Phazar quarterly earnings, revenue fall (5:22 PM ET) SAN FRANCISCO (AFX) -- Phazar Corp. after Wednesday's closing bell reported third-quarter net earnings of $41,185, or 2 cents a share, compared with $239,792, or 11 cents a share, during the year-ago period. Revenue fell to $1.42 million from $2.17 million. Operating income was $36,798 vs. $360,724. Fort Worth, Texas-based Phazar manufactures and markets antenna systems, towers and communications accessories.
H&R Block says first-quarter tax preparation fees rise 3.7% (5:11 PM ET) SAN FRANCISCO (AFX) -- H&R Block Inc. said late Wednesday that first-quarter fees from tax preparation and related services came in at $2 billion, up 3.7% from the same period a year earlier. The average fee per client climbed 6.5% to $156.18, the company added. H&R Block's digital business served 17.4% more customers than last year, while total clients served climbed 0.8% to 15.8 million, the company reported.
Lam Research reports 45% third-quarter profit increase (4:26 PM ET) SAN FRANCISCO (AFX) -- Lam Research Corp. on Wednesday reported a third-quarter profit of $86.3 million, or 60 cents a share, on revenue of $437.4 million. During the same period a year ago, Lam earned $59.5 million, or 42 cents a share, on $349 million in revenue. Analysts surveyed by Thomson First Call had forecast Lam to earn 62 cents a share on $424 million in revenue.
AMD Q1 profit $185M, sales $1.33B (4:22 PM ET) SAN FRANCISCO (AFX) -- Advanced Micro Devices Inc. late Wednesday said it earned $185 million, or 38 cents a share, in the first quarter. Last year, it lost $17 million, or 4 cents a share, due to its money-losing memory business that it no longer counts on its books. Sales came in at $1.33 billion, boosted by sales of chips used in servers. Analysts polled by Thomson First Call expected sales of $1.33 billion and earnings of 30 cents. Sunnyvale, Calif.-based AMD is the world's No. 2 maker of personal computer chips behind Intel Corp.
Spansion narrows Q1 loss, sales up (4:11 PM ET) SAN FRANCISCO (AFX) -- Spansion Inc. late Wednesday narrowed its first-quarter loss to $52 million, or 40 cents a share, versus a net loss of $109 million, or $1.50 a share, in the year-earlier quarter. Sales rose 30% to $562 million. Analysts polled by Thomson First Call expected Spansion to lose 46 cents a share on sales of $578 million. Sunnyvale, Calif.-based Spansion makes memory chips using a technology called NOR flash, a product widely used in mobile phones and other consumer electronics. The company was spun out from Advanced Micro Devices Inc. last December. Spansion expects second-quarter revenue to be in the range of $590 million to $620 million.
WPCS to record credit related to rights modification (2:56 PM ET) SAN FRANCISCO (AFX) -- WPCS International Inc. said Wednesday it has completed an agreement to modify the registration rights agreement associated with the common stock and warrants issued in November 2004, and subsequently expects to record a $7.3 million credit against prior non-cash charges. The credit will generate fourth-quarter earnings of $1.47 to $1.51 a share, the Exton, Pa.-based engineering services company said. WPCS also reaffirmed its fiscal 2006 forecast for per-share earnings of 58 cents, excluding items, and said the continuation of its organic and acquisition growth plans will allow it to increase its per-share earnings target for fiscal 2007.
TSR shares drop on suspension of contract w/ NYC (1:13 PM ET) NEW YORK (AFX) -- Shares of TSR Inc. tumbled almost 17% to $4.35 on Wednesday after the Hauppauge, N.Y., provider of computer programming consulting services said its contract with the New York State Office of General Services was suspended until further notice. The company said all future placements with New York City's Department of Education, including renewals of existing placements, are under the contract, and that the NYC DOE accounts represent about 10% of its revenue. TSR said the suspension stems from a report of an investigation by the Office of the Special Commissioner of Investigation of NYC's DOE. The probe concluded that TSR operated improperly from 2001 through spring of 2003 by using a subcontracting arrangement to obtain programmers. In addition, the company posted earnings of $289,000, or 6 cents a share, on revenue of $11.6 million for the third quarter.
Circuit City to boost services, sees strength in digital TVs (12:37 PM ET) NEW YORK (AFX) -- Circuit City Stores Inc. on Wednesday said it would unveil a new services brand in the second half of the year. The home electronics retailer said on its earnings conference call that it expects more people to switch to digital television sets. The company expects continued growth in flat panel television sets, MP3 players, notebook computers and digital imaging for the forseeable future.
