SAN FRANCISCO – Among the companies whose shares are expected to see active trade in Tuesday's session are Thomas & Betts, Movie Gallery Inc. and Datalink Corp.
American Capital Strategies Ltd. (ACAS) will be added to the S&P 500 on Friday to replace Dollar General Corp. (DG) , while Bill Barrett Corp. (BBG) will replace Laureate Education Inc. (LAUR) in the S&P MidCap 400. Dollar General is being bought by Kohlberg Kravis Roberts & Co. LP, and Laureate is being acquired by an investor group led by its chairman and chief executive.
Anaren Inc. (ANEN) said its management concluded that its Suzhou, China, unit overstated its pretax income in parts of 2006 and 2007 and that the company may need to restate its second- and third-quarter fiscal 2007 financial reports.
Datalink Corp. (DTLK) said it now expects a second-quarter net loss of 3 cents to 5 cents a share, or a penny to 3 cents a share excluding items, on revenue of $40 million to $41 million. The Minneapolis-based data storage company had previously forecast second-quarter earnings in a range of breakeven to 5 cents, or 2 cents to 7 cents excluding items, on revenue of $49 million to $54 million.
Movie Gallery Inc. (MOVI) said that, as a result of "significantly softer-than-expected" second quarter results, it was not able to meet the financial covenants contained in its senior credit facility for the fiscal quarter ended July 1. The Dothan, Ala.-based video rental company said it is in talks with its lenders over a possible remedy for the defaults. The company also said it will consider a number of alternatives, including a possible sale, as it negotiates with the lenders.
Syms Corp.'s (SYM) fiscal first-quarter net earnings fell to $674,000, or 5 cent a share, from a year-earlier profit of $5.74 million, or 38 cent a share, when results were buoyed by a pretax gain of $10.4 million on the sale of real estate. The Secaucus, N.J., apparel retailer's net sales for the 13 weeks ended June 2 grew to $67.1 million, from $66.2 million a year earlier, while same-store sales increased 5.6 percent.
Thomas & Betts Corp. (TNB) signed definitive agreements to acquire the Joslyn Hi-Voltage and Power Solutions businesses from Danaher Corp. (DHR) for $280 million, as well as Drilling Technical Supply SA, a privately held French manufacturer of hazardous lighting and electrical controls, for $20 million. Thomas & Betts, a Memphis electrical component maker, expects the two acquisitions will contribute $70 million to revenues in 2007 and have no impact on earnings. For 2008, Thomas & Betts expects the combined acquisitions to boost earnings by 10 cents to 15 cents a share, and contribute revenue of $175 million to $185 million.
UAP Holding Corp. (UAPH) reported fiscal first-quarter net earnings of $87.7 million, or $1.66 a share, up 50 percent from $58.3 million, or $1.11 a share, in the year-ago period. The Greeley, Colo.-based distributor of agricultural and non-crop inputs said revenue in the quarter ended May 27 rose 15 percent to $1.61 billion from $1.4 billion in the comparable period last year. The company narrowed its fiscal 2008 earnings forecast to a range of $1.60 to $1.75 a share.
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