Wednesday, March 5
TiVo loss narrows(4:12 pm ET)
CHICAGO (MarketWatch) -- TiVo Inc. (TIVO: news, chart, profile) said that its fourth-quarter loss narrowed from the year-earlier quarter. The pioneer of digital video-recording technology reported that it lost $6.4 million, or 6 cents a share, in the latest three months, compared with a loss of $19.5 million or 20 cents a share in the prior year. Service and technology revenue rose to $58.1 million from $57 million. Analysts polled by FactSet Research were expecting a loss of 11 cents a share. In the first quarter of fiscal 2009, TiVo expects to post a net loss of $1 million to $3 million on service and technology revenue of $53 million to $55 million.
Trump Entertainment's fourth-quarter loss widens(8:51 am ET)
NEW YORK (MarketWatch) -- Trump Entertainment Resorts Inc.'s (TRMP: news, chart, profile) fourth-quarter loss widened to $183.2 million, or $5.89 a share, from a year-earlier loss of $9.68 million, or 31 cents a share, hurt in part by asset impairment charges. The Atlantic City, N.J., gaming company said revenue fell 6.4% to $228.6 million from $244.2 million a year ago. On Tuesday, Trump Entertainment shares closed down 21 cents, or 5.4%, to $3.70.
Chico's FAS swings to fourth-quarter loss(7:49 am ET)
NEW YORK (MarketWatch) -- Chico's FAS Inc. (CHS: news, chart, profile) said Wednesday that it swung to a fourth-quarter loss, hurt by weaker same-store sales and an aggressive markdown strategy. The Fort Myers, Fla.-based women's apparel retailer said it lost $20.5 million, or 12 cents a share, in the quarter, compared to a profit of $18.2 million, or 10 cents a share, a year earlier. Sales fell 7.9% to $409.3 million. The company forecasts negative same-store sales in the first half of the year, but sees opportunity for earnings improvement in the second half. Shares of Chico's FAS closed Tuesday at $9.87.
CORRECT: Neiman Marcus profit climbs 8% on 6% sales growth(6:45 am ET)
LONDON (MarketWatch) -- Privately held retailer Neiman Marcus said in a filing to the Securities and Exchange Commission that net income rose 8% to $44.3 million in the second quarter to Jan. 26, with revenue up 6% to $1.37 billion. The firm, owned by TPG Capital and Warburg Pincus, said comparable revenue rose 3.7% during the quarter and it also said selling costs compared to revenue fell because of higher Internet revenue and lower annual incentive compensation. (Corrects quarterly information.)
Big Lots' quartely net profit slips(6:24 am ET)
LONDON (MarketWatch) -- Big Lots, Inc. (BIG: news, chart, profile) said fourth-quarter net profit fell 12% to $92 million from $104.3 million a year earlier. Earnings per share rose to $1.04 from 94 cents. Excluding one-time items, profit dipped 7% to $85.6 million. Wall Street analysts, on average, expected earnings of 93 cents a share, according to a survey conducted by FactSet. Sales for the quarter declined 9% to $1.41 billion. Sales at stores opened for at least two years fell 0.6%. In 2008 the retailer said it expects earnings from continuing operations in the range of $1.70 to $1.80 a share and same-store sales to rise between 1% and 2%. It sees first-quarter earnings from continuing operations of 30 cents to 35 cents a share.
K-Tron profit rises 40% to record level(6:15 am ET)
LONDON (MarketWatch) -- K-Tron International Inc. (KTII: news, chart, profile) said Wednesday that its fourth-quarter net profit rose 40% to a record $6.3 million, or $2.18 a share, from $4.5 million, or $1.57 a share, a year ago. Revenue for the quarter rose 33% to $59.1 million. The company, which manufactures material handling equipment for utility, paper and mining industries, said growth was strongest in its process group in Europe, the Middle East and Asia.
