17:32 EAT Brinker announces prelim Q2 EPS below consensus; Reports Preliminary Comparable Restaurant Sales
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17:30 SGEN Seattle Genetics Earns Milestone Payment from Initiation of SGN-40 Phase Ib Clinical Trial in Combination with Rituxan for Non-Hodgkin Lymphoma
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17:30 ITW Illinois Tool Works Inc. Acquires Baking Equipment Business Peerless Machinery Corp.
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17:23 LBTYA Liberty Global announces new $500 mln stock repurchase program (37.38 +0.01) -Update-
17:19 MBTF MBT Financial announces credit related charges (8.43 +0.01)
Co announced that it increased its provision for loan losses to $4.9 mln in Q4 of 2007. This is compared to a provision of $1 mln in Q3 of 2007 and $1.2 mln in Q4 of 2006. The Co also recorded a charge of $600,000 to write down the value of other real estate owned.
17:16 LBTYA Space Systems/Loral selected to provide high capacity (32.95 -0.26)
LORL announced that its subsidiary, Space Systems/Loral, was selected to provide a high capacity broadband satellite for ViaSat (VSAT). The new spacecraft is scheduled to launch in 2011 and is expected to provide more than 15 years of service life.
17:16 OMEX Odyssey Marine Exploration appoints Greg Stemm as Chairman and Chief Executive Officer (5.15 +0.13)
Co has appointed Odyssey Co-founder Greg Stemm to the positions of Chief Executive Officer and Chairman of the Board effective January 3, 2008. The Board also appointed two new directors, Mark D. Gordon and Bradford B. Baker, and selected Dr. David Bederman to serve as Lead Director effective January 1, 2008. Stemm will replace Co-founder John C. Morris as CEO and Chairman who on January 3, 2008 transitioned to a consulting role with Odyssey Marine Exploration.
17:09 ARQL ArQule announced that it has initiated a search for a successor to Dr. Stephen A. Hill, its current president and chief executive officer, (5.58 -0.22)
Co announced that it has initiated a search for a successor to Dr. Stephen A. Hill, its current president and chief executive officer, who has communicated to the board of directors his intention to leave ARQL in early 2008. Peter S. Lawrence, who was recently appointed to the position of chief operating officer, will take operational responsibility for leadership of the Co, with accountability to the chairman of the board, Patrick J. Zenner. Dr. Hill will remain in his position until his departure and will continue to provide strategic advice and support to Lawrence and the executive team at ARQL until a new president and chief executive officer is appointed. A search committee has been appointed by the board and will consider Lawrence and external candidates for the CEO position.
17:08 Writers Guild of America reaches pact with United Artist – Bloomberg
17:07 EMAK EMAK Worldwide provides growth assumptions for fiscal years 2008 through 2011 (1.00 +0.00)
Co announced that it has updated its investor fact sheet outlining its current investment highlights. The co outlined its growth assumptions for the fiscal years 2008 through 2011. The co anticipates greater profitability over the coming years assuming solid growth in its Agency Services segment, modest growth in its Consumer and Promotional Products segment and operating expenses aligned with revenue levels, resulting in improving EBITDA. Sees EBITDA of $2 mln in 2008, $6 mln in 2009, $10 mln in 2010 and $12 mln 2011.
17:05 HRH Hilb Rogal & Hobbs acquires Integrated Group Benefits; terms not disclosed (39.20 +0.21)
17:05 RPT Ramco-Gershenson announces two joint venture acquisitions and favorable financing terms (20.44 +0.37)
Co announced that it has acquired Olentangy Plaza in Columbus, Ohio and Market Plaza in Glen Ellyn, Illinois (a suburb of Chicago) as part of its $450 mln joint venture with an investor advised by Heitman LLC. The shopping centers have an aggregate value of $69 mln bringing the total amount invested by the joint venture to $265 mln. The two acquisitions, as well as The Shops on Lane Avenue, which was acquired by the joint venture in early December, were financed at rates below 6.0% with interest only debt for five years at ~65% loan to value.
