Earnings - 11th May 2009

6:17PM Corus Group plc beats by $0.06; guides FY09 revs; raises EPS above consensus (CGA) 6.55 +0.15 : Reports Q3 (Mar) earnings of $0.21 per share, $0.06 better than the First Call consensus of $0.15; revenues rose 99.4% year/year to $8.8 mln vs the $7.0 mln single-analyst est. Co sees FY09 revs of $32.8-33.3 mln vs $31.7 mln single-analyst est; raises EPS to $0.74-0.74 vs $0.63 single-analyst est, up from $0.61-0.66.

6:06PM Ctrip.com beats by $0.05, beats on revs; guides Q2 revs above consensus (CTRP) 32.81 -0.21 : Reports Q1 (Mar) earnings of $0.26 per share, $0.05 better than the First Call consensus of $0.21; revenues rose 18.0% year/year to $59 mln vs the $53.9 mln consensus. Co issues upside guidance for Q2, sees Q2 revs growth of 10-15%, which equates to ~$60.1-62.9 mln vs. $59.73 mln consensus.

5:25PM MBIA Inc beats by $3.67 (MBI) 6.96 -0.25 : Reports Q1 (Mar) earnings of $3.34 per share, includes $1.6 bln in pre-tax unrealized net gains (mark-to-market) on insured credit derivatives, $3.67 better than the First Call consensus of ($0.33). Results also included $693.7 mln in pre-tax loss and loss adjustment expenses on insured exposures, primarily on second-lien mortgage exposures and $169.0 million in pre-tax realized losses in the co's Asset-Liability Management (ALM) asset portfolio reflecting the continued deterioration and stress in the credit market. Although no new business was written in the U.S. Public Finance Insurance segment in the first quarter, the existing book of business generated scheduled premiums earned of $113.7 million, up 84 percent from $61.9 mln in Q1 of 2008. The growth was the result of the previously announced reinsurance transaction with Financial Guaranty Insurance Corp. (FGIC) in 2008. Refunded premiums earned totaled $36.1 million in the first three months of 2009, up 470% from $6.3 million in the first quarter of 2008. The increase was driven by greater refunding activity by issuers seeking to restructure floating rate debt. While there was no new business written in the Structured Finance and International Insurance segment in the first quarter of 2009, the existing book of business generated $119.0 million in scheduled premiums earned, an increase of $24.9 million from $94.1 million in scheduled premiums earned in the first quarter of 2008.

5:02PM Mindray Medical beats by $0.02, misses on revs (MR) 25.48 +0.37 : Reports Q1 (Mar) earnings of $0.27 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.25; revenues rose 53.5% year/year to $134.2 mln vs the $144.9 mln consensus. Co expects Non-GAAP EPS to grow 10% over 2008. Co expects 2009 net revenue to grow at a rate of at least 10% year-over-year, provided that foreign exchange rates remain constant at RMB6.85 to the dollar and $1.33 to the euro

4:31PM Progenics Pharm beats by $0.23, beats on revs (PGNX) 5.66 +0.24 : Reports Q1 (Mar) loss of $0.06 per share, $0.23 better than the First Call consensus of ($0.29); revenues rose 41.2% year/year to $20.9 mln vs the $15.7 mln consensus.

4:15PM Pike Electric beats by $0.14, beats on revs (PIKE) 10.86 +0.15 : Reports Q3 (Mar) earnings of $0.25 per share, $0.14 better than the First Call consensus of $0.11; revenue rosel 17.9% year/year to $154.9 mln vs the $140.9 mln consensus. For FY09 (ends Jun), co expects revenue of $600-620 mln vs $614 mln consensus and it expects EPS of $0.90-0.95, up from prior guidance of $0.85-0.95 and vs consensus of $0.87.

4:05PM McDermott beats by $0.04, misses on revs (MDR) 12.69 -0.14 : Reports Q1 (Mar) earnings of $0.33 per share, $0.04 better than the First Call consensus of $0.29; revenues rose 3.0% year/year to $1.49 bln vs the $1.54 bln consensus.

