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DAILY EARNINGS

Raven Net Slips, Saks Net Loss Widens


Author: Mukesh Buch
ticker.com
Last Update: 11:37 AM ET August 19 2013

10:45 AM New York – Zillow agreed to acquire StreetEasy for $50 million in cash. Raven second quarter net declined 28%. Saks second quarter net loss in the quarter widened to $19.6 million.

Earnings Review

Cellcom Israel Ltd. (CEL), the Israel based cellular and landline service provider reported total revenues in the second quarter ending in June dropped 17.5% to $341.6 million. Net Income in the quarter plunged 44.6% to $18.5 million or 18 cents a diluted share compared to $33.4 million or 34 cents.

Gross profit for the quarter declined 26.2% to $135 million gross profit margin plummeted to 39.4% from 44.1% a year ago.

McGraw Hill Financial, Inc. (MHFI), the company increased its stake in India’s credit ratings company Crisil Limited to 67.8% from 52.8% for $214 million, a premium of 29% to the closing share price on May 31.

MannKind Corporation (MNKD), the company placed convertible notes to Deerfield Private Design Fund II, L.P. and Deerfield Private Design International II, L.P. worth $40 million tranche at 9.75%.

Raven Industries, Inc. (RAVN), the agriculture products maker said net sales in the second quarter ending in July dropped 8% to $93.4 million. Net income in the quarter declined 28% to $8.3 million or 23 cents a diluted share compared to $11.5 million or 32 cents.

Saks Inc (SKS), the fashion and luxury retailer reported total sales in the second quarter ending on August 3 rose 0.5% to $707.8 million. Comparable store sales in the quarter increased 1.5%.

Net loss in the quarter widened to $19.6 million or 13 cents a diluted share compared to $12.3 million or 8 cents.

Gross margin for the quarter rate declined 36.6% from 37.2% a year earlier.

Zillow, Inc. (Z), the online real estate platform agreed to acquire StreetEasy, the New York based real estate website for $50 million in cash. The transaction is expected to close in the next few weeks.

Separately, Zillow today commence underwritten public offering of 2.5 million shares of Class A common stock and the company intends to use the net proceeds for general corporate purposes.
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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