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Thursday, May 14

Blockbuster CEO: Record box office hurt rentals(4:58 pm ET)
CHICAGO (MarketWatch) -- A highly successful first quarter for theatrical films had a negative impact on video rentals at Blockbuster Inc. (BBI: news, chart, profile) , the company's chief executive said Thursday. Speaking during a conference call, CEO Jim Keyes noted that theatrical attendance is up 14% so far in 2009, with six films surpassing the $100 million mark. These films, including "Watchmen" and "Paul Blart: Mall Cop," have pulled traffic away from Blockbuster's stores, "especially on important weekend nights," Keyes told analysts. Competitors Redbox (CSTR: news, chart, profile) and Netflix (NFLX: news, chart, profile) also took a toll during the period, Keyes said, but "non-competitive" factors accounted for most of the reason why Blockbuster's U.S. same store sales declined 11% in the quarter. The CEO also said the worst economic environment in decades played a role, "as existing customers pull back on their discs per visit."

Compuware fourth-quarter profit slips(4:38 pm ET)
SAN FRANCISCO (MarketWatch) - Compuware Corp. (CPWR: news, chart, profile) said Thursday its fiscal fourth-quarter net income fell to $48.4 million, or 20 cents a share, from $61.2 million, or 23 cents a share in the same period a year earlier. The Detroit-based information technology company said revenue in the period ended in March fell to $253.4 million from $338.9 million. Analysts on average had estimated Compuware would post earnings of 19 cents a share on $268 million in revenue, according to data from Thomson Reuters.

Blockbuster profit declines 39% on items(4:16 pm ET)
CHICAGO (MarketWatch) -- Home video rental chain Blockbuster Inc. (BBI: news, chart, profile) said its first-quarter profit declined 39% on costs related to store closures, job cuts and other items, as well as decreased sales at its U.S. stores. Blockbuster said it earned $27.7 million, or 12 cents a share in the first quarter of 2009. In the same quarter a year earlier, it posted a profit of $45.4 million or 20 cents a share. Excluding items, the company would have earned $41.3 million, or 19 cents a share, in the latest three months. Revenue fell to $1.12 billion from $1.39 billion. Analysts polled by FactSet Research were expecting a profit, excluding items, of 15 cents a share on revenue of $1.29 billion. The company reiterated its forecast for 2009 adjusted earnings before interest, taxes, depreciation and amortization in a range of $305 million to $325 million. Blockbuster's first-quarter sales at U.S. stores open at least a year fell 11%, compared with an increase of 2.9% in the same quarter a year ago. Worldwide same-store sales fell nearly 10%.

Nordstrom posts lower profit, raises outlook(4:14 pm ET)
SAN FRANCISCO (MarketWatch) -- Nordstrom, Inc. (JWN: news, chart, profile) on Thursday reported a first-quarter profit of $81 million, or 37 cents a share, down from $119 million, or 54 cents a share, a year earlier. Excluding a gain related to the company's 2007 tax return audit, earnings would have come in at 31 cents a share. Revenue fell 9.2% to $1.71 billion. Analysts polled by FactSet Research had expected the department store chain to post a profit, on average, of 26 cents a share on sales of $1.71 billion. Nordstrom said it expects to report a 2009 profit of $1.25 to $1.50 a share, up from a range of $1.10 to $1.40 a share. Wall Street previously forecast earnings of $1.25 a share.

Vivendi's profit fell 14%, outlook confirmed(12:02 pm ET)
LONDON (MarketWatch) -- French telecoms, media and gaming giant Vivendi SA (FR:VIV: news, chart, profile) on Thursday posted a 14% drop in first-quarter net income to 477 million euros, or 0.40 euro a share, from 555 million euros, or 0.47 euro a share, earned in the year-earlier quarter. Adjusted net income fell 7% to 649 million euros. Revenue climbed 24% to 6.53 billion euros. The group reiterated its outlook for strong growth in earnings before interest, taxes and amortization in 2009.

Lear loses $3.42 a share in quarter(7:19 am ET)
NEW YORK (MarketWatch) -- Lear Corp. (LEA: news, chart, profile) said Thursday that it lost $265 million, or $3.42 a share, in the first quarter. A year ago, Lear earned $78 million, or $1.00 a share, in the period. Sales at the car-seat and accessory maker fell to $2.2 billion from $3.9 billion. Analysts polled by FactSet Research estimated, on average, a loss per share of $1.52 and sales of $2.6 billion.