17:04 TSRI TSR, Inc. reports Q2 EPS of $0.08 vs $0.09 yr ago; revs rise 4.9% to $13.2 mln (4.12 +0.07)
17:03 TISI Team beats on top and bottom line, raises guidance (32.76 +0.27)
Co reports Q2 EPS $0.40 vs $0.37 First Call consensus; revs rose 47% YoY to $122.3 mln vs $110.98 mln First Call consensus. Co raises FY08 EPS to $1.10-1.20 vs $1.17 First Call consensus; raises FY08 revs to $450 mln vs $438.7 mln consensus.
17:02 BLUD Immucor Earnings Follow-up (32.99 -0.69)
The co missed earnings for the first time in 8 quarters and for the first time since March of ‘04, rev growth has been this low. Revenue for the fiscal second quarter was $61.9 mln, up 14% from $54.4 mln in the same period last year. Rev benefited from the effect of the change in the Euro, Japanese Yen and Canadian dollar exchange rates increased sales by approximately $1.9 mln — In previous quarter there was a benefit of $0.8 mln from FOREX… Gross Margin was 67.6% compared to a 72.1% First call consensus — gross margin was 72.1% in the previous Q… In the second quarter the co received 41 Echo orders in the United States and another 14 Echo orders in the rest of the world for a total of 55 in the quarter… BLUD also received orders for 24 Galileo in the United States in the second quarter and another 12 Galileo orders in the rest of the world for a total of 36 in the quarter…The co also decreased R&D expense by roughly $400k q-o-q, which translates a decrease from 3.3% of sales to 2.3%.
17:02 GRB Gerber Scientific announces shipment delayed to Q1 FY 2009; Lowers FY08 guidance (9.50 -0.22)
Co announced a delay in volume shipments of its new Solara ion inkjet printer. Gerber had expected to start volume shipments in the fourth quarter of this fiscal year, and now expects shipments in the first quarter of fiscal year 2009, which begins May 1, 2008. Because of the delay in volume shipments of the Solara ion, Gerber Scientific lowered the previously issued earnings guidance for the current fiscal year to a range of $0.61-0.71 per share vs $0.63 consensus.
17:00 TISI raises FY08 EPS to $1.10-1.20 vs $1.17 First Call consensus; raises FY08 revs to ~$450 mln vs $438.7 mln consensus
16:59 TISI prelim $0.40 vs $0.37 First Call consensus; revs $122.3 mln vs $110.98 mln First Call consensus
16:58 TWB Tween Brands reports 9-week comparable sales of +9% vs +4% for year ago (26.51 +1.28)
Co reports that comparable store sales for the nine-week period rose 4% at Limited Too and 31% at Justice, for a consolidated comparable store increase of 9% vs 4% during the same period last year. “Our sales for November and December exceeded our expectations,” said Mike Rayden, Tween Brands CEO. “Both Limited Too and Justice delivered increases in comparable store transactions and our disciplined inventory management has made it possible to finish a challenging 2007 in a much cleaner inventory position compared to last year,” said Rayden.
16:54 CCF Chase Corp beats on Q1 EPS, misses on revs (25.89 +0.86)
Co reported Q1 EPS of $0.41 vs $0.36 First Call consensus and revs of $34.6 mln vs $35.32 mln First Call consensus, representing an increase of $3.4 mln or 11% compared to revenues of $31.2 mln in the same period last year.
16:50 CCF prelim $0.41 vs $0.36 First Call consensus; revs $34.6 mln vs $35.32 mln First Call consensus
16:46 ROY International Royalty enters agreement to acquire 16 royalties from Rio Tinto for $61.5 mln (5.44 -0.35)
Co announces that it has entered into a definitive purchase and sale agreement to acquire 16 mineral royalties from Rio Tinto (RTP), including interests on the near-producing Las Cruces copper and Avebury nickel mines, for $61.5 mln in cash, plus a potential contingency payment. At current metal prices it is expected that these royalties will contribute $3 mln in gross rev to ROY in 2008 (reflecting project start-up phases for Las Cruces and Avebury) and more than $10 mln per year once the mines achieve steady production rates. This would represent approx an 8% and a 25% increase in projected ROY revs during 2008 and 2009, respectively. This acquisition would enhance ROY’s commodity exposure by adding four gold, four diamond, two uranium, three copper and three nickel royalties to ROY’s portfolio.
