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DAILY EARNINGS

Novanta Net Surges 28%, FairPoint Communications Net Declines 62%


Author: Mukesh Buch
ticker.com
Last Update: 6:05 AM ET March 06 2017

12:00 PM New York Armstrong Flooring fourth-quarter net loss widened to $6.3 million. FairPoint Communications fourth-quarter net plunged 62% to $16 million. Novanta fourth-quarter net surged 28% to $8 million.

Tollbooth Index dropped 69.26 or 0.6% to 11,621.14.

Earnings Review

Armstrong Flooring Inc (AFI), the flooring solutions provider said net sales in the fourth-quarter ending in December fell 3% from a year ago to $271.7 million.

Net loss in the quarter widened to $6.3 million or 23 cents per diluted share from $16.6 million or 47 cents per share in the same quarter last year.

CJS Solutions Group LLC, the privately held healthcare information technology services provider agreed to be acquired by India-based software services provider Tech Mahindra Ltd for about $110 million.

Under the terms, Tech Mahindra will acquire 84.7% stake in CJS for $89.5 million in cash and remaining 15.3% will be acquire before 2019.

The transaction is expected to close before the end of April 2017.

FairPoint Communications Inc (FRP),, the communications services provider stated revenues in the fourth-quarter ending in December slipped 2.8% from a year ago to $203.9 million.

Net income in the quarter plunged 62.2% to $16 million or 59 cents per diluted share from $42.3 million or $1.56 per share in the same quarter last year.

Novanta Inc, formerly GSI Group Inc (NOVT), the photonic components maker said revenues in the fourth-quarter ending in December jumped 10% from a year ago to $98.9 million.

Net income in the quarter surged 27.9% to $7.8 million or 22 cents per diluted share from $6.1 million or 18 cents per share in the same quarter last year.

In the first-quarter, Novanta forecasted revenues between $100 million and $102 million and diluted earnings per share in the year in the range of 22 cents to 25 cents.

The medical and industrial equipment maker lifted fiscal 2017 revenue estimate in the in the range of $430 million to $435 million from $384.8 million in a year ago period.
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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