Earnings Roundup: Pacificare, Arden Realty, Pacific Energy Partners, K-Swiss, MannKind, Magnetek

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Pacificare Health Systems Inc.

For the fourth quarter ended Dec. 31, the Cypress-based health insurer reported net income of $72 million (76 cents per diluted share), versus $31.5 million (36 cents) for the comparable quarter of 2003.


Results for the latest quarter included $4.2 million in costs related to refinancing the company’s credit facility in connection with the acquisition of American Medical Security Group and $28 million in costs related to the redemption of $175 million of debt.


Operating revenue rose to $3.2 billion, up from $2.8 billion in the year-earlier quarter.



Arden Realty, Inc.


For the fourth quarter ended Dec. 31, the L.A.-based office real estate investment trust reported net income of $34.6 million (52 cents per diluted share), versus $13.6 million (21 cents) for the year-ago period.


Revenues rose to $104.1 million from $99.8 million from the comparable quarter of 2003.


The operating portfolio was 91.2 percent occupied and 92.7 percent leased at Dec. 31, compared with 90.4 percent occupied and 92.1 percent leased one year earlier.



Pacific Energy Partners LP


For the fourth quarter ended Dec. 31, the Long Beach-based oil services company reported net income of $8.6 million (29 cents per diluted limited partner unit), compared with $6.4 million (25 cents) for the year-earlier quarter.


Revenues rose to $47.6 million from $38 million in the fourth quarter of 2003.


The company said recurring net income was $9.4 million (31 cents per diluted unit) versus $8 million (31 cents) for the year-ago period. Recurring net income for the 2004 quarter excludes a non-cash impairment expense of $0.8 million associated with the pending sale of an idle Pacific Terminals property.



K-Swiss Inc.


For the fourth quarter ended Dec. 31, the Westlake Village-based athletic footwear maker reported net earnings of $15.6 million (43 cents per diluted share), compared with $8.7 million (23 cents) for the year-ago period.


Revenues rose to $88.4 million from $80.4 million from the comparable quarter of 2003.


The company expects revenues for the first quarter of 2005 to be approximately $138 million to $143 million and earnings per diluted share to be in the range of 52 cents to 57 cents. Full-year revenues are estimated to be approximately $480 million to $500 million, with full-year earnings per diluted share of $1.70 to $1.80.



MannKind Corp.


For the fourth quarter ended Dec. 31, the Valencia-based biopharmaceutical company reported a loss of $21.2 million (65 cent loss per diluted share), versus a loss of $18.6 million (93 cents) for the like year-earlier period.


MannKind is a development stage biotech company and does not generate revenues.


Fourth-quarter total operating expenses were $21.7 million, compared with $18.7 million for the like quarter of the year prior.



Magnetek Inc.


For the second quarter ended Dec. 31, the L.A.-based digital power electronic products maker reported net income of $562,000 (2 cents per diluted share), versus a loss of $4 million (15 cents) in the year-prior quarter.

Revenues increased 10 percent to $64 million from $58.1 million in the comparable quarter of 2003.



California Pizza Kitchen Inc.


For the fourth quarter ended Jan. 2, the L.A.-based casual dining restaurant chain reported net income of $6.2 million (32 cents per diluted share), compared with $4.4 million (23 cents) for the like year-earlier quarter.


Revenues rose 19.9 percent to $115.2 million.


For 2005, the company expects restaurant revenue growth of approximately 9 percent to 10 percent and earnings per share of $1.11 to $1.13.



Ixia


For the fourth quarter ended Dec. 31, the Calabasas-based high-speed data communications firm reported net income of $7.6 million (11 cents per diluted share), versus $2.3 million (4 cents) for the year-ago period.


Revenues rose 53 percent to $35.2 million from $23 million in the year-ago quarter.



j2 Global Communications Inc.


For the fourth quarter ended Dec. 31, the L.A.-based company reported net earnings of $9.6 million (37 cents per diluted share), versus $17.6 million (69 cents) for the year-ago period.


Revenues increased 46 percent to $29.8 million, compared with $20.5 million in the fourth quarter of 2003.


For fiscal year 2005, the company anticipates its revenues will be in the range of $145 million to $148 million and its earnings per share will be in the range of $1.70 to $1.75.



Learning Tree


For the first quarter ended Dec. 31, the L.A.-based provider of training to professionals reported net income of $2.1 million (13 cents per diluted share) compared with $2.4 million (14 cents) for the like quarter of 2003.


Revenues for were $39.8 million, compared with $39.9 million for the same quarter of the prior year.

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