South San Francisco, California-based biotechnology company Genentech Inc. (DNA: chart) on Monday reported a 61% rise in quarterly profit due to strong sales of its cancer medicines.

The company had previously projected that its profit would climb more than 25% for 2005.

Roche Holding AG majority-owned Genentech chalked a net profit of $284.2 million, or 27 cents a share for the quarter ended March 31, 2005 compared with a profit of $176.6 million, or 19 cents a share, in 2004.

Genentech reported that its total sales for the quarter rose 55% to almost $1.19 billion.

Genentech shares slipped to $56.22 in after-hours trading after falling 1.8% to close at $56.60 on the NYSE. The company’s shares lost an additional 44 cents in the extended session.

Revenue was $1.46 billion in the quarter, an increase of 50 percent from the $975 million posted a year earlier.

Heritage Oaks Bancorp (HEOP: chart) reported record profits in the quarter ended March 31, 2005 due to increased loan demand, continued economic growth in the central coast region and a significant rise in its net interest margin. For the first quarter, net income increased 62% to $1.4 million, or $0.33 per diluted share, compared to $876,000, or $0.20 per diluted share, in the first quarter of 2004. Earnings per share have been retroactively adjusted for the 5% stock dividend declared on March 25, 2005 for shareholders of record on April 8, 2005 to be paid on April 22, 2005.

Media General Inc. (MEG: chart) posted a quarterly loss, compared with a year-ago profit, due to a $325 million charge related to a change in accounting methods.

The company’s net loss in the first quarter totaled $316.2 million, or $13.25 a share, compared with a profit of $9.1 million, or 38 cents a share, a year earlier.

Excluding the non-cash accounting charge, Media General's profit was 39 cents a share.
Analysts had forecast a profit of 38 cents a share, according to Reuters Estimates.

Health-care products maker Abbott Laboratories Inc. (ABT: chart) said Tuesday that 1Q earnings rose 1.8% from a year ago, as sales jumped 16%.

Net income increased to $837.9 million, or 53 cents per share, in the three months ended March 31 from $822.9 million, or 52 cents per share, a year ago. Analysts expected the company to post earnings of 58 cents per share on sales of $5.28 billion in the latest quarter.

Omaha, Nebraska-based online brokerage Ameritrade Holding Corp. (AMTD: chart) announced its quarterly profit fell as average client trading declined.

Ameritrade reported net income of $71 million, or 17 cents per share, for its fiscal second quarter, down from $80.96 million, or 19 cents per share, in the year-earlier period.

LG.Philips LCD Co., Ltd. (LPL: chart) reported a net loss of 78.8 billion won ($77.6 million) for the first quarter, compared with a profit of 627.9 billion won a year earlier. Revenue was 2.06 trillion won, down 5.7%. The company's net loss was $94.5 million, compared with a profit of $639.7 million a year earlier.

LG.Philips posted its earnings after the close of Korean trading. In morning NYSE composite trading, its ADR were down 1.4%, or 31 cents, at $22.55.

LG.Philips LCD expects its capital spending to climb to 4.6 trillion won 2005, up about 20% from 3.8 trillion won in 2004, as the company builds another new factory near Seoul. The plant is projected to open next year.

Richmond, Virginia-based Circuit City Stores, Inc. (CC: chart) reported decline in earnings almost 5% as the consumer electronics retailer endured competitors’ promotions and clearance sales.

Circuit City said Monday it earned $85.4 million, or 45 cents a share, in the fiscal 4Q ended Feb. 28, compared to $89.6 million, or 43 cents a share, in the comparable period the previous year.

Revenue increased 5.3% to $3.47 billion in the quarter from $3.30 billion in the year-ago period.