Jos. A. Bank Clothiers, Inc. (
JOSB: chart) reported before market open Thursday a 75% surge in its quarterly earnings, as sales increased across all business segments. The men's clothing retailer said that it had a net profit of $3.53 million, or 25 cents per share, in its fiscal 2004 second quarter, up from a net profit of $1.99 million, or 14 cents per share, last year. The earnings topped by a penny a share the consensus forecast of analysts. For the quarter ended July 31, the company reported total sales of $82 million, a 27.3% jump from prior-year sales of $64.4 million. Hampstead, Maryland-based JoS. A. Bank said that same-store sales rose 10.2% in the second quarter of 2004, while combined catalog and internet sales advanced 17.9%. The company also credited its dynamic new store opening program for the results. For the first six months of 2004, net income swelled 112% to $8.9 million, or 62 cents per share, on sales of $161.9 million. For the comparable period in 2003, net income was $4.2 million, or 30 cents per share, on sales of $126.7 million.
Comverse Technology, Inc. (
CMVT: chart) announced after the bell Wednesday that it swung to a quarterly profit from a year-ago loss, driven by robust sales. The Woodbury, New York-based maker of telecommunications systems and software reported net income of $13.3 million, or 6 cents per share, for the second quarter of fiscal 2004 ended July 31. Excluding items, second-quarter earnings came to $13.7 million, or 7 cents per share, surpassing Wall Street’s mean estimate of 5 cents per share. For the 2003 corresponding period, Comverse had a net loss of $1.1 million, or 1 cent per share. Prior-year pro forma net loss was $6.1 million, or 3 cents per share. 2004 second-quarter sales jumped 24% to $233.4 million from $188.5 million, a year earlier, boosted by strong performance in all three divisions - Comverse, Ulticom and Verint. For the first half of the year, Comverse posted net income of $20.3 million, or 10 cents a share, in contrast to a net loss of $6.8 million, or 4 cents a share, for the same period in 2003.
Company shares shed 64 cents to close Wednesday at $17.50. The stock rose 4.86% to $18.35 in extended-hours trading.
Geac Computer Corporation Limited (
GEAC: chart) reported Wednesday higher quarterly earnings, helped by stronger sales. The Markham, Canada-based developer of enterprise software announced a net profit of $13.5 million, or 15 cents per share, for its fiscal 2005 first quarter, compared with a net profit of $9.4 million, or 11 cents per share, for the 2004 equivalent. Quarterly revenue advanced to $106.9 million from $101.5 million a year earlier, aided by solid software license revenue growth. The consensus analysts’ estimate was for a profit of 14 cents a share, on revenue of $111 million.
The stock edged up 13 cents on Wednesday to $6.21. Geac shares plunged 5.80% to $5.85 in after-market trade.
Immunomedics, Inc. (
IMMU: chart) of Morris Plains, New Jersey, said Wednesday that its fourth-quarter net loss widened to $6.8 million, or 14 cents per share, from a prior-year loss of $3.7 million, or 7 cents per share. The biopharmaceutical company blamed the results on higher research costs and lower sales. Revenue in the quarter slid to $900,000 from $1.7 million, last year. The company said the drop in revenue was due to the completion of the sale of research and development materials in the first quarter of fiscal 2004, which were part of the Amgen Agreement.
Company shares dipped 3.56% to $2.71 at market close Wednesday.
Credit Agricole S.A. ((ACA.PA)) posted Wednesday quarterly earnings that beat analysts’ expectations, bolstered by strong results at its Credit Agricole and Credit Lyonnais retail banks. France’s largest bank said that it had net income of €569 million ($683 million) in its fiscal second quarter, a 31.4% increase from net income of €433 million, last year. Analysts were looking for a second-quarter profit of €468 million ($561 million). Overall net banking income eased 3.3% to €3.25 billion ($3.9 billion), hurt by weak performance in the company’s corporate and investment business.
The stock rose 2.4% to close Wednesday at €21.36 ($25.63) on the Paris Stock Exchange.
Sobeys Inc. ((SBY.TO)) on Wednesday rolled out first-quarter earnings of C$46.7 million ($36.2 million), or 71 Canadian cents a share, which compares to year-earlier earnings of C$41.9 million, or 64 Canadian cents a share. The Stellarton, Canada-based grocery chain attributed the results to higher sales, which climbed 9.1% in the quarter to C$3.01 billion. Comparable-store sales inched up 2.9%. The average analysts’ estimate was for earnings of 66 Canadian cents a share.
Furniture Brands International, Inc. (
FBN: chart) of St. Louis, Missouri, said Wednesday that it sees quarterly earnings at the upper end of its previous guidance, citing stronger-than-expected demand for higher-margin products. The U.S. leading maker of residential furniture projected earnings of 36 cents to 38 cents per share for its third quarter, compared to an earlier outlook of 34 cents to 38 cents per share. Analysts expect the company to earn 36 cents a share, on average.
Company shares closed Wednesday down 87 cents, or 3.57%, at $23.52. The stock gained 84 cents to $24.36 in extended trade.
Corning Incorporated (
GLW: chart) on Wednesday reiterated its financial forecast for the third quarter, due to continuing strong sales. The Corning, New York-based world’s No.1 maker of fiber-optic cable said that it still sees third-quarter earnings, excluding items, in the range of 10 cents to 12 cents a share, on revenue of $950 million to $1 billion. Analysts had predicted a profit of 11 cents per share for the quarter, on revenue of $974 million.
The stock added 9 cents to close Wednesday at $10.15. Company shares rose 3.45% to $10.50 in after-hours trading.
Texas Instruments Incorporated (
TXN: chart) raised Wednesday the lower end of its third-quarter earnings guidance, citing a lower tax rate. The Dallas, Texas-based world’s top chip maker projected a profit of 27 cents to 29 cents per share for the quarter, against a prior forecast of 26 cents to 29 cents per share. TI, however, lowered its revenue target to a range of $3.1 billion to $3.24 billion, from an earlier outlook of $3.2 billion to $3.44 billion, as its customers are trying to reduce inventory levels.
TI shares closed Wednesday at $18.83, up 12 cents, or 0.64%. The stock gained 25 cents to $19.08 in after-market trade.