SAN FRANCISCO –
Among the companies whose shares are expected to see active trading in Tuesday's session are Alcoa Inc., Dell Inc., and Lawson Software Inc.
Alcoa (AA) is expected to report first-quarter earnings of 76 cents a share, according to a survey of analysts by Thomson Financial.
Electro Scientific Industries Inc. (ESIO) is expected to post earnings of 20 cents a share for the third quarter.
After Monday's closing bell, Dell (DELL) said it received a Nasdaq non-compliance notice over the delayed filing of the company's Form 10-K for the fiscal year ended Feb. 2. Dell announced last week it wouldn't file its annual report on time because it hasn't finished an internal investigation into its past accounting practices. The Round Rock, Texas-based personal computer maker, which has also received non-compliance notices over its delayed quarterly reports for second and third quarters of fiscal 2006, announced previously that Nasdaq has decided to stay any future action by to delist the company's common stock pending further review. As a result, Dell's common stock will remain listed on the Nasdaq.
Also, Dow Chemical Co. (DOW) still has no interest in a leveraged buyout, said a spokesman for the company, discounting the latest unsourced media report that a party of private equity firms and Middle Eastern investors were close to announcing a $50 billion buyout offer. See full story.
99 Cents Only Stores (NDN) late Monday said fourth-quarter same-store sales rose 2.9 percent from the year-ago period, as total sales rose 9.4 percent to $277.9 million. Retail sales for the quarter ended March 31 were $267.2 million, up 9.2 percent, the City of Commerce, Calif.-based company said.
Cascade Corp. (CAE) reported fiscal fourth-quarter net income rose 24 percent to $10.2 million, or 80 cents a share, from $8.27 million, or 63 cents a share, a year earlier. The Fairview, Ore., manufacturer of forklift parts said revenue for the quarter ended Jan. 31 rose 9.7 percent to $118.9 million from $108.4 million a year ago.
Chordiant Software Inc. (CHRD) forecast fiscal second-quarter earnings of 11 cents to 16 cents a share on revenue of $31 million to $33 million. Analysts polled by Thomson Financial are expecting, on average, a per-share profit of 3 cents on revenue of $26.5 million.
DivX Inc. (DIVX) said it expects fiscal first-quarter revenue and pre-tax earnings to come in above its previous forecast. The San Diego-based company now expects revenue of $19.8 million to $20.2 million and for pre-tax earnings to be flat to up sequentially. DivX had previously forecast first-quarter revenue of $17.3 million to $19.3 million and for pre-tax earnings to be flat to slightly down when compared with the fourth quarter.
Gasco Energy Inc. (GSX) said it plans to offer 10 million shares in a public offering. Gasco is a Denver-based oil and natural gas development company.
GlaxoSmithKline Plc (GSK) and Adolor Corp. (ADLR) said they will put their development program for alvimopan on hold to evaluate findings from its long-term safety study. GlaxoSmithKline, a London pharmaceutical company, said Adolor has also suspended enrollment in Study 228 in rotator cuff surgery patients, a co-administration study being conducted as part of Adolor's combination product development program, until a more complete understanding of data is available. GSK and Adolor currently have no other ongoing studies with alvimopan.
IPCS Inc. (IPCS) said it will offer $300 million of first-lien senior secured floating rate notes due in 2013 and $175 million of second-lien senior secured floating rate notes due in 2014 in a private placement.
Laidlaw International (LI) reported a second-quarter profit of $18.5 million, or 23 cents a share, down from $34 million, or 34 cents a share, a year ago, citing a decline in business at its Greyhound Lines subsidiary. Revenue for the three-month period came in at $790.9 million, slightly higher than the $789 million posted a year earlier. The bus maker pared its revenue outlook for 2007 to an increase of 1 percent to 3 percent due to lower than expected demand at Greyhound.
Lawson Software (LWSN) said it failed to earn a profit during its fiscal third quarter, despite an 118 percent increase in revenue. St. Paul, Minn.-based Lawson said net income for the quarter ended Feb. 28 fell to a loss of $9.77 million, or 5 cents a share, from a profit of $10 million, or 9 cents a share during the period a year earlier. Meanwhile revenue rose to $191.2 million, beating analysts' expectations. Excluding certain items, Lawson said it earned a profit of 6 cents a share, also beating expectations. Analysts surveyed by Thomson Financial had expected Lawson to report earnings of 3 cents a share on $188 million in revenue. For its current fiscal fourth quarter, Lawson said it expects revenue of between $187 million and $195 million, and earnings between a loss of 2 cents a share and a profit of 3 cents a share.
