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Earnings Analysis: 
Methode Electronics Posts 6.7% Lower Profit
Author: 123jump.com Staff
123jump.com
Last Update: 2:18 PM EST December 07 2006



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Fleetwood Enterprises posted a second-quarter loss as sluggish demand for housing and trailers hurt results. Methode Electronics second-quarter earnings slid 6% as lower North American automobile output resulted in sales declines. Ferrellgas Partners first-quarter loss increased, which the company attributed to fixed costs from acquisitions and capital investments. JoS. A. Bank Clothiers third-quarter profit jumped 18%, on the back of growth in total and comparable sales.

 
Fleetwood Enterprises (FLE: chart), maker of RVs and manufactured homes, said second-quarter losses increased to $20.4 million, or 32 cents per share, from $1.9 million, or 3 cents per share, a year earlier. Excluding discontinued operations, the loss for the second quarter was 31 cents per share versus a profit of 7 cents per share last year. The results for the latest quarter include $2.6 million in restructuring costs. Revenue declined 16% to $526.6 million, with RV group sales decreasing 7.3% and housing group revenue dropping 35%, while supply group sales climbed 21%.

Pathmark Stores, Inc. (PTMK: chart), supermarket operator, said its third-quarter loss narrowed to $5.8 million, or 11 cents per share, from $18.3 million, or 36 cents per share, a year earlier. Revenue declined less than 1 percent to $978.1 million, from $980.5 million last year.

Methode Electronics Inc. (METH: chart), electronic parts and subsystems producer, said that second-quarter net income and sales both declined about 6.7%. Quarterly profit was $4.9 million, or 13 cents per share, compared with $5.2 million, or 14 cents per share, in the year-earlier period. Revenue decreased to $108.5 million from $116.3 million in the same quarter a year ago.

Ferellgas Partners (FGP: chart), propane distributor, said its first-quarter net loss widened to $29.5 million, or 47 cents per share, from $25.8 million, or 42 cents per share, in the year-ago period. Revenue declined 2% to $345 million from $385.6 million the previous year.

Joseph A. Bank Clothiers, Inc. (JOSB: chart), men''s clothing retailer, reported a 17% third-quarter profit rise to $5.5 million, or 30 cents per share, from $4.7 million, or 26 cents per share, a year earlier. Revenue increased 13% to $119.5 million from $105.6 million in the third quarter a year ago, while same-store sales jumped 2.3%.

MFRI Inc. (MFRI: chart), specialty piping systems maker, said that its third-quarter net earnings increased to $2.72 million, or 48 cents per share, compared with $788,000, or 14 cents per share, in the year-ago period. Revenue climbed to $64.2 million from $39.4 million in the third quarter last year.

Hurco Cos. (HURC: chart), computer controls, software and machine tools maker, said that its fourth-quarter net earnings declined to $4.71 million, or 74 cents per share, compared with $7.24 million, or $1.13 per share, in the year-ago period. Revenue climbed to $43.2 million from $34.7 million a year earlier.

Toro Co. (TTC: chart), lawn mower maker, reported fourth quarter net income of $4.5 million, or 10 cents per share, down from $6.6 million, or 14 cents a share, in the year-earlier period. Sales declined 2% to $329.5 million from $337.1 million in the same quarter a year ago.

Jacuzzi Brands Inc. (JJZ: chart), whirlpool baths maker, said that its fourth-quarter earnings increased to $29.5 million, or 38 cents per share, compared with 2.3 million, or 3 cents per share a year-ago quarter. On a continuing operations basis, the company recorded earnings of $25.6 million, or 33 cents per share, in the latest quarter, up from last year''s equivalent profit of $4.9 million, or 6 cents a share. The latest results from continuing operations include a gain of $14 million, or 18 cents per share, mainly due to a tax refund reversal. On an adjusted basis, excluding the tax refund reversal and other items, the company earned $14.4 million, or 19 cents per share, in the latest quarter. Revenue climbed 7% to $313.5 million from $293.5 million a year earlier.

Movado Group Inc. (MOV: chart), watchmaker, said that its third-quarter earnings increased to $21.9 million, or 82 cents per share, compared with $14.1 million, or 54 cents per share a year-ago quarter. On a non-GAAP (generally accepted accounting principles) basis, the Paramus, N.J., watch seller recorded an adjusted profit of $17.2 million, or 64 cents per share, up from last year''s equivalent profit of $13.1 million, or 50 cents per share. Revenue increased 17.3% to $166.3 million from $141.7 million in the same period a year earlier
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