4:05PM Maxygen beats by $0.20, beats on revs (MAXY) 5.01 +0.08 : Reports Q1 (Mar) loss of $0.03 per share, $0.20 better than the First Call consensus of ($0.23); revenues of $8.5 mln vs the $2.3 mln consensus. The decrease in net loss was primarily due to an increase in revenue and a decrease in research and development expenses. In the first quarter of 2009, Maxygen recognized technology and license revenue of approximately $3.6 million relating to amounts paid or payable to the company under its license agreement with Codexis. Of the amount recognized, $3.2 million is payable in connection with the recent expansion of the collaboration agreement between Codexis and Royal Dutch Shell plc related to the development of biofuels, which included an equity investment in Codexis by Shell. As a result of the equity investment by Shell, Maxygen's equity ownership in Codexis was reduced to approximately 22% of Codexis' outstanding shares.

4:04PM Arena Pharm reports EPS in-line, misses on revs (ARNA) 3.05 +0.24 : Reports Q1 (Mar) loss of $0.68 per share, in-line with the First Call consensus of ($0.68); revenues rose 1.9% year/year to $2.7 mln vs the $3.3 mln consensus.. At March 31, 2009, cash, cash equivalents and short-term investments totaled $70.3 million and approximately 74.3 million shares of common stock were outstanding.

8:07AM PetMed Express beats by $0.02, beats on revs (PETS) 15.39 : Reports Q4 (Mar) earnings of $0.25 per share, $0.02 better than the First Call consensus of $0.23; revenues rose 18.9% year/year to $48.1 mln vs the $46.4 mln consensus. Co acquired approximately 142,000 new customers in MarQ vs 126,000 for the same quarter the prior year.

7:08AM Virgin Mobile USA beats by $0.14, misses on revs (VM) 2.90 : Reports Q1 (Mar) earnings of $0.24 per share, excluding non-recurring items, $0.14 better than the First Call consensus of $0.10; revenues rose 2.2% year/year to $337.3 mln vs the $359.4 mln consensus. Gross customer additions (or new Virgin Mobile USA customers who activated their accounts) during the first quarter of 2009 totaled 630,259, compared to gross customer additions of 795,575 in the first quarter of 2008. The cos cost per gross addition (CPGA) for the first quarter of 2009 was $104.72, compared to CPGA of $115.59 in the first quarter of 2008. The cos cash cost per user (CCPU) for the first quarter of 2009 was $12.79, compared to $12.22 in 1Q08. Average revenue per user (ARPU) for the first quarter of 2009 was $20.08, flat compared to ARPU of $20.14 in 1Q08, and a decrease of 5% from $21.14 in the fourth quarter of 2008. Co says, "Because of our strong performance in Q1, we are increasing our guidance for Adjusted EBITDA and free cash flow for 2009. Adjusted EBITDA excluding transition and restructuring expenses is expected to be $127 to $142 mln, and free cash flow is expected to be $45 to $55 mln for the full year 2009."

7:07AM Energy Conversion beats by $0.01, misses on revs (ENER) 17.01 : Reports Q3 (Mar) earnings of $0.03 per share, $0.01 better than the First Call consensus of $0.02; revenues fell 5.7% year/year to $66 mln vs the $68.9 mln consensus. Co and Enfinity, NV also announced plans to co-develop a portfolio of rooftop solar installations throughout the U.S., as well as in numerous European countries, including Belgium, Germany, France, Italy, Spain and the Czech Republic.

7:01AM China Fire & Sec Grp reports EPS in-line, misses on revs; reaffirms FY09 EPS guidance, revs guidance (CFSG) 11.98 : Reports Q1 (Mar) earnings of $0.20 per share,in-line with the First Call consensus of $0.20; revenues rose 13.6% year/year to $16.7 mln vs the $19.4 mln consensus. Co reaffirms guidance for FY09, sees EPS of $0.93-1.00 vs. $0.97 consensus; sees FY09 revs of $88-95 mln vs. $92.46 mln consensus.