Kohl's Corp. net income falls 10%(7:16 am ET)
NEW YORK (MarketWatch) -- Kohl's Corp. (KSS: news, chart, profile) said first-quarter net income fell 10% to $137 million, or 45 cents a share, from $153 million, or 49 cents a share in the year-ago period. Sales rose 0.4% to $3.6 billion. Comparable store sales for the quarter dropped 4.2%. Analysts expected earnings of 44 cents a share, according to a survey by FactSet Research. Kohl's expects second-quarter net income of 56 to 64 cents a share.

Brigham Exploration posts big loss on impairments(6:57 am ET)
WASHINGTON (MarketWatch) -- Brigham Exploration Co. (BEXP: news, chart, profile) reported a first-quarter net loss of $119.1 million, or $2.60 a share, a reversal from the prior year's net profit of $1.5 million, or 3 cents a share. The Austin, Texas-based energy company generated quarterly revenue of $18.5 million, down from $25.1 million in the same period last year, as higher production volumes couldn't offset lower oil prices. Brigham Exploration's quarterly loss stemmed mostly from impairment of oil and natural-gas properties, the quarterly results showed. If adjusted to exclude various one-time items including hedging losses, the company said it would have had a quarterly profit of 1 cent a share. The consensus of 11 analysts surveyed by FactSet Research had been for a loss of 10 cents a share. Separately, Brigham Exploration said it plans to sell 30 million common shares under a shelf registration, with the option of offering underwriters up to 4.5 million additional shares if demand warrants.

Tower Semi narrows loss on flat revenue(6:54 am ET)
TEL AVIV (MarketWatch) -- Tower Semiconductor Ltd., (TSEM: news, chart, profile) the Migdal ha'Emek, Israel, chip foundry, narrowed its first-quarter net loss on about flat revenue. The loss was $27.6 million, or 17 cents a share, compared with $29.6 million, or 24 cents, in the year-earlier quarter. Adjusted earnings were $4.4 million against $4.2 million. Shares outstanding rose 29% to 160 million. Revenue rose 0.8% to $58.1 million from $57.6 million. Cost cuts from the merger with Jazz have exceeded expectations, reaching an annual run rate of $80 million, Tower reported.

Gildan profit falls 83%(6:41 am ET)
LONDON (MarketWatch) -- Clothing maker Gildan Activewear Inc. (GIL: news, chart, profile) said Thursday that its fiscal second-quarter net profit fell 83% to $7.1 million, or 6 cents a share, from $42.1 million, or 35 cents a share, a year earlier. The group said the decline was largely due to lower unit sales volumes and significantly lower gross margins. Net sales in the quarter fell 16.7% to $244.8 million. Analysts polled by FactSet had been expecting earnings of 11 cents a share on revenue of $227.4 million.

Emmis 4th-quarter loss widened, revenue off 20%(6:25 am ET)
TEL AVIV (MarketWatch) -- Emmis Communications Corp., (EMMS: news, chart, profile) the Indianapolis media company, reported that its fiscal fourth-quarter loss widened on 20% lower revenue. For the quarter ended Feb. 28, the net loss widened to $156.3 million from $15.8 million in the year-earlier quarter. The loss available to common-share holders was $158.4 million, or $4.32 a share, compared with $18.1 million, or 51 cents, a year earlier. Revenue fell to $68.5 million from $85.4 million. The latest loss reflects a non-cash impairment charge of $163.2 million, a valuation allowance for deferred tax assets of $29.4 million, and lower net revenue, Emmis said. "Across our properties, we see signs that the operating environment is slowly improving," Chairman and Chief Executive Jeff Smulyan said in a statement on Thursday.

