related to lower of cost or market inventory valuations. Net income was reduced by $18 million, or $0.15 per diluted share, resulting in fourth quarter net income of $290 million, or $2.50 per diluted share, and full-year 2008 net income of $2,112 million, or $17.96 per diluted share.

4:06PM Dolan Media beats by $0.01, misses on revs; guides FY09 EPS above consensus, revs below consensus (DM) 5.84 +0.80 : Reports Q4 (Dec) earnings of $0.12 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.11; revenues rose 44.2% year/year to $59 mln vs the $59.6 mln consensus. Co issuesmixed guidance for FY09, sees EPS of $0.53-0.61 vs. $0.50 consensus; sees FY09 revs of $236-240 mln vs. $245.25 mln consensus. "In the fourth quarter, we focused on de-leveraging our balance sheet and, by the end of the year, had used our strong cash flow from operating activities to reduce our total debt from $171.7 million to $155.5 million. National Default Exchange, which we acquired in September 2008, contributed $18.6 million in revenues, which is consistent with our initial expectations for this business."

4:03PM CB&I beats by $0.06, misses on revs; guides FY09 EPS below consensus, revs below consensus (CBI) 7.48 -0.03 : Reports Q4 (Dec) earnings of $0.72 per share,$0.06 better than the First Call consensus of $0.66; revenues rose 14.4% year/year to $1.51 bln vs the $1.55 bln consensus. Co issues downside guidance for FY09, sees EPS of $1.30-$2.00 vs. $2.15 consensus; sees FY09 revs of $4.4-$4.8 bln vs. $5.91 bln consensus.

9:04AM Thomson Reuters beats by $0.16, reports revs in-line (TRI) 22.58 : Reports Q4 (Dec) earnings of $0.57 per share, excluding non-recurring items, $0.16 better than the First Call consensus of $0.41; revenues rose 67.8% year/year to $3.41 bln vs the $3.43 bln consensus. Co said, "Based on the current environment in the markets we serve, Thomson Reuters expects its revenues to grow in 2009. We also expect underlying operating margin to be comparable to 2008, supported by revenue growth and the expected savings from integration and synergy programs. Underlying free cash flow is expected to be comparable to 2008, adjusted for certain timing related items."

8:30AM Target misses by $0.02, misses on revs (TGT) 28.43 : Reports Q4 (Jan) earnings of $0.81 per share, $0.02 worse than the First Call consensus of $0.83; revenues fell 1.6% year/year to $19.02 bln vs the $19.53 bln consensus. Fourth quarter gross margin rate decreased 1.4 percentage points, driven by increases in markdowns combined with the mix impact of faster sales growth in non-discretionary, lower margin-rate categories. Credit Card Segment Results: Average receivables in the fourth quarter increased 9.6% to $9.1 bln in 2008 from $8.3 bln in 2007. The credit card segment incurred a $135 million pre-tax loss in the quarter, compared with a $189 million profit in fourth quarter 2007. This loss was the result of a $245 million addition to the allowance for doubtful accounts in the quarter. Segment pre-tax return on invested capital was negative 15.0% in the fourth quarter 2008, compared with 13.4% in 2007.

8:30AM Wabtec misses by $0.01, beats on revs; reaffirms FY09 EPS guidance (WAB)25.70 : Reports Q4 (Dec) earnings of $0.64 per share, $0.01 worse than the First Call consensus of $0.65; revenues rose 10.9% year/year to $405.2 mln vs the $391.1 mln consensus. Co reaffirms guidance for FY09, sees EPS of $2.45-2.75 vs. $2.58 consensus. Revenues in 2009 are expected to be flat to slightly down, as increases from recent acquisitions, a good transit market and other growth initiatives will be offset by a decline in the U.S. railcar build, changes in foreign currency exchange rates, lower materials surcharges and the overall impact of current economic conditions around the world.

8:13AM Melco Crown Entertainment beats by $0.02, misses on revs (MPEL) 2.44 : Reports Q4 (Dec) loss of $0.04 per share, $0.02 better than the First Call consensus of ($0.06); revenues rose 41.1% year/year to $253.5 mln vs the $270.9 mln consensus. Co said, "City of Dreams remains on time and on budget with an expected opening date in early June of this year. Our conservative approach to managing our balance sheet continues to pay off. City of Dreams remains fully funded and our development pipeline is intact."

8:08AM Bill Barrett beats by $0.03, beats on revs (BBG) 18.11 : Reports Q4 (Dec) earnings of $0.46 per share, $0.03 better than the First Call consensus of $0.43; revenues rose 34.8% year/year to $146.8 mln vs the $145.1 mln consensus. Updated guidance for the full year 2009 consists of: 1) capital expenditures of up to $350 mln; 2) oil and natural gas production of 84 to 87 Bcfe, representing an 8% to 12% increase over 2008; 3) lease operating costs per Mcfe of $0.60 to $0.66, which is up from the 2008 average of $0.57 due to anticipated higher water handling costs in certain areas and other increased expenses; 4) gathering and transportation costs per Mcfe of $0.55 to $0.60, which is up from the 2008 average of $0.51 due to increased processing and transportation costs; and 5) general and administrative expenses before noncash stock-based compensation between $41 and $43 mln, in-line with 2008 on a per unit basis.

