Gateway Q4 net loss hits $72 million (4:53 PM ET) Gateway(GTW)matched analysts estimates Tuesday, posting a fourth-quarter net loss of $72 million, or 22 cents a share. On a pro forma basis, Gateway's loss was 19 cents a share. Revenue totaled $1.06 billion. During the same period in 2001, Gateway reported net profit of 3 cents a share, with revenue of $1.14 billion. The company's net loss included a 3-cents-a-share loss related to a dispute between Gateway and AOL Time Warner over payments involved with America Online customers who subscribed through Gateway.
Foundry Networks swings to Q4 profit, tops views (4:32 PM ET) Washington-based Foundry Networks said after the market closed Wednesday that its fourth-quarter net income rose to $10.5 million, or 8 cents a share, from a loss of $10.7 million, or 9 cents, in the same period a year earlier. Analysts surveyed by Thomson First Call were looking for a profit of 6 cents. Revenue rose to $86.7 million from $65.4 million; respondents to First Call had anticipated a figure of $84.3 million. Shares of the provider of networking products(FDRY)closed 17 cents higher at $9.65 on Wednesday.
Electronic Arts beats earnings target (4:18 PM ET) Electronic Arts(ERTS)reported net income that rose 89 percent from a year ago, as the company beat its earnings target. The No.1 maker of video games in the U.S. reported net income of $250.2 million, or $1.69 a share, up from $132.3 million, or 92 cents a share a year earlier. Analysts had been expecting earnings of $1.57 a share on average, according to Thomson First Call. Electronic Arts shares rose 20 cents to close at $50.97, ahead of the earnings announcement.
Maxim reports higher second-quarter net income (4:11 PM ET) Maxim Integrated Products on Wednesday reported a higher net income for the second quarter as revenues ramped up nearly 16 percent. The maker of analog integrated circuits, used in the operation of cell phones and other electronics, recorded profits of $77.1 million, or 23 cents a share, matching the expectation of analysts polled by Thomson First Call. Last year, the companyt made $62.6 million, or 18 cents. Revenue came to $286.1 million -- analysts were expecting $286.55 million -- compared with last year's $247.1 million. Shares of Maxim(MXIM)were down 22 cents to $33 in after-hours action.
Quantum posts surprise profit in Q3 (3:00 PM ET) Quantum Corp.(DSS)is up 49 cents, or 15.8 percent, to $3.60, after the Milpitas, Calif., maker of data protection systems reported third-quarter pro forma earnings of $4 million, or 3 cents per share, besting the average estimate of analysts polled by Thomson First Call for a loss of 4 cents per share. Revenue jumped 12 percent on a sequential basis to $229 million. Looking ahead, Quantum said that it expects pro forma earnings in the March quarter to be roughly flat with its third-quarter results. This outlook is better than Wall Street's current consensus estimate for a breakeven performance.
Emerson Radio tunes into profits in Q3 (2:42 PM ET) Emerson Radio(MSN)is advancing 66 cents, or 11.2 percent, to $6.57, after the Parsippany, N.J., maker of electronics products reported third-quarter earnings of $3.3 million, or 12 cents a share, down from its year-ago profit of $4.1 million, or 11 cents a share. A single analyst polled by Thomson First Call was looking for a profit of a nickel per share from the company in the period. Revenue jumped 29 percent in the latest three months to $91.3 million from $70.6 million in the same period a year earlier. Looking ahead, Emerson Radio forecast revenue growth of 13 percent to roughly $358 million from its 2002 total of $318 million.
InFocus posts narrower than anticipated Q4 loss (10:52 AM ET) InFocus(INFS)is adding 60 cents, or 9.6 percent, to $6.85, after the Wilsonville, Ore., digital projection technology firm reported a pro forma loss of $2.3 million, or 6 cents a share, in the fourth quarter, down from its year-ago equivalent profit of $6.6 million, or 17 cents a share, but 3 cents narrower than the average estimate of analysts polled by Thomson First Call. Revenue fell 6 percent in the latest three months to $181.3 million from $192.4 million in the same period a year earlier. The company said that it received strong performances from its overseas and consumer/home theater markets in the quarter. Looking ahead, InFocus expects first-quarter results from operations to come in flat with its fourth-quarter performance.
Cognex doubles Wall St. view in Q4 (10:18 AM ET) Cognex(CGNX)is rising $2.38, or 12.8 percent, to $20.98, in morning trades. After Tuesday's closing bell, the Natick, Mass., maker of machine vision products reported fourth-quarter earnings of $424,000, or a penny per share, up from its year-ago loss of $20.3 million, or 46 cents a share. Excluding items, the company earned $1.9 million, or 4 cents a share, blowing past Wall Street's consensus estimate for a profit of 2 cents a share. Revenue jumped 34 percent in the latest three months to $33.8 million from $25.2 million in the same period a year earlier. Looking ahead, Cognex sees earnings of 2 to 5 cents per share in the first quarter.
Borland leads Nasdaq losers after Q4 miss, Q1 warning (10:06 AM ET) Borland Software(BORL)is slumping $2.01, or 17 percent, to $9.98, enough to make the stock the Nasdaq National Market's biggest percentage loser, after the company reported late Tuesday fourth quarter earnings that missed expectations and warned of a first quarter shortfall. Meanwhile, the company provided a full-year 2003 earnings outlook that was in line with expectations. First Albany followed by downgrading the stock to "neutral" from "buy," due to the "back end loaded" nature of the company's 2003 financial model, which magnifies execution risk.