16:44 EGP EastGroup announces $200 mln credit facility and $78 mln mortgage loan (41.73 +1.24)
16:43 SBUX Starbucks announces strategic initiatives to increase shareholder value and Chairman Howard Schultz returns as CEO; conference call today at 5:30pm ET (19.25 +0.27) -Update-
Co announcea a series of initiatives aimed at driving shareholder value by refocusing the co on providing customers with the distinctive Starbucks Experience and building on Starbucks legacy of innovation. To accomplish this objective, the Board has appointed Howard Schultz, chairman, to take on the additional role of chief executive officer, effective immediately, replacing Jim Donald, who is leaving the Company. Schultz served as chief executive officer of the co from 1987 to 2000. Schultz stated that his agenda will include: improving the current state of the U.S. business by refocusing on the customer experience, slowing the co’s pace of U.S. store openings and closing a number of underperforming U.S. store locations, re-aligning Starbucks organization and streamlining the mgmt and accelerating expansion and increasing the profitability of Starbucks outside the U.S. Co plans to hold conference call today at 5:30 pm EST.
16:42 KWK Quicksilver Resrcs announces two-for-one stock split (57.52 -0.88)
Co announces that its board of directors has unanimously approved a two-for-one split of the co’s outstanding common stock. The stock split is applicable to stockholders of record at the close of business on January 18, 2008. The stock split will be accomplished through a stock dividend to be issued on January 31, 2008. Following the split, Quicksilver will have approximately 158 million common shares outstanding.
16:39 EPHC Epoch Holdings assets under mgmt grow to $6.7 bln (13.08 +0.38)
Epoch Investment Partners, a investment manager and investment adviser and the operating subsidiary of EPHC, announced that its assets under management increased almost 5% to $6.7 bln as of December 31, 2007, from $6.4 bln as of September 30, 2007.
16:38 VSAT ViaSat: Eutelsat, ViaSat form strategic partnership – WSJ (32.15 -0.22)
WSJ reports french satellite operator Eutelsat and U.S. equipment provider ViaSat have formed a strategic partnership to offer new types of consumer Internet services that rely on advanced satellites designed to have many times the transmission capacity of current models. By sharing technical breakthroughs, marketing concepts and capital expenditures, the companies are trying to create an innovative business model for wholesaling Internet-via-satellite links. The goal is to deliver faster, more flexible and less expensive broadband connections than those typically provided by existing satellite or ground-based rivals on both sides of the Atlantic. The cos believe they can do this with more efficient use of spectrum in space – squeezing more data into the same signal stream – combined with ground equipment that is optimized to handle high-volume video downloads and Internet traffic. Each co has committed itself to separately build and launch a satellite, at a combined cost of around $700 mln, with 10 to 15 times greater capacity than many already in orbit.
16:35 ISIS ISIS Pharm trading resumes (26.00 -0.44) -Update-
16:35 OMNI OMNI Energy Srvs Chief Executive Officer James Eckert to retire in 2008 (4.75 -0.20)
Co reported that James Eckert, President and Chief Executive Officer, announced his intention to retire during 2008. Eckert will continue serving as the chief executive officer, will assist the co with the appointment and transition of the co’s next CEO, and has agreed to serve as a consultant to the co after his retirement. Eckert and the co have also agreed to a transition plan, the terms of which are disclosed on a Form 8-K filed with the Securities and Exchange Commission.
16:33 ELOY eLoyalty announced that it has recently signed two additional Behavioral Analytics contracts (10.96 -0.60)
Co announced that it has recently signed two additional Behavioral Analytics contracts: a Deployment contract with a national utility company and an Assessment contract with a very large HMO. Co says managed services backlog is expected to reach nearly $73 mln at year end. Based on the increases in Managed Services Backlog, the company currently expects that its first quarter 2008 Managed Services revenue will grow to a record of approximately $10.8 mln.