Northwest Pipe 4th-period net off 6.9%, sales flat (5:18 am ET)
TEL AVIV (MarketWatch) -- Northwest Pipe Co., (NWPX: news, chart, profile) the Portland, Ore., producer of steel pipe and other products, reported fourth-quarter net income fell 6.9% on about flat sales. Earnings fell to $5.6 million, or 60 cents a share, from $6 million, or 72 cents, in the year-earlier period. Shares outstanding rose 11% to 9.3 million. Sales rose 0.7% to $98.2 million from $97.5 million. The water-transportation operations' performance stood out, President and Chief Executive Officer Brian W. Dunham said in a statement on Wednesday. Bad Midwest weather hit the tubular products group, he said. On the cost side, steel prices have risen rapidly in the past few months. The backlog is $212 million and "the market continues to look very active in 2008," he said. The second half of the year should be better than the first, he said.
Insituform 4th-period net fell 2.8% on 4% lower revenue(4:21 am ET)
TEL AVIV (MarketWatch) -- Insituform Technologies Inc., (INSU: news, chart, profile) the Chesterfield, Mo., provider of technology and services to rehabilitate underground sewer and pipe systems without digging, reported fourth-quarter net income fell 2.8% on 4% lower revenue. Earnings were $10.1 million, or 37 cents a share, compared with $10.4 million, or 38 cents, in the year-earlier period. Revenue slipped to $130 million from $135.4 million. Earnings from continuing operations were 33 cents against 37 cents.
Frozen Food Express swings to 4th-quarter loss(4:13 am ET)
TEL AVIV (MarketWatch) -- Frozen Food Express Industries Inc., (FFEX: news, chart, profile) the Dallas operator of trucks carrying perishable goods, swung to a fourth-quarter net loss from net income a year earlier on 4.9% higher revenue. The loss was $3.5 million, or 21 cents a share, compared with profit of $4.3 million, or 24 cents, in the year-earlier period. Shares outstanding fell 6.6% to 16.7 million. Revenue reached $117.9 million from $112.4 million. Net of fuel surcharges, revenue was nearly flat at $96 million. For 2008, the company "has a genuine shot at a profit," as it keeps a close eye on costs, Chairman and Chief Executive Officer Mit Stubbs said in a statement late on Tuesday. For 2007, the company reported a loss of $7.7 million, or 45 cents a share.
Allegiant Air February load factor widened 5.5 points(3:33 am ET)
TEL AVIV (MarketWatch) -- The Allegiant Air unit of Allegiant Travel Co., (ALGT: news, chart, profile) the Las Vegas travel-services provider, reported that in February its scheduled-service load factor widened to 86.4% from 80.9%. Load factor measures the percentage of seats filled with paying passengers. The systemwide load factor, which includes contract and non-revenue flights, widened to 83.9% from 79.7%. Total traffic rose 55% in scheduled service, to 301.2 million revenue passenger miles, and 44% systemwide, to 330.4 million miles.
PartyGaming profit down 68%, CEO to leave(2:39 am ET)
LONDON (MarketWatch) -- Online gambling firm PartyGaming (UK:PRTY: news, chart, profile) said Wednesday that its 2007 net profit fell 68% to $41.6 million due to the introduction of U.S. anti-gambling laws which forced it to stop dealing with customers in the country in late 2006. Excluding discontinued operations, the firm swung to a profit of $13.9 million from a loss of $83.4 million and revenue rose 46% to $476 million, reflecting strong growth in Europe. The firm also said that its CEO Mitch Garber doesn't intend to renew his contract when it expires on May 1, 2009 as he wants to return to North America.
Tuesday, March 4
Fremont General says it got default notices (9:39 am ET)
SAN FRANCISCO (MarketWatch) -- Fremont General (FMT: news, chart, profile) said on Tuesday that it got default notices from two affiliated entities that purchased a total of $3.15 billion of residential subprime mortgage loans from the company in March 2007. As part of the deals, Fremont promised that its tangile net worth wouldn't drop below $250 million. If that happened, Fremont agreed to make up the difference, either in cash or a letter of credit. Fremont said it probably won't be able to comply with that obligation. If the purchasers file a lawsuit against the company and it can't successfully defend that litigation, "its ability to continue to conduct business as a going concern would be called into question," Fremont said. Fremont shares fell rouhly 10% in early trading on Tuesday.