6:51AM King Pharms beats by $0.14, misses on revs (KG) 8.71 : Reports Q1 (Mar) earnings of $0.26 per share, excluding non-recurring items, $0.14 better than the First Call consensus of $0.12; revenues fell 0.7% year/year to $429 mln vs the $450.8 mln consensus.

6:45AM Zhongpin beats by $0.06, beats on revenue; reaffirms FY09 EPS and revenue guidance (HOGS) 10.15 : Reports Q1 (Mar) earnings of $0.33 per share, $0.06 better thanthe First Call consensus of $0.27; revenues increased 41.5% year/year to $153.85 mln vs the $152.44 mln consensus. Co reaffirms guidance for FY09, sees EPS of $1.50-1.63 vs $1.51 consensus and revenue of $780.0-810.0 mln vs the $773.88 mln consensus. Co anticipates gross margin of approx 12.0%, net profit margin of at least 6.0%. Zhongpin's capacity expansion plans for 2009 include the new pork products facility in Tianjin City, as well as construction of a new prepared meat facility in Changge City. This new facility will add annual prepared meat production capacity of 36,000 metric tons by the end of Q409. The new facility is expected to achieve its target utilization level by the end of the second quarter of 2010. Capital expenditures for the next twelve months are expected to be $93.5 mln, including the construction of the co's new pork production facility in Tianjin City and new prepared meat facility in Changge City, as well as the acquisition of land use rights for the new facility in Tianjin which is expected to cost approx $10 mln.

6:38AM Carrizo Oil & Gas beats by $0.26, misses on revs (CRZO) 19.29 : Reports Q1 (Mar) earnings of $0.42 per share, excluding non-recurring items, $0.26 better than the First Call consensus of $0.16; revenues fell 42.7% year/year to $30.7 mln vs the $45.7 mln consensus. Production volumes during the three months ended March 31, 2009 were a record 8.26 Bcfe, 30% higher than the first quarter of 2008 and 14% higher than fourth quarter 2008. The increase was largely due to new production contributions from the Barnett Shale wells. The decrease in revs was primarily driven by lower realized natural gas prices, partially offset by increased production. Excluding the effect from settled hedges, Carrizo's average gas sales price decreased 55% to $3.63 per Mcf compared to $8.06 per Mcf for the first quarter of 2008 and the average oil sales price decreased 59% to $39.38 per barrel compared to $96.10 per barrel for 1Q08.

6:10AM American Oriental misses by $0.01, misses on revs (AOB) 5.45 : Reports Q1 (Mar) earnings of $0.11 per share, excluding non-recurring items, $0.01 worse than the First Call consensus of $0.12; revenues rose 18.9% year/year to $46.1 mln vs the $48.4 mln consensus.

6:08AM General Steel beats by $0.14, reports revs in-line (GSI) 6.24 : Reports Q1 (Mar) earnings of $0.09 per share, excluding derivative impact, $0.14 better than the First Call consensus of ($0.05); revenues rose 10.7% year/year to $322.8 mln vs the $322.8 mln consensus. Gross margin for Q109 was 4.0%, compared to 4.5% in Q108 and to gross margin of -8.3% in Q408. Co notes that a strategic decision to sell-out of high-cost inventory in Q408 and an increase in aggregate demand in main markets of Shaanxi and Sichuan provinces due to stimulus and earthquake reconstruction-related spending resulted in a return to positive gross margin.

1:26AM Ormat Tech beats by $0.07, beats on revs; provides revenue guidance for Products and Electricity segments (ORA) 37.66 : Reports Q1 (Mar) earnings of $0.32 per share, $0.07 better than the First Call consensus of $0.25; revenues rose 43.2% year/year to $99.4 mln vs the $88.8 mln consensus. Revenues from  Products Segment are expected to continue to grow throughout the year with an expected increase of 20% to 30% in FY09 ($110.0-120.0 mln in revenue) compared to last year. Commenting on the outlook for 2009, co states Electricity Segment, due to the delays in the commercial operation of North Brawley, expects electricity revenues for 2009 to be between $265.0-275.0 mln. Co also expects additional revenues of approx $9.0 mln from share of electricity revenues generated by the Mammoth complex, the investment in which is accounted for under the equity method.

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%.