Gannett CEO: Ads are key to ABC's streaming of TV shows (11:04 AM ET) CHICAGO (AFX) -- Gannett Co. Chief Executive Craig Dubow told analysts Wednesday that the success or failure of the ABC Television Network's plan to stream four of its shows for free over the Internet will depend upon how the commercials seen during those programs are perceived. 'We're looking at that as more of an experimentation,' Dubow said during Gannett's first-quarter conference call. 'It's really about the measurement and effectiveness of those ads, and that's unknown at this time,' he said. Gannett owns three ABC affiliates. Dubow also said the company is in ongoing talks with all of the U.S. broadcast networks about ways the company can share in network revenue generated by video-on-demand, Internet downloads or other new technologies. He also said Gannett remains 'very, very comfortable' with the retransmission agreements it has with various cable and satellite operators.
Avid Technology shares plunge on profit warning (11:02 AM ET) LOS ANGELES (AFX) -- Avid Technology Inc.'s stock plunged as much as 17% on Wednesday after the company warned its results for both the quarter and year would fall well short of analysts' average expectation. Shares dropped as low as $36.26 on the news and recently sank $6.40, or 15%, to $37.05. Avid, a maker of digital editing and professional audio products for the film, music and television industries, warned late Tuesday that its profit and revenue for both its first quarter and year would come in below estimates.
CDC Corp. gets lift from earnings report, outlook (10:56 AM ET) NEW YORK (AFX) -- Shares of CDC Corp. leapt 9.3% to $4.36 on Wednesday after the company posted a fourth-quarter profit of $1 million, or a penny a share, up from a year-ago loss of $760,000, or a penny a share. Revenue at the China-based provider of enterprise software products and online gaming services increased 13% in the latest three months to $62.3 million from $55.1 million in the same period a year earlier. Looking ahead, CDC forecast revenue of between $52.3 million and $52.6 million for the first quarter ended March 31, and revenue of $283 million to $290 million for fiscal 2006.
Datalink shares rally as co. swings to profit in 1Q (10:50 AM ET) NEW YORK (AFX) -- Shares of Datalink Corp. soared 45% to $6.20 in morning action on Wednesday after the Minneapolis provider of information storage technology products posted first-quarter earnings of $833,000, or 8 cents a share, up from a year-ago loss of $4.7 million, or 46 cents a share. Last year's results included a charge of $3.5 million, or 34 cents a share, related to subleasing of a portion of the company's corporate headquarters. Revenue rose 61% in the latest three months to $34.3 million from $21.2 million in the same period a year earlier. Looking ahead, Datalink forecast earnings of 3 to 10 cents a share for the second quarter on revenue of between $32 million and $36 million.
Steelworkers union sues Alcoa over retiree benefits changes (10:16 AM ET) NEW YORK (AFX) - The United Steelworkers union said Wednesday it filed a federal lawsuit in Knoxville, Tenn., against Alcoa Inc. on behalf of retirees who had their medical benefits changed by Alcoa in January. The union said the lawsuit seeks class-action status and seeks monetary and injunctive relief for the affected retirees, spouses, surviving spouses and dependents.
Progressive Corp. 1Q earns $436.6M vs. $412.7M (9:26 AM ET) NEW YORK (AFX) -- Progressive Corp. Wednesday said its net premiums written increased 2% for the first quarter to $3.68 billion from $3.60 billion in the same period a year earlier. The Mayfield Village, Ohio-based insurance provider said net premiums earned rose 4% to $3.5 billion in the latest three months from $3.35 billion a year ago. The company posted a profit for the first quarter of $436.6 million, or $2.21 a share, up from year-ago earnings of $412.7 million, or $2.04 a share. The average estimate of analysts polled by Thomson First Call was for a profit of $1.96 a share in the March period.
Commerce Bancorp net income edges up (9:17 AM ET) NEW YORK (AFX) -- Commerce Bancorp Inc. on Wednesday reported first-quarter net income of $77.3 million, or 41 cents a share, up slightly from $77.1 million, or 45 cents a share in the year-ago period. A survey of analysts by Thomson First Call forecast earnings of 40 cents a share.
Commerce Bancshares reports net profit of $52.9 million (9:09 AM ET) NEW YORK (AFX) Commerce Bancshares Inc. on Wednesday said first-quarter net income rose 6.2% to $52.9 million, or 78 cents a share, up from $49.8 million or 69 cents a share, for the same period last year. The Kansas City, Mo.-based bank was expected to earn 75 cents a share, according to the mean estimate as measured by Thomson First Call. Shares of Commerce fell 12 cents to close at $51.40 on Tuesday.
