SAN FRANCISCO – Among the companies whose shares are expected to see active trading in Friday's session are Kirkland's Inc., Dell Inc., and J. Crew Group Inc.
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Kirkland's Inc. (KIRK) is expected to report a first-quarter loss of 37 cents a share, according to a survey of analysts by Thomson Financial.
NCI Building Systems Inc. (NCS) is expected to post earnings of 30 cents a share for the second quarter.
After Thursday's closing bell, Dell Inc. (DELL) reported a slight drop in quarterly earnings and said it would slash 10 percent of its workforce, or about 8,800 jobs, in an attempt to cut costs and regain market share lost to rivals like Hewlett-Packard Co.
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3M Co. (MMM) said it has acquired the manufacturing and marketing rights to the Peridex brand periodontal rinse product from Zila Inc. for $9.5 million in cash.
Activision Inc. (ATVI) said its net loss deepened for the fourth fiscal quarter compared with last year as expenses rose. The video game publisher reported a preliminary net loss of $14.4 million, or 5 cents a share, for the period compared with a loss of $9.1 million, or 3 cents a share, for the same period last year. Revenue jumped 66 percent to $313 million. Excluding charges for stock options, the company said net losses came in at 4 cents a share. Analysts were expecting a loss of 2 cents a share on revenue of $305.4 million, according to consensus estimates from Thomson Financial
Arthur J. Gallagher & Co. (AJG) said it has acquired Woods & Grooms Inc., a retail insurance broker and group captive administrator. Financial terms of the deal were not disclosed. Arthur J. Gallagher is headquartered in Itasca, Ill.
Brinker International Inc. (EAT) boosted its buyback program by $300 million. The Dallas restaurant-chain company bought back $569 million in shares so far this fiscal year. The company recently had 113.5 million shares outstanding.
Brocade Communications Systems Inc.'s (BRCD) second-quarter net income fell 98 percent to $843,000, or less than a penny a share, from $13.5 million, or 5 cents a share, a year earlier. Non-GAAP earnings were 11 cents a share. The San Jose network storage company's revenue rose 89 percent to $345.3 million from $182.7 million. On average, analysts expected a profit of 9 cents a share and revenue of $345.2 million, according to Thomson Financial.
CRA International Inc. (CRAI) said it expects fiscal second-quarter net earnings of $6.7 million, or 53 cents a share, including a net tax benefit of roughly 11 cents a share. The Boston-based management consulting firm forecast second-quarter revenue of $88 million. Analysts polled by Thomson Financial are expecting, on average, a per-share profit of 64 cents on revenue of $97 million. CRA also said it now expects fiscal 2007 net income growth in the mid to high teens, earnings-per-share growth of 12 percent to 17 percent and revenue growth of 10 percent to 12 percent.
DexCom Inc. (DXCM) received Food and Drug Administration approval for its 7-Day STS continuous glucose monitoring system, SEVEN, and hopes to have a limited launch at the end of the second quarter. The San Diego company said it expects to have a "more robust" rollout in the third quarter. The company said the device is the first approved for monitoring glucose levels in diabetes patients continuously over a seven-day period. About 20 million people in the U.S. have diabetes. DexCom's shares recently traded up 39 cents, or 5.95 percent, to $6.95 in Nasdaq after-hours trading.
Esterline Technologies (ESL) fiscal second-quarter earnings improved 12 percent to $19.8 million, or 76 cents a share, from a year-earlier profit of $17.7 million, or 68 cents a share. The Bellevue, Wash., aerospace supplier's sales increased nearly 26 percent to $312.3 million, from $247.9 million. Wall Street expected second-quarter earnings of 65 cents a share and sales of $289.4 million, according to Thomson Financial. Esterline said the third quarter will be burdened with the majority of costs related to a recent acquisition. The company expects full-year earnings of $2.50 to $2.60 a share.
Fidelity National Financial Inc. (FNF) said it is promoting co-Chief Operating Officer Alan Stinson to the position of chief executive. The Jacksonville, Fla.-based title insurance company also named Raymond Quirk, currently co-COO, and Brent Bickett, currently president, as co-presidents. William Foley II will continue as chairman, Fidelity said.
