MBIA (MBI) posts $18.61 fourth quarter loss per share, vs. $1.32 EPS a year ago; posts $3.30 fourth quarter operating loss vs. $1.31 operating EPS. It says it's disappointed in its operating results for 2007 as performance of its insured prime, second-lien mortgage portfolio, three insured CDO-squared transactions led to unprecedented loss reserving, impairment activity. MBIA's CEO said the company will have real and significant losses, but nothing to justify the 80% decline in share price since last year. The CEO noted the company's capital plan will exceed all AAA rating requirements. The stock turned higher on the news.
Amazon.com (AMZN) posts fourth quarter EPS of $0.48, vs. $0.23 a year ago, on 42% sales rise. It sees first quarter sales of $3.95-$4.15 billion and 2008 sales of $18.75-$19.75 billion. It expects 2008 operating income of $785-$985 million, including $240 million for stock-based compensation and amortization of intangible assets. Separately, Amazon agrees to acquire Audible (ADBL) for about $300 million, or $11.50 per share. S&P upgrades to hold from sell. Bear Stearns ties the weakness in the stock to margin disappointment.
Starbucks (SBUX) posts first quarter EPS of $0.28, vs. $0.26 a year ago, on 1.0% higher same-store sales, 17% higher total sales. It views fiscal year 2008 as a "year of refocus and renewal." Expects low double-digit EPS expansion for fiscal year 2008.
Procter & Gamble (PG) posts second quarter EPS of $0.98, vs. $0.84 a year ago, on 9% sales rise. It sees $0.79-$0.81 third quarter EPS. For fiscal year 2008, it expects organic sales to grow 4%-6%, sees EPS of $3.46-$3.50. Plans to separate its coffee business and create an independent company named The Folgers Coffee Co. Assuming a split-off transaction, expects deal to be dilutive to EPS by $0.03-$0.05 on an annual basis. S&P maintains strong buy.
Pulte Homes (PHM) posts $3.54 fourth quarter loss per share from continuing operations, vs. $0.03 loss a year ago, on 34% lower revenue. Fourth quarter 2007 loss included $1.28/share of charges tied to inventory impairments, other land-related charges and impairment of goodwill; also, a $2.46/share non-cash charge to eliminate a tax loss-related asset on PHM's balance sheet. The home builder sees $0.15-$0.30 first quarter net loss from continuing operations, exclusive of a tax benefit and any add'l impairments or land-related charges. S&P narrows 2008 loss estimate, raises target price; reiterates hold.
Mattel (MAT) posts $0.89, vs. $0.75 a year ago, fourth quarter EPS on 3.8% revenue rise. S&P maintains strong buy.
AnnTaylor Stores (ANN) plans to cut 13% of staff at its headquarters and close 117 stores as part of a restructuring aimed at increasing its operating margin by more than 200 basis points over the next three years. Also says it is taking a conservative approach to new store growth in fiscal 2008, given the ongoing macroeconomic weakness and uncertainty in the retail sector.
Alliance Data Systems (ADS) posts $0.42, vs. $0.48 a year ago, fourth quarter EPS as merger, other costs offset 15% revenue rise. On purely organic basis, sees 2008 adjusted EBITDA in excess of $700 million, with operating EBITDA expected to be a minimum of $30 million greater than adjusted EBITDA and cash EPS of $4.30. Yesterday, ADS filed lawsuit against the Blackstone entities that are parties to the merger agreement. Wachovia reportedly upgrades to outperform from market perform.
Colgate-Palmolive (CL) posts $0.91, vs. $0.78 a year ago, fourth quarter operating EPS on 13% sales rise. It expects 2008 gross profit margin, excl. restructuring charges, to be up within targeted range of 75 basis points to 125 basis points. S&P maintains strong buy.
Bristol-Myers Squibb (BMY) posts $0.07 fourth quarter GAAP loss per share, vs. $0.09 loss on 33% revenue rise [including 5% favorable forex]. It revises 2008 GAAP EPS guidance to $1.36-$1.46 from $1.44-$1.54, primarily reflecting impact from sale of the Medical Imaging business. Notes guidance includes estimated charges of about $500 million related to implementation of the Productivity Transformation Initiative, which will be dependent on timing of implementation and accounting treatment.
MasterCard (MA) posts $2.26 [including after-tax gain of $1.37], vs. $0.30 a year ago, fourth quarter EPS on 28% revenue rise.
Cadence Design Systems (CDNS) posts fourth quarter EPS [non-GAAP] of $0.46 vs. $0.38 a year ago, on 6.2% revenue rise. It sees first quarter non-GAAP EPS of $0.03-$0.05 on revenue of $280-$290 million and fiscal year 2008 EPS of $1.11-$1.19. JP Morgan reportedly downgrades to underweight from neutral.
TurboChef Technologies (OVEN) says one of its customers announced modification of its North America food program which utilizes TurboChef ovens, which will reduce that customer's previously anticipated contribution to OVEN's 2008 results. OVEN says it comfortable with its previously announced commercial revenue guidance for 2008.
Advanced Medical Optics (EYE) says it has entered into deal with Bausch & Lomb, Inc. regarding AMO's patent relate to peristaltic pump fluidics used in phacoemulsification systems. Bausch & Lomb will pay AMO a royalty under the agreement. All other terms of the agreement are confidential.
JK Acquisition (JKA) postpones a special meeting of its stockholders from 10:00 a.m. CDT today to 5:00 p.m. CST today, in order to give JKA more time to solicit proxies and its stockholders more time to consider and vote on JKA's proposed merger with Multi-Shot LLC.
Starwood Hotels & Resorts Worldwide (HOT) posts $0.74, vs. $0.93 a year ago, fourth quarter EPS despite 2.4% revenue rise. Adjusts guidance to reflect economic uncertainty, possibility of slowdown in U.S. lodging demand. Now sees $0.22-$0.26 first quarter EPS, $2.32-$2.57 2008 EPS [both before special items].
ImClone Systems (IMCL) posts $0.23 fourth quarter loss per share, vs. $0.53 EPS a year ago, as patent litigation settlement expense, other items offset 14% rise in revenue. Posts $0.41 non-GAAP EPS [excluding items].
Cirrus Logic (CRUS) posts lower-than-expected $0.05, vs. $0.04 a year ago, third quarter EPS on 8.0% revenue rise. It says third quarter gross margin narrowed to 56% vs. 61% in the year-ago quarter. Sets $150 million stock buyback. It sees $44-$47 million fourth quarter revenue, gross margin of 55%-58%.
Alliant Techsystems (ATK) posts $1.65, vs. $1.53 a year ago, third quarter EPS on 17% sales rise. Based on continued strength in all three business groups, increasing visibility, ut raises fiscal year 2008 EPS guidance to $6.25-$6.35, expects sales in excess of $4.1 billion. It sees fiscal year 2009 EPS of $7.10-$7.30, expects sales of approximately $4.5 billion.
credted by: BusinessWeek.com
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