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Market Update

VeriFone Rises; Express, Men's Wearhouse, Raven Decline


Author: Mukesh Buch
ticker.com
Last Update: 9:25 AM ET March 12 2014

11:10 AM New York Amedisys net loss narrowed despite revenue declined 14%. Dresser-Rand net tumbled 59%. Express profit plummeted 26%. Men''s Wearhouse net loss widened and agreed to acquire of Jos. A. Bank for $65 a share in cash. VeriFone net swung to a loss but lifted outlook.

Amedisys Inc (AMED) fell 10 cents to $15.56 after the health care company stated revenue sales in the fourth-quarter ending in December declined 13.7% to $303.5 million.

Net loss in the quarter narrowed to $9.6 million or 30 cents a diluted share compared to $106.8 million or $3.52.

Dresser-Rand Group Inc (DRC) slipped 2.1% or $1.19 to $56.15 after the rotating equipment supplier said total revenues in the fourth-quarter ending in December slid 2.1% to $827 million.

Net income in the quarter tumbled 59.1% to $32.8 million or 43 cents a diluted share compared to $80.2 million or $1.05.

Express, Inc (EXPR) plunged 11.2% or $2.06 to $16.18 after the apparel and accessory retailer reported net sales in the fourth-quarter ending on February 1 fell 2.1% to $715.9 million. Comparable store sales in the quarter rose 1%.

Net income in the quarter plummeted 26.5% to $47 million or 57 cents a diluted share compared to $64 million or 75 cents.

The company forecasted profits in the first-quarter in the range of 12 cents to 18 cents per share and full-year profit between $1.03 and $1.23 a share.

The Men''s Wearhouse, Inc (MW) dropped 2.3% or $1.33 to $55.81 after the men''s apparel retailer reported net sales in the fourth-quarter ending on February 1 declined 7.9% to $560.6 million. Comparable store sales in the quarter decreased 2.5%.

Net loss in the quarter widened to $30.5 million or 64 cents a diluted share compared to $3.4 million or 7 cents.

Separately, yesterday the retailer said it agreed to acquire all outstanding shares of common stock of Jos. A. Bank for $65 a share in cash or total consideration of $1.8 billion.

The boards of directors of both companies have unanimously approved the transaction.

Raven Industries, Inc (RAVN) tumbled 11.5% or $4.56 to $35.19 after the industrial conglomerate said sales in the fourth-quarter ending in January grew 3% to $92.6 million.

Net income in the quarter plunged 25.2% to $8.3 million or 23 cents a diluted share compared to $11.1 million or 30 cents.

VeriFone Systems Inc (PAY) surged 11.5% or $3.36 to $32.61 after the electronic payment solution provider said revenues in the first-quarter ending in January rose 2% to $436 million.

Net in the quarter swung to a loss $16.2 million or 15 cents a diluted share compared to a income of $11.8 million or 11 cents.

VeriFone lifted non-GAAP net revenues forecast for the second-quarter in the range of $440 million to $445 million and non-GAAP net income per diluted share of 30 cents to 32 cents.

The company also estimated non-GAAP net revenues forecast for the year between $1.78 billion and $1.81 billion and non-GAAP net income per diluted share of $1.40.

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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