Porsche first-half pretax profit rises 24%(9:07 am ET)
LONDON (MarketWatch) -- Porsche (DE:693773: news, chart, profile) reported a 24% rise in profit before tax in the six months to Jan. 31 to 1.66 billion euros ($2.5 billion), helped by its stake in Volkswagen and by revenue rising 14% to 3.49 billion euros. The sports car maker sold 17% more vehicles than a year ago to 46,736 units.
Conseco reschedules earnings release(8:31 am ET)
NEW YORK (MarketWatch) -- Conseco Inc. (CNO: news, chart, profile) said Tuesday that it has filed with the Securities and Exchange Commission to formally extend the due date of its annual report to March 17 because it hasn't yet finalized its Dec. 31 financial statements. The Carmel, Ind.-based insurance company said it expects its quarterly net income to be about breakeven. It has also been consulting with the SEC staff about its accounting policy for long-term care premium rate increases. Conseco plans to report fourth-quarter results on March 17. Shares of Conseco closed Monday at $11.64.
Xinyuan Real Estate profit up 81% excluding one-time charge(7:07 am ET)
LONDON (MarketWatch) -- Chinese Residential real estate developer Xinyuan Real Estate Co. (XIN: news, chart, profile) said Tuesday that its fourth-quarter net income rose 81% to $6.6 million as revenue more than doubled to $91.4 million from $42.7 million. Earnings attributable to shareholders, however, fell to a loss of $1.53 a share, or $3.06 per American depository share, due to a $182 million one-time charge as a result of a waiver of the conversion option in certain convertible shares.
Simcere Pharma 4th-quarter net up 44%, revenue up 56%(6:49 am ET)
TEL AVIV (MarketWatch) -- Simcere Pharmaceutical Group, (SCR: news, chart, profile) the Nanjing, China, generic-drug maker, reported fourth-quarter net rose 44% as revenue rose 56%. Profit reached 78.7 million renminbi ($10.7 million), or 1.21 renminbi (US$0.17) a share, from 54.1 million renminbi, or 0.54, in the year-earlier period. Revenue reached 398.6 million renminbi from 255 million. The company expects to earn 390 million to 400 million renminbi in 2008 on revenue of 2 billion to 2.1 billion renminbi.
U.S. Concrete loss widens after goodwill charge(6:17 am ET)
LONDON (MarketWatch) -- U.S. Concrete Inc. (RMIX: news, chart, profile) said Tuesday that its fourth-quarter net loss widened to $80.2 million, or $2.09 a share, from $23.8 million, or 63 cents a share, a year earlier. Revenue for the quarter held roughly flat at $198.7 million as higher ready-mixed concrete prices were offset by lower volumes. The company said its loss included a $1.99-a-share non-cash charge to reduce the carrying value of its goodwill. Adjusted income from continuing operations was 2 cents a share for the quarter, in line with the company's guidance. U.S. Concrete says it expects to report a loss from continuing operations of 13 cents to 19 cents a share in the first quarter of 2008.
ABM Industries 1st-period net off; outlook is lifted(4:28 am ET)
TEL AVIV (MarketWatch) -- ABM Industries Inc., the New York facilities-services provider, reported fiscal first-quarter net income fell 27%, boosted its full-year earnings outlook, and lifted its quarterly dividend 4.2%. For the quarter ended Jan. 31, earnings fell to $6.4 million, or 13 cents a share, from $8.7 million, or 18 cents, in the year-earlier period. Adjusted earnings nearly doubled to $18 million from $9.3 million. Revenue reached $922.6 million from $703.5 million. For fiscal 2008, the company now expects to earn $1 to $1.15 a share, or an adjusted $1.20 to $1.35. ABM raised its quarterly payout to 12.5 cents a share from 12 cents, payable May 5 to holders of record April 10.