16:33 Circuit City reports Dec same store sales of -11.4% (4.21 +0.27)
16:31 CC Circuit City reaffirms 4Q08 guidance and announces December sales (4.21 +0.27) -Update-
Co reaffirms the guidance provided in its Q3 results release on Dec 21, 2007. Assuming the sales and margin trends that the co experienced late in Q3 continue for the balance of Q4 of the fiscal year, the co continues to expect to report a modest loss from continuing operations before income taxes in Q4 driven by a pre-tax loss in the domestic segment. Co also reports Dec same store sales of -11.4%. The CEO states, “…The company saw significantly improved performance over the last two weeks of the month, but the sales improvement was not enough to offset the weakness experienced at the beginning of the month…”
16:31 LEAP Leap Wireless announced that it gained approximately 152,000 net customer additions during Q4 (37.84 -1.43)
Co announced that it gained approximately 152,000 net customer additions during the fourth quarter of 2007, bringing the total number of net additions for 2007 to approximately 634,000. In addition, customer churn for the fourth quarter of 2007 was 4.2 percent. Leap ended the year with approximately 2.86 million customers.
16:31 URS URS’ Washington division wins task order to deactivate former nuclear research facility valued at $67 mln (49.86 -2.32)
The co announces that its Washington Division has been awarded a $67 mln task order by the U.S. Department of Energy to deactivate and demolish the Separations Process Research Unit, a former nuclear research facility in Niskayuna, New York. SPRU, which is located at the Knolls Atomic Power Laboratory, was operated from 1950 to 1953 as a pilot plant to research chemical processes to extract uranium and plutonium from irradiated uranium.
16:31 HMX Hartmarx sees FY07 revs below consensus; sees Fy08 revs in-line with consensus, sees EPS below consensus (3.16 -0.14)
Co says commented, “Under intense competitive pressures and in a difficult environment, retailers serving the moderate tailored price points have continued to narrow the number of brands offered for sale, while increasing their private label offerings through direct sourcing. In the past two years, we have tried to deal with this and the increased demands for price allowances by gradually and opportunistically shrinking our business in this category. This clearly has not been enough. Accordingly, we have taken significant actions additional actions to eliminate several lines of moderate priced tailored clothing, which will significantly adversely impact fourth quarter and full year results for 2007, but which are expected to better position the Company for an earnings recov for the full year 200 Co sees FY07 EPS of $0.11-0.13, incl charges, may not be comparable to $0.24 First Call consensus. Co sees FY08 EPS of $0.30-0.40 vs $0.49 First Call consensus, sees revs of $580-600 mln vs $593.0 mln consensus. Co sees Q1 Y08 EPS of ($0.09) vs $0.02 First Call consensus, sees rve sof $~$120 mln vs $128.3 mln consensus.
16:30 SIRT Sirtris Pharma announces positive results with proprietary version of Resveratrol, SRT501, in a Phase 1b Type 2 diabetes clinical study (13.19 +0.07)
Co announces that the co’s first product to enter the clinic, SRT501, was found to be safe and well-tolerated, and was found to significantly lower glucose in an oral glucose tolerance test conducted as part of a 28 day Phase 1b clinical study in patients with Type 2 Diabetes. Both doses of SRT501 were found to be safe and well-tolerated, and pharmacokinetics, a measure of drug levels in the blood, were identical at days one and 28, suggesting no drug accumulation. There were no serious adverse events and no dose-related adverse events. Importantly, SRT501 showed a statistically significant improvement in an oral glucose tolerance test on day 28 at two hours and a trend towards lower fasting plasma glucose levels.
16:30 NCX NOVA Chemicals announces Chris Pappas appointed President and COO (30.43 -0.32)
16:29 CBB Cincinnati Bell acquires GramTel for $20 mln (4.31 +0.01)
Co announces that it has acquired the assets of GramTel in a transaction valued at approximately $20 mln. GramTel is a subsidiary of Jordan Industries and provides disaster recovery/business continuity services, data backup and co-location services. The co expects 2007 revenue of roughly $5 million, an increase of 73 percent from 2006.