Urban Outfitters' quarterly net drops 28%(6:16 am ET)
WASHINGTON (MarketWatch) -- Urban Outfitters Inc. (URBN: news, chart, profile) reported net income of $30.8 million, or 18 cents a share, in the first quarter ended April 30, down from $42.6 million, or 25 cents, earned in the same period last year. The Philadelphia-based specialty retailer generated quarterly sales of $384.8 million, down 2% from the prior year's $394.3 million. Analysts, on average, had been looking for Urban Outfitters to post a profit of 17 cents a share for the latest quarter, according to estimates compiled by FactSet Research. Gross margin narrowed to 37.2% from 40.2%, reflecting in part markdowns on seasonal merchandise. Urban Outfitters is "well positioned to show improvement over the next several quarters," said CEO Glen Senk.

Credit Agricole profit drops 77%(2:56 am ET)
LONDON (MarketWatch) -- Credit Agricole (FR:ACA: news, chart, profile) said Thursday that its first-quarter net profit fell 77% to 202 million euros from 892 million euros as net banking income slipped 1.2% to 4.06 billion euros. Analysts polled by Dow Jones Newswires had been expecting the bank to earn 283.5 million euros in the latest quarter. It said that excluding a year-ago capital gain of 882 million euros on the sale of Suez shares, net banking income would have increased by 25.8%. Operating expenses fell 7.5% to 2.98 billion euros. The bank said its Tier 1 capital ratio at the end of the quarter was 8.8%.

Thomas Cook losses widen, but upbeat on outlook(2:55 am ET)
MADRID (MarketWatch) -- U.K. travel group Thomas Cook (UK:TCG: news, chart, profile) on Thursday said first half pretax losses widened to 280.4 million pounds ($425.1 million), against losses of 233.2 million pounds in the same period a year ago. The group said revenue in the period rose 13% to 3.48 billion pounds, against 3.1 billion pounds in the same period a year ago. Its first-half operating loss narrowed to 110.9 million pounds, versus losses of 131.4 million pounds a year ago. A Reuters poll of three analysts was expecting an operating loss between 116 and 119 million pounds. The group said it remains "confident" it will meet full-year expectations, noting that current trading for summer 2009 is "robust" with selling prices up and margin in line with expectations. "Customers continue to book nearer to departure, however, load factors remain strong with bookings trending towards our capacity levels."

Fortis reports $60 mln profit as inflows dip 2%(2:48 am ET)
LONDON (MarketWatch) -- Belgian insurer Fortis Holding (BE:FORB: news, chart, profile) said Thursday that it made a net profit of 44 million euros ($60 million) in the first-quarter as gross inflows fell 2% to 4.19 billion euros. The firm, which has been broken up, didn't provide a comparable profit figure for the year-ago period. Fortis said its investment portfolio lost 96 million euros in the quarter. The group said inflows in April and the first half of May continued at the levels seen in the first quarter of 2009. The impact of the sale of its banking operations will appear in the group's second-quarter results, the firm said.

KBC reports $4.9 bln loss, gets state guarantee(2:39 am ET)
LONDON (MarketWatch) -- Banking and insurance firm KBC Group (BE:KBC: news, chart, profile) on Thursday said it swung to a first-quarter net loss of 3.6 billion euros ($4.9 billion) from a profit of 554 million euros a year earlier, after taking write-downs of 3.8 billion euros on its exposure to collateralized debt obligations. The group also announced that it has received a state-guarantee on its remaining CDO exposures. The guarantee relates to a notional amount of 20 billion euros, with KBC responsible for a first loss of 3.2 billion euros, which have already been covered by markdowns in the past. The group will pay a 1.2 billion euros premium for the guarantee. It said underlying net profit in the latest quarter fell 37% to 465 million euros mainly due to declines at its Belgian unit and in Central and Eastern Europe.

Aegon swings to loss, continues to cut costs(2:28 am ET)
LONDON (MarketWatch) -- Dutch insurer Aegon (NL:AGN: news, chart, profile) said Wednesday that it fell to a first-quarter loss of 173 million euros ($235 million) from a profit of 153 million euros a year earlier as it continued to focus on freeing up capital and reducing costs. The group said its underlying pretax loss was 22 million euros, while new life sales in the quarter fell 21% to 543 million euros. Impairments of 386 million euros contributed to the overall loss. The group said it released a further 900 million euros of capital during the period. It added that it has achieved around one-third of its planned $150 million annual cost savings during the quarter.

