SAN FRANCISCO –
Among the companies whose shares are expected to see active trading in Monday's session are Cascade Corp., Lawson Software Inc. and WD-40 Co. The Nasdaq and NYSE markets were closed Friday in observance of Good Friday.
Cascade ( CAE) is expected to report fourth-quarter earnings of 75 cents a share, according to a survey of analysts by Thomson Financial.
Laidlaw International Inc. ( LI) is expected to post earnings of 42 cents a share for the second quarter.
Lawson Software ( LWSN) is expected to report third-quarter earnings of 3 cents a share.
Mosaic Co. ( MOS) is expected to post earnings of 16 cents a share for the third quarter.
Schnitzer Steel Industries Inc. ( SCHN) is expected to report second-quarter earnings of 62 cents a share.
After Thursday's closing bell, WD-40 ( WDFC) reported second-quarter net earnings of $8.94 million, or 52 cents a share, up 24 percent from $7.23 million, or 43 cents a share, during the year-ago period.
The San Diego-based consumer products company posted revenue of $79.3 million vs. $71.5 million. Analysts polled by Thomson Financial had forecast second-quarter earnings of 46 cents a share on revenue of $78 million.
WD-40 said it has authorized a $35 million share buyback that expires in March 2008. Additionally, WD-40 said it still expects fiscal 2007 per-share earnings of $1.70 to $1.85 on revenue of $307 million to $324 million.
The outlook reflects the impact of the company's move to open a direct operation in China, WD-40 said. The results from the first year of direct operations in China are expected to reduce 2007 net income by about $1 million, or 6 cents a share.
Ariad Pharmaceuticals Inc. ( ARIA) may delay patient enrollment to the third quarter from the second for its Phase III trial for cancer drug AP23573. After receiving Food and Drug Administration feedback, Ariad said it intends to use the same proposed treatment setting, which will result in the delay.
The Cambridge, Mass., drug development company's trial will study patients with metastatic sarcoma following a favorable response to chemotherapy with overall survival as the primary endpoint and progression-free survival as a key secondary endpoint.
Burlington Northern Santa Fe Corp. ( BNI) said it will record a first-quarter charge of about $80 million, or 14 cents a share. The charge reflects a $65 million increase in environmental costs related to a final resolution with Washington state and its Department of Ecology on clean-up of the environmental site at Skykomish. It also includes an adverse reversal of a trial court decision on appeal regarding a site at Arvin, Calif., the Fort Worth, Texas-based railway company said.
Burlington Northern said it will record a non-cash charge of about $15 million to write off a technology system that has been replaced. The company said it expects first-quarter earnings 96 cents a share, including the charge. Analysts surveyed by Thomson Financial are currently forecasting per-share earnings of $1.09 for the first quarter.
Candela Corp.'s ( CLZR) chief financial officer and senior vice president of finance and administration, F. Paul Broyer, is leaving the company to become finance chief at a privately held company, effective April 30. Candela, Wayland, Mass., said Robert E. Quinn, treasurer and corporate controller, will assume Broyer's day-to-day responsibilities while the company conducts a search for a successor.
Daktronics Inc. ( DAKT) lowered its fourth-quarter outlook, saying it now expects earnings of 6 cents to 10 cents a share on revenue of $101 million to $105 million. The Brookings S.D.-based supplier of large screen video displays had previously forecast per-share earnings of 12 cents to 19 cents on revenue of $106 million to $118 million.
Daktronics said it made the revision after it was unable to book enough orders early in the quarter to generate sales.
"The level of order bookings was a combination of timing and softness in the marketplace, which we attribute to the natural volatility of our large display business," said President and Chief Executive Jim Morgan, in a statement. "We are expecting stronger orders in April, and we expect backlog at the end of this fiscal year to be between $105 million and $115 million."
Analysts polled by Thomson Financial are currently estimating fourth-quarter earnings of 17 cents a share on revenue of $114 million.
Global Payments Inc. ( GPN) said it has approved a share repurchase program of up to $100 million. The authorization has no expiration date, the Atlanta-based provider of electronic transaction processing services said.
Halliburton Co. ( HAL) completed the spinoff of KBR Inc. ( KBR), with both companies now independent. Halliburton, a Houston oilfield services company, accepted 85.3 million Halliburton shares in exchange for the 135.6 million KBR shares held by Halliburton.