16:22 LXRX Lexicon Pharma sees 2008 revs from existing contractual relationships $32-34 mln (2.84 -0.03)
From today’s 8-k, “Based on preliminary, unaudited financial data, we had cash and investments of approximately $258 million at December 31, 2007, including cash and investments held by Symphony Icon, Inc. We expect to achieve revs for 2008 from existing contractual relationships in the range of $32-34 mln. We expect our 2008 total operating expenses will be in the range of $145-155 mln. We expect our 2008 net cash used in operations, taking into account cash received under existing contractual relationships but without giving effect to cash received under any new agreements, will be in the range of $109-119 mln and our 2008 capital expenditures will be approximately $4 mln.”
16:18 WLP WellPoint discloses they expect to reaffirm guidance during their analyst meeting on Jan 7-8 (89.28 +1.71)
In their 8-K, WLP disclosed that they expect to meet with securities analysts and investors during the period commencing on Jan 7, 2008 and ending on Jan 8, 2008. During these meetings, the officers expect to confirm WLP’s ability to meet the earnings per share expectations given in a press release and webcast on Dec 11, 2007 and in a press release and conf call on Oct 24, 2007.
16:17 WBSN Websense sees Q4 revs, billings to exceed previous guidance (16.06 -0.34)
Co sees Q4 non-GAAP revs to exceed previous guidance of $76-79 mln vs $77.3 mln consensus; co sees Q4 billings above previous guidance of $92-95 mln. CEO says, “Just three months after the close of the SurfControl acquisition, we are already seeing positive results. Although it is too early to provide detailed financial metrics, our team has executed effectively on all major aspects of the integration.”
16:17 BAS Basic Energy Services reports selected operating data for December 2007 (20.95 -0.53)
Co reported selected operating data for the month of December 2007. During the month, Basic added five newbuild rigs and retired three rigs, increasing its well servicing rig count to 387 as of December 31, 2007. Rig hours for the month of December 2007 were 59,800 producing a rig utilization rate of 67%, a decrease from 71% and 81% in November 2007 and December 2006, respectively. Drilling rig days for the month of December 2007 were 274 producing a rig utilization of 88%, an increase from 82% and 81% from November 2007 and December 2006, respectively. Basic decreased its fluid service truck fleet by a net of two trucks bringing its total to 645 trucks as of December 31, 2007. “As we expected, activity in December declined from November as a result of the Christmas holiday period. Weaker demand in gas-oriented markets was the primary factor in the decline in the utilization rate from December 2006.”
16:16 GMXR GMX Resources announces 4Q07 & 2007 production; preliminary YE07 reserve estimate; production guidance for 1Q08 and CAPEX for 2008 (30.56 -0.03)
Co announces that 4th quarter 2007 production is 2.7 BCFE, which compares to 1.4 BCFE for the 4th quarter 2006. Annual production for 2007 was 8.7 BCFE compared to 4.3 BCFE in 2006, an increase of 102%. “In addition to our continued record growth in production, our preliminary proved reserve estimate for year end 2007 is in the range of 400-450 BCFE.” The 2008 capital expenditures budget for GMXR has been approved by the Board for $175 mln. It should fund 8 drilling rigs for the year and increase our total wells to be drilled to 128 gross/80 net wells in 2008.
16:16 PCG PG&E names Jack Keenan Chief Operating Officer (44.07 +0.72) -Update-
16:15 GPI Group 1 Auto acquires Mercedes-Benz dealership on Long Island (20.69 -0.84) -Update-
Co announces it has acquired Mercedes-Benz of Massapequa in Amityville, N.Y. The dealership is expected to generate estimated annual revenues of $159.9 mln. During 2007, including the above-mentioned acquisition, the co expanded its geographic footprint in the United States and United Kingdom by acquiring 14 import/luxury franchises, including five BMW, four Mini and three Mercedes-Benz franchises. The 14 franchises are projected to earn approx $702.4 mln in estimated annual revenues, exceeding Group 1’s 2007 acquisition target of $600 mln. In addition, Group 1 disposed of 15 underperforming franchises with 12-month revenues of $154.8 mln during 2007.