ProSiebenSat.1 net drops 63% on cartel fine, interest costs(2:43 am ET)
LONDON (MarketWatch) -- ProSiebenSat.1 Group (DE:777117: news, chart, profile) , Germany's largest television company, said its annual profit slumped 63% to 89.4 million euros ($136 million), hurt by a 120 million euro fine by Germany's Federal Cartel Office, higher operating costs and higher interest exepnses from financing the SBS acquisition. On an adjusted basis, its earnings before interest, tax, depreciation and amortization would have climbed 36% to 661.9 million euros, as revenue rose 29% to 2.7 billion euros on the SBS deal as well as strong international growth and organic growth in the German-speaking region. The company said it's going to focus on its competitive position in free television by focusing on content and launching new channels, and it expects growth revenue and profits this year.
Premier Foods swings to loss, cuts dividend(2:42 am ET)
LONDON (MarketWatch) -- Premier Foods (UK:PFD: news, chart, profile) said Tuesday that it swung to a loss of 63.3 million pounds in 2007 from a profit of 47.1 million pounds a year earlier due to rising ingredient costs and the impact of integrating recent acquisitions. The group said revenue jumped to 2.25 billion pounds from 840.7 million pounds due to the acquisition of RHM and the U.K. and Ireland operations of Campbell Soup. Among the hardest hit operations was the company's bread business, which saw its trading profit roughly halved. Given the high costs in 2007 and the potential for further inflationary pressure in 2008, Premier Foods said it would cut its dividend by 46% to 6.5 pence a share.
NXP Semiconductors operating profit up 13.5%(2:33 am ET)
LONDON (MarketWatch) -- NXP Semiconductors, the Eindhoven, Netherlands chipmaker held by KKR Private Equity (KPEGF: news, chart, profile) , Philips Electronics (PHG: news, chart, profile) and other investors, said fourth-quarter adjusted operating profit rose 13.5% to 243 million euros, with sales up 9.3% on a comparable basis to 1.16 billion euros. Its book-to-bill ratio was 0.89. The chipmaker said it grew in line with the market, and reiterated that it expects to play an "active role in industry consolidation." On a comparable basis, sales in the first quarter should fall 9% to 13% from the fourth quarter, or a low single-digit rise when compared to the year-ago quarter. The fourth quarter marks the last in which it will report results in euros, as it will change to dollars to increase comparability with peers.
Cable & Wireless sets five-year growth targets(2:29 am ET)
LONDON (MarketWatch) -- U.K.-listed telecom group Cable & Wireless (UK:CW: news, chart, profile) said Tuesday that it's set a new five-year growth plan for its Europe, Asia and U.S. business. The plan targets annual revenue growth of between 5% and 8% a year and growth in earnings before interest, taxes, amortization and depreciation of between 20% and 25% a year. The group said future revenue growth for Europe, Asia and the U.S. will be driven by customers' adoption of new applications, including digital marketing and video-conferencing.
Monday, March 3
Knight Vinke: Much of HSBC net rise from one-offs, FX(12:08 pm ET)
LONDON (MarketWatch) -- Activist investor Knight Vinke said on Monday that much of HSBC Holdings's (HBC: news, chart, profile) (UK:HSBA: news, chart, profile) earnings growth came from "one-offs, acquisitions and currency changes rather than from underlying improvements in operating performance." But it added that HSBC has "gone a long way" to address concerns about corporate governance and board independence. The problems at its HFC arm are worse than thought, Knight Vinke added, and it said the U.S. division can't support the $150 billion in debt on its balance sheet.
Sunrise Senior Living reports preliminary Q4 results(9:32 am ET)
NEW YORK (MarketWatch) - Sunrise Senior Living Inc. (SRZ: news, chart, profile) on Monday reported some preliminary financial results for its quarter ended Dec. 31. McClean, Va.-based Sunrise said revenue under management rose 7% to $617 million in the fourth quarter from $576 million in the prior-year period. Fourth-quarter same-community revenue increased 5.9%. The company said it expects the impact of previously disclosed restatement issues will reduce net income for all affected periods, including 1996 through 2005, by about $140 million, excluding stock option adjustments and revenue recognition related to its Greystone subsidiary.