Photon Dynamics plunges on Q1 results; exec shake-up (9:47 AM ET) Photon Dynamics(PHTN)is dropping $2.80, or 15 percent, to $14.80 after the San Jose, Calif., provider of inspection and testing systems for flat panel display makers reported first-quarter loss of $25 million, or $1.55 per share, wider than its year-ago loss of $3.4 million, or 24 cents a share. These results included a charge of $20.8 million related to impairment of goodwill and long-lived assets from its printed circuit board assembly inspection business, which Photon plans to exit. The company also recorded a charge of $1.8 million relatd to acquired in-process research and development. Revenue reached $21.7 million in the period. Bookings totaled $12 million for the quarter, below the company's expectations. Looking ahead, Photon sees a loss of $1.05 to $1.25 per share on revenue of $8 million to $10 million in the second quarter. This outlook assumes none of its ArrayChecker 3500 systems are expected for delivery in the period, and it assumes a loss of $10 million to $12 million from discontinued operations. In addition, Photon named Elwood Spedden president and CEO, replacing Vincent Sollitto, who resigned. Spedden most recently served as a vice president with KLA-Tencor(KLAC).
Celestica tumbles on earns outlook despite upgrade (9:02 AM ET) Shares of Celestica(CLS)are taking a $2.59, or 18 percent dive, to $12.15 in pre-open trading after the provider of electronics manufacturing services reported late Tuesday fourth quarter earnings that fell shy of expectations and warned that first quarter results would also miss. Meanwhile, Analyst Joseph Wolf UBS Warburg followed by upgrading the stock to "neutral" from "reduce," citing valuation, but stopped short of recommending investors to build positions on weakness. Late Monday, the company reported December quarter earnings of 15 cents a share, and said it expected to earn 4 to 10 cents a share in the current quarter. Analysts surveyed by Thomson First Call had been expecting 16 cents for both quarters, on average.
MarketWatch.com reports first-ever quarterly profit (7:57 AM ET) MarketWatch.com(MKTW)reported its first-ever quartly profit on a 19 percent increase in online advertising revenue and lower expenses. The financial news provider said its fourth-quarter net income was $854,000, or 5 cents per share, compared to a loss of $20.8 million, or $1.25 per share in the year-ago period. It's the first quarter of net income for the company. Revenue rose to $11.7 million from $11.6 million. Operating expenses fell to $7.1 million, down from $28.2 million including $13.1 million of goodwill amortization in the year-ago period. Cash and cash equivalents at Dec. 31 stood at $43.3 million, an increase of $5.7 million from the end of 2001. Online advertising revenue totaled $4.6 million in the fourth quarter, a 19 percent increase from last quarter and a slight increase from the same period in 2001. Traffic rose to 10.7 million average monthly unique users during the quarter, a 16 percent increase from the average monthly unique users of 9.2 million in the fourth quarter of last year. The company expects to be profitable on an annual basis in 2003. MarketWatch.com is the publisher of this report. Viacom(VIAB)and Pearson(PSO)own significant stakes in MarketWatch.com. Shares of MarketWatch.com fell a penny to $4.73 on Tuesday.
Verizon meets Q4 ests., scraps wireless IPO again (7:48 AM ET) Verizon(VZ)reported fourth quarter results that matched Wall Street forecasts, indicated that full-year 2003 results may meet expectations and announced the withdrawal of its registration statement for an initial public offering of its wireless unit for the second time. Net income for the quarter ending December was $2.3 billion, or 83 cents a share, versus a loss of 75 cents a share in the year-earlier period. Excluding one-time items, earnings were 79 cents a share. Operating revenue rose 1.2 percent to $17.2 billion. Analysts surveyed by Thomson First Call had been expecting earnings of 79 cents a share and revenue of $17.2 billion, on average. Looking ahead, the telecommunications giant expects to earn $2.70 to $2.80 a share, down from $3.05 a share in 2002, and compared with analyst forecasts of $2.80. Separately, Verizon had been expected to raise up to $5 billion from an IPO of its wireless unit. The stock closed Tuesday up 60 cents at $36.05.
EarthLink's Q4 EBITDA doubles, net loss halves (7:37 AM ET) EarthLink(ELNK)reported fourth quarter EBITDA (earnings before interest, taxes, depreciation and amortization) of $18 million, roughly double the $9.14 million recorded in the same period a year ago. Excluding cash facility exit costs, EBITDA was $20.2 million, slightly below the average analyst estimate compiled by Multex of $21.1 million. Net losses, attributable to common stockholders was $36.9 million, or 24 cents a share, less than half last year's loss of 55 cents a share. Revenue increased 6.3 percent to $347.9 million, versus expectations of $347.5 million. Looking ahead, the Web access provider expects net losses of $86 million to $106 million and revenue of $1.44 billion to $1.5 billion. The stock closed Tuesday up 31 cents at $5.97.
Starwood tops Q4 earns, rev. ests. (6:31 AM ET) Starwood Hotels & Resorts(HOT)reported fourth quarter results that topped Wall Street expectations, as strength in its European and Asian divisions helped offset the lack of a global economic recovery and a continued subdued business travel environment. Net income for the quarter ending December was $91 million, or 45 cents, a share, versus a loss of 28 cents a share in the year-earlier period. Excluding non-recurring items, earnings were 22 cents a share. Revenue rose 12 percent to $983 million. Analysts surveyed by Multex had been expecting earnings of 22 cents a share and revenue of $973.9 million, on average. The hotel operator said it was "difficult to predict future results with any degree of precision" due to potential war with Iraq, ongoing economic weakness and the current political situation in South America. The stock closed Tuesday down 56 cents at $21.94. |