8:06AM Parker Drilling beats by $0.12, misses on revs (PKD) : Reports Q4 (Dec) earnings of $0.27 per share, $0.12 better than the First Call consensus of $0.15; revenues rose 17.5% year/year to $212.4 mln vs the $225.7 mln consensus. At the end of the period total debt was $461.1 million, and the Company's total debt-to-capitalization ratio was 44.8 percent. To assure the availability of capital to meet its newbuild Alaska land rig commitments, Parker drew most of its credit facilities during the second half of 2008. As a result, the Company's cash and cash equivalents totaled $172.3 million at December 31, 2008, and Parker's ratio of net-debt-to-net capitalization improved to 33.7% from 37.0% at the end of 2007. The Company's $50 million term loan begins to amortize at $3.0 million per quarter beginning the third quarter of 2009, while the remaining components of the Company's debt do not mature until 2012 and 2013.

7:07AM Astec Industries misses by $0.09, misses on revs (ASTE) 20.68 : Reports Q4 (Dec) earnings of $0.38 per share, $0.09 worse than the First Call consensus of $0.47; revenues fell 11.8% year/year to $195 mln vs the $228.9 mln consensus. "During the last three months of the year, we saw the market go from optimistic yet cautious to completely pessimistic and frozen. The Company's sales grew 20% in the first nine months, but the fourth quarter slowdown only allowed us to finish the year with 12% sales growth. The credit crisis that started in September practically stopped investment and spending worldwide, slowing many of our businesses almost to a creep. Those businesses with strong backlogs were able to continue operating at reasonable levels but those that typically do not have very strong backlogs were forced to slow production dramatically and lay off personnel. During the fourth quarter, the dollar strengthened against other currencies impacting the international markets."

6:50AM Foster Wheeler beats by $0.08, misses on revs (FWLT) 19.20 : Reports Q4 (Dec) earnings of $1.03 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $0.95; revenues rose 11.9% year/year to $1.64 bln vs the $1.78 bln consensus. Co says, "As we look at 2009, it is clear that our power business will not equal its 2008 performance, due to significant weakness in most of the global markets we serve, North America in particular. Through the restructuring program, we are taking steps to right-size our power business to match anticipated market conditions in 2009. In our E&C Group, the outlook for 2009 is much more favorable than it is for our power business, but it is not without challenges. Most of the large prospects we are pursuing are currently moving forward, although client deliberation on the timing of new contract awards has resulted in some delays. We expect our E&C business to have a very good year in 2009, but our actual results will depend in large measure on the timing of these client decisions. Even so, it is unlikely that our E&C Group will experience the same level of EBITDA performance that it enjoyed in 2008."

6:35AM Medco Health Solutions beats by $0.01, beats on revs; reaffirms FY09 EPS in-line (MHS) 44.65 : Reports Q4 (Dec) earnings of $0.59 per share, $0.01 better than the First Call consensus of $0.58; revenues rose 13.9% year/year to $12.96 bln vs the $12.73 bln consensus. Co reaffirms in-line guidance for FY09, sees EPS of $2.67-2.77, excluding non-recurring items, vs. $2.71 consensus. Co reports mail-order prescription volume of 105.8 mln, an increase of 11.6% from 2007.

6:13AM Quanta Services beats by $0.05, reports revs in-line; guides Q1 EPS below consensus, revs below consensus (PWR) 15.91 : Reports Q4 (Dec) earnings of $0.24 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.19; revenues rose 4.8% year/year to $921.5 mln vs the $913.5 mln consensus. Co issuesdownside guidance for Q1, sees EPS of $0.12-0.13, excluding non-recurring items, vs. $0.17 consensus; sees Q1 revs of $750.0-800.0 mln vs. $871.70 mln consensus. Estimates include approx $25.0 mln of anticipated emergency restoration revenues for Q109, compared to $22.5 mln in emergency restoration revenues recognized in Q108.

12:14AM Gen Growth Prop misses by $0.15, beats on revs (GGP) 0.36 : Reports Q4 (Dec) funds from operations of $0.70 per share, $0.15 worse than the First Call consensus of $0.85; revenues fell 2.8% year/year to $1 bln vs the $829.7 mln consensus. assets. GGP has $1.179 bln of past due debt and approx $4.09 bln of debt that could be accelerated. However, co comments lenders have not yet exercised any of their remedy rights with respect to such debt. In addition, they have an additional $1.44 bln of consolidated mortgage debt and approx $595 mln of unsecured bonds scheduled to mature in the balance of 2009 that remains to be refinanced, repaid or extended. In the event that they are unable to extend or refinance our near and intermediate term loan maturities, co may be required to seek legal protection creditors. Retail center occupancy fell to 92.5% at year-end, from 93.8% at the end of 2007, and cost reductions failed to fully offset revenue declines. Sales per square foot, on a trailing 12-month basis, decreased 4.2%, compared with the year-ago period. Co declines to provide FY09 FFO guidance.