16:15 WBSN sees results above prior guidance
16:15 PCG PG&E names Jack Keenan Chief Operating Officer (44.07 +0.72)
Co announces that its Board of Directors has elected Jack Keenan as COO, effective immediately. Keenan is assuming the role previously held by William Morrow who has been the utility’s president and CEO since July 2007.
16:10 XLNX Xilinx names Moshe Gavrielov President & CEO, Wim Roelandts continues as Chairman of the Board (20.46 +0.10)
Co announces that Moshe Gavrielov has been appointed president and CEO, succeeding Willem Roelandts, who remains chairman of the board. “…Moshe’s selection was approved unanimously by our board of directors, and we’re fully confident that he is the right person to lead Xilinx through its next stage of growth…”
16:10 ATRC Atricure announces positive results published using AtriCure minimally invasive products (13.70 -0.03)
Co announces that results reporting on the co’s proprietary minimally invasive products, which physicians have adopted to treat atrial fibrillation, were published in The Annals of Thoracic Surgery. “These promising minimally invasive products and techniques provided desirable results and are a viable option for selected AF patients.”
16:10 BLUD Immucor misses by $0.01, reports revs in-line; reaffirms FY08 EPS below consensus, revs below consensus (33.09 -0.59)
Reports Q2 (Nov) earnings of $0.23 per share, $0.01 worse than the First Call consensus of $0.24; revenues rose 13.8% year/year to $61.9 mln vs the $61.5 mln consensus. BLUD reaffirmed its FY08 revs and EPS guidance. Co reaffirms downside guidance for FY08, sees EPS of $0.92-0.96 vs. $1.00 consensus; sees FY08 revs of $249-257 mln vs. $259.67 mln consensus.
16:10 SWK Stanley Works reaffirms Y07, issues Y08 downside guidance (44.66 +0.31)
SWK reaffirms Q4, sees Q4 EPS of $1.10-1.15, ex-items, vs $1.11 consensus; co sees total revs up approx 14%, with organic revs up approx 2%. Co issues Y08 downside guidance, sees Y08 EPS of $4.20-4.40 vs $4.49 consensus; co sees Y08 organic revs of 0-1%. Co’s Y08 guidance reflects expectation of a subdued economic environment, including a possible mild and short-lived U.S. recession, as well as continued deterioration of North American markets associated with homebuilding and remodeling. CEO says, “We have been working diligently for the past five years to diversify our revenue base and transform our portfolio into a more attractive mix of businesses that is less dependent on North American residential construction markets. The achievement of solid 2007 revenue, EPS and cash performances in the face of difficult market conditions, as well as our favorable cash flow and earnings expectations for 2008, are direct results of those efforts.”
16:09 LWSN Lawson Software beats by $0.01, beats on revs; guides Q3 EPS in-line, revs above consensus (9.50 +0.09)
Reports Q2 (Nov) earnings of $0.09 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.08; revenues rose 18.5% year/year to $218.6 mln vs the $205.6 mln consensus. “Our second quarter results show that business was strong in all regions and verticals,” said Harry Debes, Lawson president and CEO. “While there is always more to be done, we are making excellent progress in our business and that is reflected in our year-over-year growth in revenues and earnings.” Co issues guidance for Q3, sees EPS of $0.07-0.08, excluding non-recurring items, vs. $0.09 consensus; sees Q3 revs of $216-220 mln vs. $212.13 mln consensus.
16:08 TECHX Market View: Mixed finish after downside extension -Update- -Technical-
Technicals argued for a recovery attempt (Nasdaq Comp was down prior 6 days through Friday, oversold, high TRIN close Friday) but the lack of buying interest/positive news after just a mildly positive start and the Iranian/U.S. Navy incident led to follow through selling pressure. The stabilization near Nov lows for the S&P 500 (temporary penetration) and Dow (held 11 points above) with the Nasdaq Comp holding near its Aug gap led to some bargain hunting into midday. Like the rebound attempt last Thursday, however, the push into midday was a trap with the indices weakening again into late day action before some last minutes upticks allowed the Dow and S&P 500 to finish in the green (Nasdaq Comp losing streak reaches 7, S&P 400 down 8 in a row). Sector strength was noted in Trucking +2.6%, Drug +2.5%, Medical Supplies +2.2%, Biotech +2.1%, Health Provider +1.9%, Healthcare +1.8%, Tobacco +1.8%, Restaurant +1.6%, REITs +1.2%. Groups on the defensive include: Steel -3.4%, Disk Drive -2.6%, Computer-Hardware -2.4%, Gold/Silver -2.3%, Oil Service -2.2%, Networking -2%.
