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Earnings Analysis: 
Boston Scientific Raises Outlook, Workflow Swings to Profit
Author: Savina Petrova
123jump.com



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Boston Scientific raised its third-quarter forecast to a range of 28 to 30 cents a share. Workflow Management swung to a profit of five cents a share in the fiscal first quarter.

 
Boston Scientific Corp. (BSX: chart), a provider of minimally invasive medical devices based in Natick, Massachusetts, raised its third-quarter earnings forecast to a range of 28 to 30 cents a share, up from 24 to 28 cents a share, due to strong sales of its Taxus Express paclitaxel-eluting coronary stent in Europe and sales of its Express2 coronary stent system in the U.S. Revenue is expected to be between $855 million and $865 million, up from earlier forecasts of $810 million to $840 million.

Workflow Management Inc. (WORK: chart), a printing services company based in Palm Beach, Florida, swung to a profit of five cents a share in the fiscal first quarter ended July 31, compared with a loss of 20 cents a year earlier. Results reflect improved cost management. Revenue fell five percent to $142.9 million.

Hayes Lemmerz International Inc. (HAYZ.OB), an auto and truck parts supplier based in Northville, Michigan, posted a second-quarter operating income of $51.6 million, compared with a year-ago loss of $12.6 million. Revenue fell 0.2 percent to $502.8 million. After emerging from Chapter 11, the company has a new management team and more than 150 'Operational Excellence' initiatives under way.

AMREP Corp. (AXR: chart), a New York-based construction services company, a national distributor of magazines and provider of subscription fulfillment services for publishers, said net income in the fiscal 2004 first quarter jumped to 54 cents a share from 12 cents in the same period last year. Revenue more than doubled to $26 million, helped by the company’s Kable News subsidiary.

YOCREAM International Inc. (YOCM: chart), a manufacturer and wholesaler of frozen desserts and smoothies based in Portland, Oregon, said net income in the third quarter ended July 31 was 15 cents a share, down from 21 cents in the same period last year. Revenue jumped 5.5 percent to $6.6 million.

Candie's Inc. (CAND: chart), a designer of footwear and handbags based in Valhalla, New York, reported second-quarter loss before items of two cents a share, compared with a year-ago profit of 12 cents a share. The company is moving to a licensing business model from footwear operations. Revenue fell 20 percent to $40.2 million.

Polo Ralph Lauren Corp. (RL: chart), an apparel maker based in New York, said that its Board of Directors has declared a regular quarterly cash dividend of five cents a share on Polo Ralph Lauren common stock. The dividend is payable October 10, 2003 to shareholders of record at the close of business on September 26, 2003.

Red Robin Gourmet Burgers Inc. (RRGB: chart), a restaurant operator based in Greenwood Village, Colorado, raised its third-quarter outlook due to stronger sales at existing outlets and new restaurant openings. The company now expects earnings of 23 to 24 cents a share, up from its previous forecast of 19 to 21 cents. Revenue is seen at $77 million to $78 million, up from last month’s target of $74 million to $76 million.

Labor Ready Inc. (LRW: chart), a provider of temporary labor based in Tacoma, Washington, raised its third-quarter earnings forecast to 21 to 23 cents a share, from 18 to 20 cent, due to higher gross margins and continued cost controls. The company also adjusted its revenue estimate to $250 million to $255 million, up from $245 million to $255 million.

Hi-Tech Pharmacal Inc. (HITK: chart), a specialty drug company based in Amityville, New York, reported first-quarter earnings of 13 cents a share, up from 11 cents in the same period last year. Revenue climbed five percent to $9.3 million.
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