Marathon Oil Corp. (MRO) said its first-quarter refining and wholesale marketing margins will be flat vs. last year, despite stronger market indicators for the refining sector in the U.S. Gulf Coast and the Midwest. In an interim earnings report, Marathon said the types of crude its refineries process are being priced at a wider premium against West Texas Intermediate crude delivered at Cushing, Okla.
Masco Corp. (MAS) that Chairman and Chief Executive Richard Manoogian will transition from CEO to executive chairman in July. Manoogian has recommended to the board that Chief Financial Officer Timothy Wadhams become CEO in July, the Taylor, Mich.-based manufacturer of home improvement and building products. The board is expected to consider the recommendation in the next few months.
Mosaic Co. (MOS) reported third-quarter net earnings of $42.2 million, or 10 cents a share. During the same period a year ago, the company posted a net loss of $71.6 million, or 19 cents a share. There were 440.9 million shares outstanding during the quarter compared with 383.6 million last year. The Plymouth, Minn.-based producer of concentrated phosphate and potash crop nutrients reported revenue of $1.28 billion, up 19 percent from $1.07 billion. The results include an after-tax gain of $21 million, or 5 cents a share, on extinguishment of debt.
New York & Co. (NWY) signed an exclusive agreement for Inter Parfums Inc. (IPAR) to design and manufacture a line of personal care products. New York & Co. hopes the line of products will increase market penetration, and expects this project to increase items per transaction and grow sales in a high-demand category.
Northfield Laboratories Inc. (NFLD) reported a third-quarter net loss of $6.1 million, or 23 cents per basic share, compared with a net loss of $6.4 million, or 24 cents per basic share, during the year-ago period. As a development stage company, the Evanston, Ill.-based biotechnology company doesn't generate revenue.
PDL BioPharma Inc. (PDLI) said Max Link has resigned as chairman and director. The action follows a "mutual decision" by Link and the PDL board for Link to step down to avoid a conflict of interest, given PDL's litigation with Alexion Pharmaceuticals Inc. (ALXN) . Link serves as chairman of Alexion, and PDL recently filed a patent infringement lawsuit against the company. Fremont, Calif.-based PDL named L. Patrick Gage as its new chairman. Gage has served on the company's board since 2003.
Pixelworks Inc. (PXLW) named Richard Brooks interim financial chief, replacing Mike Yonker who resigned effective March 31.
SatCon Technology Corp. (SATC) said its independent auditors have continued their existing going concern qualification in the company's most recently filed Form 10-K.
Seagate Technology (STX) said it now expects third-quarter revenue of about $2.8 billion, down from its previous forecast of $2.9 billion to $3 billion. Analysts polled by Thomson Financial are currently looking for revenue of $2.94 billion for the quarter. The Scotts Valley, Calif.-based maker of hard disc drives also said that GAAP and non-GAAP gross margins didn't achieve expectations. Primary factors impacting revenue and profitability, which became evident toward the end of March, were a lower-than-expected industry demand for 3.5-inch ATA disc drives and a more aggressive than planned pricing environment for high capacity 3.5-inch ATA disc drives, the company said.
SGI (SGIC) said it has named Robert Ewald as chief executive, effective immediately. Ewald, who most recently served as chairman and CEO of Linux Networx Inc., was also appointed to the board of directors.
Superior Energy Services Inc. (SPN) said it has acquired Advanced Oilwell Services Inc. for $24.1 million in cash. The agreement includes a potential earnout payment of $6 million if Advanced Oilwell achieves certain financial objectives, Superior Energy said. The Harvey, La.-based provider of oilfield services and equipment said it expects the acquisition to add to earnings this year
Take-Two Interactive Software Inc. (TTWO) said that Karl Winters has resigned as chief financial officer, effective immediately. The New York-based video-game publisher said it has named Lainie Goldstein, who currently serves as senior vice president of finance, as interim CFO. A search for a permanent CFO is underway, the company said. On March 29, a group of Take-Two's dissident shareholders won control of the board, and ousted Chief Executive Paul Eibeler. The group also launched a review of the employment status of the CFO Winters.
Valspar Corp. (VAL) said it expects to report second-quarter earnings of 36 cents to 40 cents a share, excluding any adjustment for Huarun minority interest shares, compared with 46 cents a share a year earlier. The Minneapolis-based maker of paint and coatings said sales and profits for the quarter ending April 27 are being hurt by continued soft demand in its architectural paint and wood coating product lines. The company now expects fiscal 2007 earnings at the low end of its previous range of $1.80 to $1.90 a share.