Sony posts first full-year loss in 14 years (2:18 am ET)
TOKYO (MarketWatch) - Sony Corp. reported its first full-year loss in 14 years, although its hit for the fourth quarter was smaller than expected. Sony (SNE: news, chart, profile) (JP:6758: news, chart, profile) reported a net loss of 165.1 billion yen for the fourth quarter and a net loss of 98.9 billion yen for the fiscal year ended in March 2009. The company had posted net income of 29.0 billion yen for the same quarter a year ago and net income of 369.4 billion yen for the fiscal year ended in March 2008. On average, analysts were expecting a net loss of 228.7 billion yen for the quarter and a fiscal year net loss of 173.8 billion yen, according to a survey conducted by Thomson Reuters.

Japex posts 37.5% drop in fiscal year net income(1:11 am ET)
TOKYO (MarketWatch) - Japan Petroleum Exploration Co. Ltd. (JP:1662: news, chart, profile) (JPTXF: news, chart, profile) posted on Thursday a 37.5% drop in its fiscal year net income, but still beat market expectations. The oil and natural-gas exploration company said it saw net income of 12.6 billion yen ($131.8 million) for the fiscal year ended in March, compared with a year-ago net income of 20.1 billion yen. On average, analysts were looking for a net profit of 11.7 billion yen, according to data from FactSet Research. Japex had cut its financial forecasts in February because of a drop in crude-oil prices and strength in the Japanese yen. It expected net income of 11.6 billion yen.
Wednesday, May 13

KongZhong profit rises to 7 cents per ADS(6:14 pm ET)
SAN FRANCISCO (MarketWatch) -- KongZhong Corp. (KONG: news, chart, profile) late Wednesday reported its first-quarter net income rose to $2.5 million, or 7 cents per American depositary share, from $88,000, or breakeven, in the same quarter last year. Excluding items, the Beijing-based wireless services company would have earned 10 cents per ADS. Revenue increased to $29.6 million from $21.4 million a year ago, the company said. Analysts surveyed by FactSet Research had forecast earnings of 3 cents per ADS. The company expects second-quarter revenue of $30.5 million to $31.5 million.

Jack in the Box second-quarter profit rises(4:18 pm ET)
SAN FRANCISCO (MarketWatch) -- Jack in the Box Inc. (JACK: news, chart, profile) late Wednesday reported its second-quarter net income rose to $29.9 million, or 52 cents a share, from $26.2 million, or 44 cents a share, in the same quarter last year. On an adjusted basis, the company would have earned 51 cents a share in the quarter. Revenue was marginally lower at $578.4 million, compared with $588 million a year earlier, the San Diego-based fast food chain said. Analysts surveyed by FactSet Research had forecast earnings of 44 cents a share on revenue of $588.7 million. The fast food chain expects adjusted earnings of $2.08 to $2.20 a share in fiscal 2009.

Whole Foods profit down 32%, sales flat(4:15 pm ET)
SAN FRANCISCO (MarketWatch) -- Whole Foods Market (WFMI: news, chart, profile) late Wednesday reported net income fell 32% to $27.3 million, or 19 cents a share, for its fiscal second quarter. Analysts polled by FactSet Research had expected 18 cents a share. A year ago, Whole Foods posted net income of $40 million, or 29 cents a share. Sales were flat at $1.9 billion. As expected, store traffic slowed at existing stores due to weaker consumer spending. Comparable store sales - a key measure of grocer health -- was negative 4.8% vs. a gain of 6.7% a year earlier. Whole Foods shares closed at $20 ahead of the earnings report. The stock has skyrocketed 112% so far this year.

Ann Taylor sees stronger bottom line ahead(11:01 am ET)
NEW YORK (MarketWatch) -- Ann Taylor Stores Corp. (ANN: news, chart, profile) Chief Executive Kay Krill told share holders that while sales results in the first quarter were softer than expected -- specifically at the Ann Taylor division -- the company expects to report a stronger bottom line than analysts have been expecting. "We did manage our expenses and our inventories very well in the quarter ... we expect to report a first quarter 2009 loss per diluted share that is much better than the current First Call consensus estimate," stated Krill.

