Markets & Finance

Time Warner Posts Higher Earnings


Time Warner (TWX) posted 19 cents vs. 11 cents third quarter earnings per share on a 6.1% revenue rise. It increased its stock buyback program by $7.5 billion to a total of $12.5 billion over the next 21 months.

iVillage(IVIL) is considering a sale that could value it in excess of $700 million, according to the Financial Times.

Electronic Data Systems(EDS) posted 2 cents third quarter earnings per share vs. 30 cents loss (GAAP) on a 3% revenue rise. It agreed to sell A.T. Kearney to a group of the firm's officers. It also sees 55 cents to 60 cents 2005 earnings per share (adj. for the divestiture of Kearney) on revenue of between $19.9 billion and $20.1 billion.

Sun Microsystems (SUNW) posted 4 cents first quarter loss vs. 4 cents loss (GAAP) despite a 3.7% revenue rise.

Cigna (CI) posted better-than-expected $2.00 vs. $2.26 third quarter earnings per share on a 10% revenue drop. It noted better-than-expected results in its health and related benefits businesses. It sees $7.60 to $7.80 2005 consolidated adjusted earnings per share from operations.

Cephalon(CEPH) posted 78 cents vs. 75 cents third quarter earnings per share (non-GAAP) on an 18% revenue rise. It adjusted its 2005 sales guidance downward by $50 million to $1.15 billion to $1.2 billion. It sees 2006 sales of $1.35 billion to $1.4 billion and adjusted earnings per share of $2.90 to $3.00.

Symantec(SYMC) posted 23 cents vs. 19 cents second quarter earnings per share (non-GAAP) on an 8% revenue rise. It sees $1.263 billion third quarter non-GAAP revenue and 25 cents earnings per share.

WMS Industries (WMS) posted 18 cents vs. 8 cents first quarter earnings per share on a 39% revenue rise. It estimates that expenses related to hurricanes resulted in 5 cents impact to third quarter 2005 earnings per share.

Steven Madden (SHOO) posted 39 cents vs. 26 cents third quarter earnings per share on a 13% sales rise. It sees $1.20 to $1.22 2005 earnings per share. President Richard Olicker is to leave the company. The company also set a special one-time cash dividend of $1.00 per share.

RenaissanceRe Holdings (RNR) posted a $4.63 third quarter operating loss vs. $5.19 loss on 32% higher net premiums written. It estimates $250 million to $300 million net impact in the fourth quarter from Hurricane Wilma. It also says that the chairman and CEO James Stanard resigned in light of ongoing investigations.

Benthos (BTHS) agreed to be acquired by Teledyne Technologies TDY in a $41 million deal, at $17.50 cash per Benthos share.

ATP Oil & Gas (ATPG) posted 36 cents third quarter loss vs. 2 cents earnings per share on flat revenue. It says the hurricanes negatively impacted third quarter production. It anticipates restoring production to 75% to 80% of pre-storm rates by the end of the fourth quarter.

Mercury Interactive (MERQE) said that Amnon Landan, Douglas Smith, and Susan Skaer resigned as CEO, CFO, and General Counsel, respectively, following an internal investigation of stock options grants. The company says it is not in a position to provide financial results for the third quarter.

Durect (DRRX) announced the pricing of its public offering of 7.4 million Durect shares at $5.00 per share.

Old Dominion Freight Line (ODFL) set a 3-for-2 stock split.

Cutera (CUTR) posted 27 cents vs. 7 cents third quarter earnings per share on a 49% revenue rise. It raised its 2005 guidance to 87 cents earnings per share on revenue of about $73.6 million.

Protein Design Labs (PDLI) posted 37 cents third quarter loss vs. 14 cents loss as higher costs offset a sharp total revenue rise. It sees $266 million to $282 million 2005 total operating revenue and non-GAAP net that will range from 4 cents loss to 3 cents earnings per share.

Littlefuse (LFUS) posted 28 cents vs. 49 cents third quarter earnings per share on a 3.6% revenue decline. It Will further downsize its Ireland operations and outsource more of its varistor manufacturing, which will result in restructuring charges of about $2.5 million in fourth quarter 2005 and $2.1 million in 2006.

Kindred Healthcare (KND) posted 36 cents vs. 37 cents third quarter earnings per share despite an 8.2% rise in revenue. It sees 42 cents to 49 cents fourth quarter earnings per share on revenue of $975 million to $1 billion. It cut its $2.71 to $2.84 2005 operating earnings per share guidance to between $2.68 and $2.75.

Johnson & Johnson (JNJ) got conditional Food and Drug Administration approval to buy Guidant GDT, but says Guidant's recent product recalls had a material adverse effect and that it is not required to close the acquisition. It has had talks about restructuring terms.

MBIA (MBI) The Wall Street Journal says the company is close to settling civil probes into its accounting, agreeing to pay less than $100 million in fines, among other things.

Eagle Materials (EXP) posted $2.41 vs. $1.62 second quarter earnings per share on 36% higher revenue. It sees $1.80 to $2.00 third quarter earnings per share and raises fiscal year 2006 guidance to between $7.60 and $7.90 earnings per share.

ValueClick (VCLK) posted 13 cents vs. 9 cents third quarter earnings per share on an 87% revenue rise. It sees 43 cents to 45 cents 2005 earnings per share, and 53 cents to 59 cents in 2006.

Midway Games (MWY) sees greater-than-anticipated third quarter net loss of $29 million on $30 million in revenue due to accelerated amortization and writedowns of capitalized product development costs. It widens its 2005 net loss estimate to $95 million on lower-than-expected revenue of $145 million.

iPayment (IPMT) recieved a revised proposal from CEO Gregory Daily to acquire all common shares outstanding at $43 each, up from Mr. Daily's former buy-out bid of $38 per share.

Candela (CLZR) posted 13 cents vs. 12 cents third quarter earnings per share on a 25% revenue rise. It set a stock buyback of up to 10% of its outstanding shares over the next 24 months.


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