KBR also named John Huff and Loren Carroll to its board to fill vacancies created by the resignation of Halliburton executives. Huff is chairman of Oceaneering International Inc. (OII) and chairman and chief executive of Huff International. Carroll is former president and CEO of M-I SWACO.
Harrah's Entertainment Inc. ( HET) said its stockholders approved the company's acquisition by affiliates of Texas Pacific Group and Apollo Management L.P. The Las Vegas-based casino operator expects the deal to close by the end of the year. Under the terms of the merger agreement, Harrah's stockholders will receive $90 a share in cash. The deal, which includes $10.7 billion in debt, is valued at $27.8 billion.
Jackson Hewitt Tax Services Inc. ( JTX) said it has launched an internal review of allegations made against a franchisee of the company. The review is being led by former Internal Revenue Service Commissioner Fred Goldberg.
On Tuesday, the U.S. government filed charges against five corporations that operate Jackson Hewitt tax preparation franchises, as well as 24 people who manage or work at the franchises. The suits allege that Farrukh Sohail and other defendants "created and fostered a business environment" at the franchises "in which fraudulent tax return preparation is encouraged and flourishes."
Sohail wholly or partly owns each of the five corporations.
"We have launched this internal review to investigate the specific allegations against one of our franchisees, said Michael Lister, president and chief executive of the Parsippany, N.J.-based firm, in a statement. "The review will also examine practices and procedures and make any recommendations that may be needed to ensure that customers continue to have the utmost confidence in all of our franchises."
Kinetic Concepts Inc. ( KCI) said the U.S. District Court for the Western District of Texas has denied all post-trial motions in the company's patent litigation against Medela AG and BlueSky Medical Group.
The court also entered a final judgment in the case, upholding the jury's decision affirming the validity and enforceability of the patents involved in the litigation, Kinetic Concepts said. The San Antonio-based company makes wound care and therapeutic products.
Longs Drug Stores Corp.'s ( LDG) preliminary retail drug-store sales from continuing operations grew 4.9 percent to $452.7 million for the five-week period ended March 29, from $431.5 million in the same period a year earlier.
The Walnut Creek, Calif., company said pharmacy sales were 53.1 percent of sales in the recent period, compared with 52.1 percent last year. For the nine weeks ended March 29, retail drug-stores sales from continuing operations grew 4.8 percent to $820.3 million, from $782.8 million in the comparable year-earlier period. Pharmacy sales in the nine-week period were 52.2 percent of sales, compared with 51.3 percent a year earlier.
Memory Pharmaceuticals Corp. ( MEMY) said it has completed enrollment in its Phase IIa trial of MEM 1003 in Alzheimer's disease. The Montvale, N.J.-based company expects to report top-line results for the trial in the fourth quarter. The trial will evaluate the safety and efficacy of two dose levels of MEM 1003 in roughly 180 subjects with mild to moderate Alzheimer's disease.
Novavax Inc. ( NVAX) said that Chief Financial Officer Jeffrey Church has resigned, and plans to leave later this month to accept a position with another company. The Rockville, Md.-based biopharmaceutical company said it has named Len Stigliano as interim CFO.
Smith & Wollensky Restaurant Group Inc. ( SWRG) said that same-restaurant sales for March fell 2.3 percent to $11.7 million, compared with the year-ago period. Total restaurant sales for the fiscal month ended April 2 were up 4 percent to $12.8 million, the New York-based restaurant chain.
VeriSign Inc. ( VRSN) said is it increasing registry domain name fees for .com and .net, effective Oct. 15. Mountain View, Calif.-based VeriSign said the registry fee for .com domain names will increase to $6.42 from $6.00, while the registry fee for .net domain names will increase to $3.85 from $3.50.
The company added that this is the first registry fee increase for .com and .net since the fee structure was put in place by the Internet Corporation for Assigned Names and Numbers in 1999.
The board of WCI Communities Inc. ( WCI) recommended that its shareholders reject the unsolicited tender offer from entities controlled by Carl Icahn. The Bonita Springs, Fla.-based homebuilder's board called the offer "highly conditional, opportunistic and inadequate," as well as "structurally coercive" to the company's shareholders.
Icahn, who has a 14.5 percent stake in WCI, has offered $22 a share for the rest of the company's outstanding shares. WCI added that it has initiated a sale process with the assistance of Goldman Sachs.
© 2007 MarketWatch, Inc.