Energy stocks fall with broad market(9:37 am ET)
NEW YORK (MarketWatch) -- Energy stocks fell with the broad market on Wednesday ahead of weekly inventory data expected to show a rise in supplies. The Amex Oil Index (XOI: news, chart, profile) fell 1.6% to 946. The Amex Natural Gas Index (XNG: news, chart, profile) dropped 1.9% to 424. PetroChina (PTR: news, chart, profile) rose 1.4% to $105.57 after the chief of China's largest oil producer said it planned to eye overseas acquisitions. Tidewater (TDW: news, chart, profile) fell 1.4% to $45.62.

Tidewater net income rises 28%(7:59 am ET)
NEW YORK (MarketWatch) -- Tidewater Inc. (TDW: news, chart, profile) said Wednesday fourth-quarter net income rose 28% to $109.7 million, or $2.13 a share, from $85.4 million, or $1.63 a share in the year-ago period. Revenue rose to $341.6 million from $331.4 million. Analysts expected the New Orleans owner of 417 vessels serving the global offshore energy industry to earn $1.98 a share on revenue of $345 million, according to a survey by FactSet Research.

Russia's VimpelCom has quarterly loss on currency(7:05 am ET)
WASHINGTON (MarketWatch) -- Vimpel Communications (VIP: news, chart, profile) reported a fourth-quarter net loss of $815.7 million, or 81 cents per American depositary share equivalent, a reversal from net income of $368.1 million, or 36 cents per ADS equivalent, posted in the final three months of 2007. The Moscow-based provider of wireless services cited currency losses of slightly more than $1 billion as the main factor behind the latest quarter's red ink. Revenue rose to $2.56 billion, up from $2.01 billion in the year-earlier fourth quarter, as VimpelCom's base of mobile subscribers rose 18% to more than 61 million. For 2008, the company had net earnings of $524.3 million, or 52 cents per ADS equivalent. The consensus of 18 analysts surveyed by FactSet Research had been for VimpelCom to generate a 2008 profit of $1.29 per ADS equivalent.

Tencent Holdings quarterly net profit $135 mil(5:48 am ET)
HONG KONG (MarketWatch) -- Chinese internet portal Tencent Holdings Ltd. (HK:700: news, chart, profile) reported Wednesday first-quarter net income of HK$1.05 billion ($135.5 million), or 57 Hong Kong cents a share, compared to HK$534 million, or 30 Hong Kong cents, in the year-earlier period. Revenue through January to March totaled HK$2.5 billion, up from HK$1.4 billion.

UniCredit profit down 58% as provisions jump(2:54 am ET)
LONDON (MarketWatch) -- Italian bank UniCredit (IT:UCG: news, chart, profile) said Wednesday that its first-quarter net profit fell 58% to 447 million euros ($610 million) from 1.06 billion euros, while operating income for the quarter increased 2% to 6.56 billion euros. The group said net commission from asset management, custody and administration were down around 25% at 1.85 billion euros. Net write-downs of loans and other provisions rose to 1.65 billion euros from 664 million euros a year earlier.

Astellas fiscal-year net profit $1.77 billion(2:52 am ET)
HONG KONG (MarketWatch) -- Astellas Pharma (JP:4503: news, chart, profile) , Japan's second-largest drugmaker, reported Wednesday it earned a fiscal-year net profit of 170.99 billion yen ($1.77 billion), or 356.11 yen a share, down 3.6% from the 177.44 billion yen, or 349.89 yen a share, in the prior year. Sales were down 0.7% to 965.70 billion yen from 972.59 billion yen. Astellas forecast group net profit for the current business year of 135 billion yen, or 287.22 yen a share.

Allianz profit drops 97%(2:46 am ET)
LONDON (MarketWatch) -- German insurer Allianz (DE:ALV: news, chart, profile) said Wednesday that its first quarter net profit dropped 97% to 29 million euros ($40 million) from 1.15 billion euros, reflecting a charge from the sale of Dresdner Bank and a lower underwriting result. Total revenue for the quarter increased 3.6% to 27.7 billion euros. The group said operating profit fell by 800 million euros to 1.4 billion euros as results declined across its main divisions of property and casualty insurance, life and health insurance and financial services. The firm said it remains cautious about giving an outlook for 2009 and that it expected financial markets will remain volatile through the year.