16:07 JDSU JDS Uniphase acquires Westover Scientific’s fiber optic division; expects the transaction to be accretive for FY08 (12.43 -0.17)
Co announced that it has acquired the fiber division of Westover Scientific, a provider of fiber optic inspection and cleaning solutions. According to the agreement, which has been completed, JDSU acquired the fiber division of Westover Scientific for $50 mln in cash, subject to terms and conditions. JDSU also intends to acquire Westover Scientific’s affiliated manufacturing company in Fuzhou, China, which remains subject to certain regulatory approvals. JDSU expects to complete this second acquisition in the second half of the 2008 fiscal year. JDSU expects the transaction to be accretive on a non-GAAP EPS basis for fiscal 2008.
16:07 SYM Syms reports Q3 EPS of $0.09 vs. $0.13 YoY; revs decreased 3.8% YoY to $70 mln (12.33 -0.86)
16:07 BOBE Bob Evans reports Dec same store sales of +1.1%; no estimates (26.18 +0.81)
16:06 LWSN sees Q3 $0.07-0.08 vs $0.09 First Call consensus; sees revs $216-220 mln vs $212.13 mln First Call consensus
16:06 ELGX Endologix expects total 2007 revenue of $27.8 mln vs $27.3 mln consensus (2.65 -0.05)
Co reported that it expects total revenue for 2007 of approx $27.8 mln vs $27.3 mln consensus, an approx 88% increase from $14.7 mln in the prior year. Expected revenue was comprised of approx $27.0 mln in product revenue and $754,000 in royalties. Total revenue for the 4Q07 is expected to be approx $8.0 mln vs $7.78 mln single analyst est , an approximate 73% increase compared with the comparable quarter of 2006. Total cash and marketable securities as of Dec 31, 2007 is expected to be $9.2 mln. “We also anticipate 2007 gross margin to be approx 62%, which represents approx a 5 percentage point improvement over the prior year, as we realized the initial benefit from utilizing ePTFE graft material produced in-house, among other factors.” In 2008, the co expects: Product revenue to range from $39 mln to $43 mln, an increase of 44% to 59% compared with product revenue in 2007. Gross margin to range from 71% to 75%, reflecting the benefit of an increased utilization of ePTFE graft material produced in-house and higher volume. Total operating expenses to range from $35 mln to $39 mln, which together with certain product costs includes estimated non-cash expenses of between $5.0 mln to $5.5 mln. The co affirmed its expectation that currently available cash combined with its revolving credit line will be sufficient to achieve sustainable positive cash flow from operations in 2008. “We are anticipating another year of strong sales growth in 2008, as we continue to benefit from increased physician adoption both in the U.S. and abroad, as well as by our larger and more tenured domestic sales force,”
16:06 SWK sees Y08 EPS of $4.20-4.40 vs $4.00 consensus
16:06 LWSN prelim $0.09, ex items vs $0.08 First Call consensus; revs $218.6 mln vs $205.57 mln First Call consensus
16:06 SWK reaffirms Q4, ex-items
16:05 EK Eastman Kodak enters into technology cross-license agreements with MC and JVC (19.86 +0.16)
Co announces that it has entered into technology license agreements with Matsushita Electric Industrial Company (MC) and with Victor Company of Japan (JVC) that will allow each company access to the other’s patent portfolio. The license agreements, which provide significant benefits to all cos, is royalty bearing to Kodak. Additional financial terms were not disclosed.
