Earnings announced tonight and they came in at +0.20. But if you read into the numbers you see that excluding McAfee.com the earnings were actually +0.24. Depending on which whisper number you follow I think that was at 0.24 .
Now the interesting thing is the diluted EPS was +0.07.
Many items were positive and looking for what others think are the negatives going forward. The only thing that may have been expected was a annoucement on restructuring specifics. What do the others think.
In afterhours trading NETA has traded above $30. We will have to see if this holds.
Comments,
Mike
Network Associates Announces Strong Fourth Quarter
EPS of $0.20 Excluding Amortization and Non-Cash Related Charges
SANTA CLARA, Calif., Jan. 24 /PRNewswire/ -- Network Associates, Inc. (Nasdaq: NETA), a leading supplier of network security and availability solutions for e-business, today announced revenues and earnings for the fourth quarter and fiscal year ended December 31, 1999.
Consolidated revenues for the fourth quarter of 1999 were $218,079,000. Consolidated net earnings for the fourth quarter were $30,066,000 or $0.20 per share, excluding non-cash interest expense, amortization expense and compensation charges related to employee stock options. These results represent sequential growth of 100% in earnings per share and 12% in revenues over the third quarter of fiscal 1999.
After giving effect to non-cash interest expense, amortization expense and compensation charges related to employee stock options, consolidated net income for the fourth quarter were $9,884,000 or $0.07 per share. Consolidated revenues for the fiscal year ended 1999 were $683,668,000. Consolidated net losses for the fiscal year were $159,901,000 or $1.15 per share.
Network Associates successfully conducted an initial public offering of its business to consumer Internet division. McAfee.com, an independent subsidiary owned 83% by Network Associates, is the world's largest business to consumer application service provider. The IPO established McAfee.com with an independent market cap of nearly $2 billion. Excluding the effect of McAfee.com, Network Associates' reported earnings were $35,747,000 or $0.24 per share, excluding non-cash interest expense, amortization expense, and compensation charges related to employee stock options. Network Associates' operating margins improved from 8% in Q3 to 12% in Q4 on a consolidated basis.* Fourth quarter operating margins excluding McAfee.com improved to 16%.*
NETA
Excluding NETA
McAfee.com McAfee.com Consolidated
Revenue $209.7M $8.4M $218.1M
Pretax Operating Margin %* 16% -76% 12%
Earnings per Share* $0.24 $(0.16) $0.20 a8566..r.k r f bc-MS-First-M&F-Corp-Ern 01-24
FROM PR NEWSWIRE ATLANTA 404-231-1814/
STK] FMFC [IN] FIN [SU] ERN TO BUSINESS EDITOR:
First M&F Corp. Reports 1999 Earnings
KOSCIUSKO, Miss., Jan. 24 /PRNewswire/ -- First M&F Corp.'s (Nasdaq: FMFC) net income for the year ended Dec. 31, 1999, was $8,165,768, or $2.16 basic and $2.15 diluted per share, compared to $7,842,267, or $2.16 basic and diluted per share, for the same period in 1998. The flat earnings were attributable primarily to the November 19 acquisition of Community Federal Bancorp.
Fourth quarter earnings for 1999 were $.45 basic and diluted per share, as compared to $.52 basic and diluted per share in 1998. The drop in per share earnings was attributable to after-tax merger-related expenses of approximately $200,000, and the issuance of approximately 1.2 million shares in the Community Federal acquisition. The Community Federal acquisition was accounted for using the purchase method.
Basic earnings per share, excluding the effect of goodwill amortization, were $2.25 in 1999 as compared to $2.22 in 1998.
The net interest margin for the Company was up for 1999 as compared to 1998. However, the fourth quarter was also influenced by tightening margins as deposit costs began to rise and loan rates remained under competitive pressure.
During 1999 First M&F embarked upon a strategy to acquire insurance agencies in an effort to diversify its revenue streams. Three agencies were acquired in 1999. The Company expects to make additional acquisitions in 2000 as opportunities arise.
"We are excited about putting the monumental tasks of the fourth quarter behind us," said First M&F Corp. Chairman, Hugh S. Potts, Jr. "Now that the Community Federal merger, Y2K, and the insurance agency acquisitions are behind us, we are looking forward to the challenge of meeting and hopefully exceeding our year 2000 goals."
Total assets were $1.03 billion at year-end 1999, while loans ended at $608.9 million and deposits at $789.9 million. Stockholders' equity was $90.7 million at Dec. 31, 1999.
First M&F Corp., parent of Merchants & Farmers Bank, is a $1.03 billion bank holding company with banking locations throughout Central and North Mississippi.
SOURCE First M&F Corporation
CO: First M&F Corporation; Merchants & Farmers Bank
ST: Mississippi
IN: FIN
SU: ERN
01/24/2000 16:36 EST prnewswire.com |