Forest Laboratories Inc. (FRX) and Paion AG (PAIOF) said that top-line results of their study of desmoteplase in acute ischemic stroke didn't meet the primary efficacy endpoint. The study was designed to investigate the improvement of clinical outcome in patients with acute ischemic stroke treated with desmoteplase within three to nine hours after onset of symptoms, compared with a placebo, Forest Labs said. It said it will review the complete study database over the coming weeks to determine the appropriate next steps and its role regarding U.S. development of desmoteplase.
Harris Corp. (HRS) signed a definitive agreement to acquire Multimax Inc. for $400 million in cash and said fiscal 2007 earnings will be at the lower end of its previous forecast. The Washington, D.C., communications and information technology cited cost overruns on a satellite contract for the revised forecast. Its previous forecast range called for $2.77 to $2.81 a share excluding items. Wall Street expects earnings of $2.80 a share for the year ending June 30, according to the average estimate of analysts polled by Thomson Financial.
Hibbett Sports Inc. (HIBB) said that President Brian Priddy has resigned to pursue other interests. The Birmingham, Ala.-based sporting goods chain said Priddy's duties will be distributed among the company's senior management.
Hovnanian Enterprises Inc. (HOV) said it swung to a second-quarter loss of $28.1 million from net earnings of $103.6 million during the same period a year ago. The loss available to common shareholders was $30.7 million, or 49 cents a share. A year ago, earnings available to common shareholders were $101 million, or $1.55 a share. The Red Bank, N.J.-based home builder said revenue for the three months ended April 30 fell to $1.11 billion from $1.57 billion. Analysts polled by Thomson Financial had forecast, on average, a per-share loss of 48 cents on revenue of $1.16 billion. Additionally, the company said it has withdrawn its prior estimates for 2007 earnings and will not provide an updated outlook at this time.
Immucor Inc. (BLUD) said it expects fiscal 2008 per-share earnings of 92 cents to 96 cents on revenue of $249 million to $257 million. On average, analysts expect 2008 per-share earnings $1.03 on revenue of $260 million, according to a poll by Thomson Financial. The Norcross, Ga., blood transfusion systems company also announced its Chief Financial Officer Patrick Waddy resigned. The company said he will stay on until its annual report is filed. The company said Waddy has commuted from Canada, where his family still lives, since becoming interim financial chief in 2005, but is not in a position to continue these arrangements.
Ista Pharmaceuticals Inc. (ISTA) said its dry-eye syndrome treatment ecabet sodium showed positive Phase IIb trial results. The Irvine, Calif., pharmaceutical company said patients using the treatment had strong trends in blink rate, the ocular symptom disease index and the patients' most bothersome symptom. A total of 112 patients were given either ecabet sodium of a placebo four times a day for 90 days. The study's four endpoints included two objective and two subjective symptoms.
Higher margins and a jump in same-store sales helped J. Crew (JCG) push its fiscal first quarter profit up sharply, the apparel retailer said. J. Crew earned $24.6 million, or 39 cents a share, up from $4.4 million, or 12 cents a share, a year ago. Revenue came in at $297.3 million, a gain of 24 percent while sales at stores open at least a year rose 13 percent. The average estimate of analysts polled by Thomson Financial had been for the company to earn 30 cents a share on sales of $271 million. J. Crew also reiterated long term targets for mid single-digit percentage growth in same-store sales and earnings per share growth "in excess of 20 percent."
Longs Drug Stores Corp. (LDG) said preliminary retail drug-store sales from continuing operations rose 2.2 percent in May to $372.9 million from $364.9 million. Same-store sales were flat in the four weeks ended May 24, reflecting a 1.2 percent increase in pharmacy and a 1.1 percent decline in front-end sales. The Walnut Creek, Calif., drugstore chain said pharmacy sales accounted for 51.5 percent of sales, up from 50.1 percent a year ago.
MTI Technology Corp. (MTIC) said it has been notified that the Nasdaq has decided to delist the company's stock, effective at the open of business on Friday. The Irvine, Calif.-based provider of information storage infrastructure products said the delisting is a result of its failure to meet the minimum stockholders' equity requirement.
