Already a Bloomberg.com user?
Sign in with the same account.
Micron Technology (MU
) shares rose Friday after the company posted 7 cents fourth quarter earnings per share vs. a 20 cents loss on a 20% sales rise. CS First Boston and Thomas Weisel raised their estimates on Micron. S&P reiterates its hold opinion.
Tommy Hilfiger (TOM
) determined that a restatement is required in connection with tax matters, lease accounting, and other out of period adjustments. The company concludes it should restate financial results for fiscal year 2001 through fiscal year 2004 and the first quarter of fiscal year 2005.
Callaway Golf (ELY
) said it sees 6 cents to 12 cents of third quarter earnings per share loss after charges tied to restructuring, job cuts, and other actions, on $215 million sales. The company expects to reduce its expenses by $70 million over two years, including job cuts. S&P reiterated its sell on the stock.
) and Sony joined forces to develop ultra-small Memory Stick Micro format to foster development of extremely compact multimedia mobile phones. Licensing for compatible hardware will begin Oct. 3.
PXRE Group (PXT
) said it plans to make a public offering of about $100 million of its stock.
) cut its $435 million to $440 million third quarter revenue guidance to $410 million, and said it still sees 27 cents in non-GAAP earnings per share. The company cited revenue shortfall in the mobile content area. It also says it repurchased about 9 million shares in the open market in the third quarter for a total value of $215 million.
Arrow International (ARRO
) posted 11 cents vs. 32 cents fourth quarter earnings per share as higher expenses offset a 1.2% sales rise. Excluding items, the company sees 27 cents to 30 cents first quarter earnings per share on $115 million to $117 million sales, and between $1.30 and $1.35 fiscal year 2006 earnings per share on $485 million to $495 million sales.
Lawson Software (LWSN
) posted 4 cents first quarter earnings per share vs. breakeven (GAAP) on 6.3% higher revenue.
SVB Financial Group (SIVBE
) delayed its filing of a second quarter 10-Q report with the Securities and Exchange Commission because its restatement of past results is taking longer than expected; the company expects to file by Nov. 30 and plans to restate financial statements for 2000 through 2004, as well as the first quarter 2005.
Sara Lee (SLE
) entered into negotiations regarding the sale of its branded apparel business in Europe with an affiliate of Sun Capital Partners.
CTI Industries (CTIB
) received notice from the U.S. Patent and Trademark Office of allowance of an application for a patent that covers a method for forming a fluid container utilizing plastic film on which a pattern has been embossed.
James River Group (JRVR
) upped its third quarter after-tax loss estimate to between $1.00 and $1.18. The company says its loss represents approximately 8.4% to 9.7% of the company's anticipated stockholders' equity for the third quarter.
) received a $150 million contract from the US Defense Department for its new KIV-7M Link Encryptor. The company also got an $18 million plus delivery order that will begin to ship in early October and sees $63 million to $65 million third quarter revenue. It reaffirmed 2005 guidance.
) lowered its fourth quarter revenue guidance to the $8.5 million and $9 million range, about $3 million lower than expected. The company cited continued softness in orders from customers in the telecommunications industries.
Endurance Specialty Holdings (ENH
) said its initial estimates of losses (net of reinsurance, reinstatement premiums, and tax benefits related to Hurricane Rita,) will be about $85 million.
Specialty Laboratories (SP
) agreed to be acquired by AmeriPath for $13.25 per share.
) PSMA Development (PDC
), a joint venture of Cytogen and Progenics (PGNX
), announced positive preclinical findings of its novel prostate cancer drug.
)said that based upon a newly released 2005 cap amount established by the Centers for Medicare and Medicaid, it estimates that a reduction to revenues will be increased by about $1.6 million for fiscal year 2005.
Swift Energy (SFY
) said it sees third quarter domestic production of 9 Billion cubic feet equivalent (Bcfe,) which was reduced by 2.75 Bcfe to 3.25 Bcfe in previous guidance. The company cited various production shut-ins due to recent hurricanes.
) said that initial 10 million shares were offered at $12 per share.
) said it is unaware of any developments accounting for recent weakness in its share price and increased market activity. The company noted its previously announced planned follow-on offering of stock is being reviewed by the Securities and Exchange Commission.
) said it sees 20 cents to 26 cents third quarter earnings per share loss, mostly due to 22 cents per share of additional expenses tied to market-driven stock appreciation rights, and 25 cents to 31 cents per share of additional loss accruals tied to the Australian helicopter program.