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ImmunoGen Posts Wider Loss In Q2 On Lower Revenues And Higher Costs; Revises FY08 Prediction [IMGN]

1/31/2008 7:30:40 PM Thursday after the bell, ImmunoGen, Inc. (IMGN), a developer of antibody-based anticancer therapeutics, said that its net loss for the second quarter of fiscal 2008 widened on lower revenues and higher operating expenses. The company also updated its outlook for the fiscal year 2008.

ImmunoGen's net loss for the second quarter widened to $6.2 million or $0.15 per share from $3.0 million or $0.07 per share in the same quarter of the previous year. On average, five analysts polled by First Call/Thomson Financial projected a loss of $0.15 per share.

The company's loss from operations for the second quarter was $6.9 million, wider than $3.9 million in the same quarter of the earlier year.

ImmunoGen reported that its second quarter total revenues of $9.8 million were lower than $12.1 million in the same quarter of the prior year. Four analysts, on average, anticipated the company to report revenues of $8.49 million.

Total operating expenses for the second quarter increased to $16.7 million from $15.9 million in the same quarter of last year.

Of the total expenses, research and development expenses were $10.7 million, down from $11.8 million in the year-ago quarter. General and administrative expenses rose to $3.5 million from $2.6 million in the previous year quarter.

For the six-month period, ImmunoGen's net loss of $7.2 million or $0.17 per share was narrower than $9.3 million or $0.22 per share in the corresponding period of the previous year.

The company's total revenues for the year-to-date period improved to $21.2 million from $19.8 million in the equivalent period of the earlier year.

Looking ahead, ImmunoGen now targets fiscal year 2008 net loss to be $28-$31 million, compared to its prior outlook of $30-$33 million. Five analysts, on average, estimate the company to report a loss of $0.59 per share.

The company now expects cash used in operations to be between $14-$17 million, compared with previous guidance of $30-$33 million. The company expects capital expenditures to be between $20-$21 million, compared with previous guidance of $8-$9 million for its 2008 fiscal year.

IMGN closed Thursday's regular trading session at $3.48, down 9 cents or 2.52%.

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Elizabeth Arden Q2 Profit Up On Strong International Sales [RDEN]

1/31/2008 7:30:29 PM Elizabeth Arden, Inc. (RDEN), a beauty product company based in Miramar, Florida, on Thursday reported increase in second quarter earnings, on 20% rise in international sales. The company issued third quarter outlook and confirmed fiscal 2008 forecast.

Net income for the second quarter rose to $33.8 million or $1.15 per share from $25.9 million or $0.91 per share. On average, seven analysts polled by First Call/Thomson Financial expected earnings of $1.15 per share.

Net sales increased 2.8% to $422.4 million from $410.8 million in the same period last year. The company attributed the rise to increase in sales in international markets across all brand categories and the global launch of the M by Mariah Carey fragrance. Wall Street expected revenues of $434.50 million.

For the first six months, net income, excluding restructuring charges, was $34.9 million or $1.18 per share, up from $25.8 million or $0.91 per share for the year-ago period. On a reported basis, net income was $34.1 million or $1.16 per share, an increase from $24.5 million or $0.86 per share for the prior year period. Net sales rose 4.3% to $694.2 million from $665.6 million.

According to Scott Beattie, Chairman, President and Chief Executive Officer of Elizabeth Arden, ``The strength of our international business and our focus on operating efficiencies enabled us to achieve our earnings and operating margin targets this quarter despite a difficult holiday season in North America.” For the third quarter, the company expects earnings per share to be in the range of $0.04 - $0.08. Analysts expect earnings of $0.19 per share. Net sales are expected to increase in the low single digits, as compared to the prior year quarter

For fiscal 2008, the company confirmed its earnings per share guidance of $1.65 - $1.75. Analysts expect earnings of $1.69 per share. The company expects net sales for the full year to increase by 3% - 4%.

RDEN closed Thursday's regular trade at $20.05, up $0.53 or 2.72%, on 285,244 shares. The stock added 29 cents in the extended trade.
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