Ceradyne sees firm business into 2008 (8:43 AM ET) NEW YORK (AFX) -- Ceradyne Inc. on Wednesday said it expects first-quarter earnings of about 88-90 cents a share, up from 24 cents a share in the year-ago period. A survey of analysts by Thomson First Call forecast earnings of 73 cents a share. The Costa Mesa, Calif. maker of ceramic body armor said its business will 'remain firm through 2007 and into 2008.'
Gtech Holdings 4Q earns $59.4M vs $43.8M (8:35 AM ET) NEW YORK (AFX) -- Gtech Holdings Corp. Wednesday reported fourth-quarter earnings of $59.4 million, or 45 cents a share, up from a year-ago profit of $43.8 million, or 34 cents a share. The latest results include $6.1 million in one-time costs related to the company's pending transaction with Lottomatica S.p.A. Excluding these costs, the West Greenwich, R.I., maker of gaming equipment would have earned $65.5 million, or 50 cents a share, in the latest quarter. Revenue rose 9% in the latest three months to $368.3 million from $337.9 million in the same period a year earlier. The average estimate of analysts polled by Thomson First Call was for a profit of 47 cents a share in the February period on revenue of $370.3 million. Gtech said its product margins swelled to 45.6% in the latest quarter from 26.6% in the same period a year earlier due to a favorable change in product mix. The stock closed Tuesday at $34, up 14 cents.
Gannett March pro forma revenue slips 1.2% on U.K. weakness (8:13 AM ET) NEW YORK (AFX) -- Gannett Co. Inc. Wednesday said its total pro forma revenue for March fell 1.2% to $654.6 million from $662.8 million in the same period a year earlier. The McLean, Va., newspaper publisher said significantly lower ad demand at its U.K. properties offset advertising gains at its domestic publications and broadcast business. The stock closed Tuesday at $58.82, down 1.6%.
CORRECT: Gannett 1Q earns $235.3M vs $265.7M (8:09 AM ET) NEW YORK (AFX) -- Gannett Co. Wednesday reported first-quarter earnings of $235.3 million, or 99 cents a share, down from a year-ago profit of $265.7 million, or $1.05 a share. The year-ago results included a profit of $4.9 million, or 2 cents a share, from discontinued operations. The McLean, Va., newspaper publisher said it began reporting stock compensation expenses in the latest quarter with the associated costs totaling $7 million, or 3 cents a share, in the period. Total operating revenue rose 6.5% in the latest three months to $1.88 billion from $1.77 billion in the same period a year earlier. The average estimate of analysts polled by Thomson First Call was for a profit of 99 cents a share in the March period on revenue of $1.87 billion. Gannett shares closed Tuesday at $58.82, down 1.6%. (An earlier version of this item incorrectly reported the company's earnings from discontinued operations in the year-ago period.)
Circuit City fourth-quarter profit surges (8:04 AM ET) NEW YORK (AFX) -- Circuit City Stores Inc. on Wednesday posted fourth-quarter income of $141.1 million, or 80 cents a share, up from $85.4 million, or 45 cents a share, in the year-ago period. Net sales rose to $3.91 billion compared to $3.47 billion. Analysts, on average, were expecting it to post a profit of 77 cents a share on revenue of $3.89 billion, according to Thomson First Call. The home electronics retailer forecast 'continued sales momentum, particularly in the first half of the year.'
Fastenal 1Q earns $47.9M vs $37M (8:01 AM ET) NEW YORK (AFX) -- Fastenal Co. Wednesday reported first-quarter earnings of $47.9 million, or 32 cents a share, down from a year-ago profit of $37 million, or 24 cents a share. Sales rose 22% in the latest three months to $431.7 million from $353.8 million in the same period a year earlier. The average estimate of analysts polled by Thomson First Call was for a profit of 31 cents a share in the March period on revenue of $433.7 million. Looking ahead, the Winona, Minn., supplier of industrial and construction supplies said it continues to target opening about 13% to 18% new stores each year. The stock closed Tuesday at $46.46, down 18 cents.
Media General March total revenue up 3% to $74.3M (7:50 AM ET) NEW YORK (AFX) -- Media General Inc. Wednesday said total revenue rose 3% in March to $74.3 million. The Richmond, Va., newspaper publisher and television station operator said revenue from its publishing operations increased 4.5%, while its broadcast business saw a 1.7% drop-off. The company's interactive media operations posted a revenue increase of 37.2% for the month reaching $2.1 million, mainly due to growth in demand for online classified ads. The stock closed Tuesday at $43.70, down 1.2%.