Hormel Foods sets sales target(7:50 am ET)
NEW YORK (MarketWatch) -- Hormel Foods Corp. (HRL: news, chart, profile) said Monday that by 2012, it intends to achieve $2 billion of sales from products created since 2000. Shares of the Austin, Minn., processed food company closed Friday down $1.06, or 2.5%, at $40.86.
Bunge corrects 2 figures in 2007 reports; no effect on net(6:43 am ET)
TEL AVIV (MarketWatch) -- Bunge Ltd., (BG: news, chart, profile) the White Plains, N.Y., agribusiness and food company, said that in its annual report, filed Monday with the Securities and Exchange Commission, it corrected 2007 net sales and cost of goods sold, which were overstated in its 2007 preliminary report. The corrections total about $7 billion for the two figures and do not affect segment operating profit, net income, or earnings per share, Bunge said. The company said that the errors reflected "material weaknesses" in its internal financial-reporting controls and that it would remedy the weaknesses.
Polypore buys a company and lifts full-year profit estimate(6:23 am ET)
TEL AVIV (MarketWatch) -- Polypore International Inc., (PPO: news, chart, profile) the Charlotte, N.C., filter producer, bought a producer of battery-separator membranes and, as a result of the deal, increased its estimate of its earnings for fiscal 2009, ending Jan. 3. Polypore acquired Microporous Holding Corp. of Piney Flats, Tenn., from Industrial Growth Partners II, the San Francisco private-equity firm, and other holders. Polypore said in a statement on Monday that the deal is valued at $76 million, including the purchase price and assumption of debt. Polypore now expects to earn 90 cents to $1.01 a share in fiscal 2009 on sales of $580 million to $605 million. A survey of four analysts by FactSet Research produced a consensus estimate of 87 cents a share for the year.
HSBC could sell portfolios, committed to rebuilding U.S. arm(6:18 am ET)
LONDON (MarketWatch) -- Michael Geoghegan, CEO of HSBC Holdings (UK:HSBA: news, chart, profile) (HBC: news, chart, profile) (HK:5: news, chart, profile) on Monday told an analyst conference the bank would consider selling portfolio's of U.S. debt, but only if it could get a sensible price. But he also effectively dismissed calls from some investors for it to exit its U.S. operations. Geoghegan said the bank wants to protect its U.S. franchise because, when the subprime crisis settles down, there will be fewer competitors, creating some opportunities for growth.
HSBC profit climbs 21%, loan impairment charges soar(3:35 am ET)
LONDON (MarketWatch) -- HSBC Holdings (UK:HSBA: news, chart, profile) (HBC: news, chart, profile) (HK:5: news, chart, profile) said Monday that its net profit for 2007 rose 21% to $19.13 billion even after profits in North America were virtually wiped out by rising bad debt charges. The result came in ahead of market expectations as the bank reported strong profit growth in other regions, including 42% pretax profit growth in Hong Kong to $7.34 billion. In the U.S., pretax profit fell over 98% to $91 million as total impairment charges for the group rose 63% to $17.24 billion. The bank also raised its total dividend payout for the year by 11.1% to 90 cents a share and named four new appointments to its board of directors.
Arcadis 4th-quarter net up 22%, revenue up 24%(2:27 am ET)
TEL AVIV (MarketWatch) -- Arcadis NV, (ARCAY: news, chart, profile) (NL:35855: news, chart, profile) the Arnhem, Netherlands, engineering firm, reported fourth-quarter net income up 22% on 24% higher gross revenue. Net reached 17.8 million euros, or 0.88 euro a share, from 14.6 million, or 0.72, in the year-earlier period. Gross revenue rose to 422.3 million euros from 341.5 million. Net revenue, the part of revenue produced by Arcadis's staff, rose 21%. Of that figure, 16% was derived from acquisitions. Currency fluctuations knocked 4% off net revenue. Arcadis proposed to lift the dividend for 2007 to 1.23 euros a share from the 2006 payout of 1 euro a share. It has boosted its goal of growth in earnings per share, excluding currency effects, now targeting a rise of 15% a year.
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