NCI Building Systems Inc.'s (NCS) fiscal second-quarter net income dropped 42 percent to $6.51 million, or 31 cents a share, from $11.2 million, or 51 cents a share, a year earlier. Adjusted earnings were 33 cents a share. On average, analysts polled by Thomson Financial expected earnings of 30 cents a share. The Houston company said second-quarter results were hurt by a soft market for the nonresidential construction industry. Sales rose 12 percent to $367.7 million to $329.4 million a year ago. NCI expects third-quarter earnings of 92 cents to $1.12 a share and also cut its full-year earnings guidance to $3.30 to $3.80 a share from $4.55 to $4.80 a share.
Nova Chemicals Corp. (NCX) said it will cut 90 positions in the U.S. and Europe during 2007 as part of ongoing fixed-cost reductions. The Pittsburgh-based company said the actions will result in annual cost savings of $12 million. Nova expects to take an after-tax charge of roughly $6 million in the second quarter of 2007 related to the cuts.
Pall Corp. (PLL) reported third-quarter net earnings of $67.1 million, or 54 cents a share, up from $25.2 million, or 20 cents a share, during the year-ago period. Pro forma per-share earnings were 53 cents vs. 37 cents. The East Hills, N.Y.-based maker of filtration, purification, and separation products said that revenue for the three months ended April 30 rose to $559.3 million from $510 million. Analysts polled by Thomson Financial had forecast, on average, a per-share profit of 43 cents on revenue of $552 million. For fourth quarter, Pall said it expects low revenue growth compared with last year. "At mid-year we shared an expectation that earnings would modestly exceed prior guidance," the company said in a statement. "Now with three quarters in the books, we expect to finish the year with strong earnings."
Pitney Bowes Inc. (PBI) said it has acquired Digital Cement Inc. for roughly $40 million in cash. Toronto-based Digital Cement is a professional services firm that provides relationship management strategy and services. Stamford, Conn.-based Pitney Bowes said it made an initial investment of $12 million in Digital Cement in October of 2006. Digital Cement, which has 121 employees, will become part of Pitney Bowes' marketing services business.
Teekay Shipping Corp. (TK) and A/S Dampskibsselskabet TORM (TRMD) said their jointly owned subsidiary, Omaha Inc., has paid for the 49.8 million tendered shares of OMI Corp. (OMM) , a Stamford, Conn.-based tanker operator. After taking into account the 2.4 million restricted shares that were cancelled today in accordance with the transaction agreement, Omaha's ownership represents about 83.5 percent of all outstanding shares of OMI, Teekay said. In connection with the tender offer, OMI paid the previously announced special 10-cent-per-share cash dividend to all shareholders of record as of May 24, the company said. Omaha's offering period for all remaining OMI shares remains open through June 5, unless otherwise extended.
US BioEnergy Corp. (USBE) agreed to buy Millennium Ethanol LLC for $220 million to $230 million, including assumed debt. US BioEnergy will be pay Millennium's owners $135 million in US BioEnergy stock and assume $90 million to $95 million in debt. The St. Paul, Minn., company said Millenium is currently building a plant in Marion, S.D., that will produce 100 million gallons of ethanol a year. US BioEnergy said that with this acquisition it will have production capacity of 700 million gallons a year. US BioEnergy's shares closed Thursday down $1, or 7.2 percent, at $12.88.
Wind River Systems Inc.'s (WIND) first-quarter loss widened to $4.55 million, or 5 a share, from a year-earlier loss of $2.12 million, or 2 cents a share. Excluding stock-based compensation and other items, earnings were 4 cents a share. The Alameda, Calif., device software optimization company said revenue for the quarter ended April 30 increased 20 percent to $78 million from $65 million. Wind River expects a second-quarter loss of 4 cents to 5 cents a share and earnings excluding items of 3 cents to 4 cents a share.
W&T Offshore Inc. (WTI) said it's offering about $450 million of its senior notes due 2014. The proceeds from the offering will be used to reduce outstanding debt under the existing credit agreement, the Houston-based oil and gas company said.
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