Delia's quarterly profit rises on 11% jump in revenue (7:45 AM ET) NEW YORK (AFX) -- Delia's Inc. said Wednesday fiscal fourth-quarter net income was $4.7 million, or 16 cents a share compared with $3.5 million, or 13 cents a share a year ago. The direct marketing and retail company said earnings from continuing operations came in at 17 cents a share. Sales for the period ended Jan. 28 2006 rose 11% to $78.4 million, driven by increases in revenue from both the company's direct and retail businesses. Delia's reaffirmed its 2006 operating goals of a low to mid-single percentage increase in same-store sales in its retail store business. It also reiterated it will grow direct revenue in the low to mid-single percentage digit range, and improve gross profit between 0.5% and 1%. On Tuesday, the stock fell 14 cents to $9.99.
Media General posts first-quarter profit (7:40 AM ET) NEW YORK (AFX) -- Media General Inc. on Wednesday posted first-quarter income of $6.7 million, or 28 cents a share. In the year-ago period the company posted a loss of $316.2 million, or $13.25 a share. Excluding the impact of a change in accounting principle, the company's year-ago profit was $9.3 million, or 39 cents a share. Revenue in the quarter rose to $226.4 million from $217.9 million. Analysts, on average, were expecting the newspaper publisher and television station operator to post a profit of 29 cents a share on revenue of $228.9 million, according to Thomson First Call.
Harley-Davidson posts in-line 1Q profit (7:09 AM ET) NEW YORK (AFX) -- Harley-Davidson Inc. Wednesday reported first-quarter earnings of $234.6 million, or 86 cents a share, up from a year-ago profit of $227.2 million, or 77 cents a share. Revenue rose 4% in the latest three months to $1.29 billion from $1.24 billion in the same period a year earlier. The average estimate of analysts polled by Thomson First Call was for a profit of 86 cents a share in the March period on revenue of $1.29 billion. Looking ahead, the Milwaukee-based motorcycle manufacturer said it plans to ship 78,000 of its 2006 model year motorcycles in the second quarter. It also expects production for the second quarter to include 13,000 2007 model year motorcycles that won't be shipped until the third quarter. Harley-Davidson anticipates wholesale unit growth of 5% to 9% and annual earnings per share growth of 11% to 17% for calendar 2006 with its wholesale shipment target still between 348,000 and 352,000 motorcycles. The stock closed Tuesday at $52.97, up 2 cents.
Eurotunnel seeks debt waiver extension, posts flat 1Q sales (2:52 AM ET) LONDON (AFX) -- Channel tunnel operator Eurotunnel on Wednesday said it's seeking an extension of its waiver on debt repayments to July 12 while it seeks to restructure its 6.3 billion-pound debt. Eurotunnel said its trading profit for 2005 rose 19% to 230 million euros on a 2004 valuation of its assets. The group's operating margin widened to 55% from 53%. In the first quarter, Eurotunnel said revenue at constant exchange rates was flat at 131.5 million pounds. The company said traffic volumes for both passenger and truck services declined in the quarter but that the new commercial policies adopted in 2005 have enabled it to compensate for the drop in volume through higher prices.
WH Smith half-year profit climbs as sales dip (2:24 AM ET) LONDON (AFX) -- U.K. newsagent and bookseller WH Smith Plc said Wednesday that net profit for the six months ending Feb 28 rose 32.6% to 57 million pounds ($99.4 million) or 32.7 pence a share. Revenue from continuing operations fell 4.2% to 1.3 billion pounds. The company said same-store sales fell 3%, reflecting a tough trading environment and its strategy of not chasing unprofitable sales. WH Smith also said it intends to separate its retail and news distribution business to enable the units to 'benefit from increased focus.' The company added that same-store sales were down 3% in the six weeks to April 6, but gross margin was higher and it remains confident in the outcome for the full year.
SABMiller FY financial performance in line (2:17 AM ET) LONDON (AFX) -- U.K. brewer SABMiller Plc on Wednesday said financial performance for the fiscal year was in line with expectations. SABMiller posted organic growth in lager volumes of 5% but said domestic sales to retailers slipped 1%. The brewer said it saw robust growth in China that drove a 14% increase in organic lager volume. Volumes in South Africa were weak on the absence of Easter in the trading period, challenging comparisons and poor summer weather. This story was supplied by MarketWatch. For further information see www.marketwatch.com.