16:05 ENDP Endo Pharm issues in line Y08 guidance (26.97 +0.32)
Co sees Y08 EPS of $2.10-2.15, excluding non-recurring items, vs $2.11 consensus; co sees Y08 revs of $1.215-1.240 bln vs $1.237 bln consensus. Co’s guidance is driven primarily by the ongoing success of its lead product, Lidoderm and the continuing growth of Opana Er, Opana, and Frova. CEO says, “On the business development front, we are targeting products that are clinically innovative and differentiated, including earlier-stage opportunities such as our recent license of AZ-003 (Staccato fentanyl) from Alexza Pharmaceuticals, which we announced on December 27, 2007.”
16:04 AEHR Aehr Test Systems reports Q2 EPS $0.16 vs $0.16 single estimate; revs +55% yr/yr to $9.7 mln vs $9.25 mln single estimate (5.60 -0.22)
16:03 ADEP Adept Tech acquires Cerebellum Automation SAS (8.30 +0.16)
Co announces that it has acquired Cerebellum Automation for a total purchase price of up to $1.2 mln. Payment will be made in the form of cash and shares paid over a two-year period. The co expects the acquisition will be immediately accretive to rev and anticipates continued growth in Cerebellum product sales. ADEP further expects the acquisition will be accretive to operations and cash flow within two years. Co also anticipates the resulting incremental operating costs will be approx $230K per quarter.
16:02 BLUD reaffirmed its FY08 revs and EPS guidance
16:02 BLUD prelim $0.23 vs $0.24 First Call consensus; revs $61.9 mln vs $61.50 mln First Call consensus
16:01 ISIS ISIS Pharm and Genzyme announce strategic alliance including exclusive worldwide license of Mipomersen (14.50 -0.44) -Update-
The co and Genzyme (GENZ) announce that they have entered a major strategic alliance in which Genzyme will develop and commercialize mipomersen, Isis’ lipid-lowering treatment for high risk cardiovascular patients that utilizes novel antisense technology. As part of the strategic relationship, Genzyme will also have preferred access to future Isis drugs for C.N.S and certain rare diseases. The companies will host a webcast conference call today at 5:15 pm EST to discuss the transaction. Genzyme will pay Isis $150 mln to purchase 5 mln shares of Isis common stock for $30 per share upon Hart-Scott-Rodino clearance. Upon completion of final contracts, Genzyme will pay Isis a $175 mln up-front mipomersen license fee. In addition to this initial $325 mln, Isis has the potential to receive significant milestone payments for mipomersen, which is currently in phase 3 trials. Once the product is launched, the two companies will share profits. (ISIS is halted)
16:01 KIRK Kirklands announces resignation of President and COO Catherine David (0.90 +0.04)
Robert Alderson, Kirkland’s Chief Executive Officer, will assume Ms. David’s responsibilities, and the co does not currently intend to seek a replacement.
16:01 ENDP sees Y08 EPS of $2.10-2.15, revs of $1.215-1.240 bln
16:00 ETRM EnteroMedics announces pivotal clinical study of its VBLOC therapy for obesity (9.72 +0.27)
Co announces the FDA has recently granted approval for the pivotal clinical study of the co’s investigational VBLOC Therapy using the Maestro System, its initial product for the treatment of obesity. The Empower Study will evaluate the safety and effectiveness of the co’s proprietary VBLOC vagal blocking therapy for the treatment of obesity at 15 clinical sites in the U.S. and Australia.
16:00 CVH Coventry Health Care reaffirms fourth quarter 2007 and full year 2008 financial guidance (60.77 +2.07)
Co reaffirms guidance for Q4 (Dec), sees EPS of $1.17-1.18 vs. $1.18 First Call consensus. Co reaffirms guidance for FY08 (Dec), sees EPS of $4.42-4.58 vs. $4.55 consensus.
16:00 WPI Watson Pharm announces positive results from its pivotal study of Oxybutynin topical gel for the treatment of overactive bladder (26.22 +0.14)
Co announces positive results from its Phase 3 study of oxybutynin topical gel in patients with overactive bladder. The study met its primary endpoint of a statistically significant reduction in incontinence episodes, and secondary endpoints of reduction in frequency and increases in void volume compared with placebo, while demonstrating a low incidence of side effects.After
