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DAILY EARNINGS

Movado Net Declines; Lindsay, Micron Net Swing to Loss


Author: Mukesh Buch
ticker.com
Last Update: 12:19 PM ET March 31 2016

12:00 PM New York Bassett Furniture first-quarter net plunged 47% to $3 million. Lindsay second-quarter net swung to a loss of $4 million. Movado fourth-quarter net declined 22% to $8 million. Micron Technology second-quarter net swung to a loss of $97 million. Progress Software first-quarter net swung to profit $3 million.

Tollbooth Index edged down 4.63 to 10,828.11.

Earnings Review

Bassett Furniture Industries Inc (BSET), the home furnishings retailer said revenues in the first-quarter ending on February 27 jumped 15% from a year ago to $106.9 million.

Comparable store sales in the quarter advanced 6.1%.

Net income in the quarter plunged 46.7% to $3.2 million or 30 cents per diluted share compared to $6 million or 56 cents per share from the same quarter last year.

Lindsay Corporation (LNN), the agricultural machinery maker stated revenues in the second-quarter ending in February dropped 14.5% from a year ago to $120.6 million.

Net in the quarter swung to a loss of $4.1 million or 37 cents per diluted share compared to profit of $9 million or 75 cents per share from the same quarter last year.

Movado Group, Inc (MOV), the watches designer and retailer reported net sales in the fourth-quarter ending in January rose 7% from a year ago to $143.3 million.

Net income in the quarter declined 21.8% to $7.9 million or 34 cents per diluted share compared to $10.1 million or 40 cents per share from the same quarter last year.

Movado forecasted net sales in the fiscal 2017 in the range of $585 million to $600 million and net income between $43.3 million and $46.7 million and diluted earnings per share in the range of $1.85 to $2.

Micron Technology, Inc (MU), the memory chip maker reported revenues in the second-quarter ending on March 3 plunged 30% from a year ago to $2.93 billion.

Net in the quarter swung to a loss of $97 million or 9 cents per diluted share compared to profit of $206 million or 19 cents per share from the same quarter last year.

Progress Software Corporation (PRGS), the business applications developer stated revenues in the first-quarter ending in February soared 10% from a year ago to $89.5 million.

Net in the quarter swung to profit $3.2 million or 6 cents per diluted share compared to a loss of $1 million or 2 cents per share from the same quarter last year.

The company lowered yearly revenue forecast between $414 million and $420 million compared to earlier estimated range of $427 million and $433 million and earnings per share in the rage of $1.57 and $1.63 from previously forecasted range of $1.59 to $1.65.

ParkerVision, Inc (PRKR), the wireless communication products provider said net loss in the quarter narrowed to $3.3 million or 33 cents per diluted share compared to $5.5 million or 57 cents per share from the same quarter last year.

PAR Technology Corporation (PAR), the hardware, software services provider stated revenues in the fourth-quarter ending in December slipped 4.2% from a year ago to $56.8 million.

Net in the quarter swung to profit of $0.9 million or 6 cents per diluted share compared to a loss of $2 million or 13 cents per share from the same quarter last year.
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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc