FRIDAY
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THQ Inc. reported first-quarter loss of $7.94 million (-12 cents per share) compared with net income of $10.1 million (16 cents) a year ago. Sales in the fourth quarter for the Agoura Hills-based video game maker dropped 14 percent to $148.1 million from $171.9 million, as demand for games has waned because of delays in the release of new machines from Sony Corp. and Nintendo Co.
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MannKind Corp.
reported a first-quarter loss of $43.6 million (-87 cents per share) compared with $22.2 million (-68 cents) a year ago. Revenues for the Valencia-based biotech company rose 100 percent to $100,000. The company said its total operating costs rose to $45.1 million from $22.6 million, mostly because of increased clinical development expenses related to its insulin product to treat diabetes patients, which is in Phase 3 clinical trials in the United States and Europe. The company expects to start the last trial for its Technosphere Insulin shortly.
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American Reprographics Company
reported first-quarter net income of $14.4 million (32 cents per share) compared with $7.5 million (18 cents) a year ago. Revenues for the Glendale-based provider of reprographic services rose 21 percent to $140.8 million. The company reiterates its 2006 forecast for revenues between $560-$565 million, and that fully diluted EPS for 2006 will be in the range of $1.21-$1.24.
THURSDAY
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Univision Communications Inc.
reported first-quarter net income of $53.9 million (16 cents per share) compared with $44.5 million (13 cents) a year ago. The Los Angeles-based Spanish-language broadcaster beat the 15-cent average estimate of 15 analysts surveyed by Thomson Financial. Net sales rose 3.9 percent to $449.8 million. The company, which has put itself up for sale, estimates that net revenue in the second quarter will rise at a percentage rate in the “mid- to high-20s” from last year, with net income, excluding some items, of 31 cents to 32 cents.
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Gemstar-TV Guide International Inc.
reported first-quarter net income of $8.6 million (2 cents per share) compared with a loss of $3.7 million (-1 cents) a year ago. Revenues for the Los Angeles-based publisher of TV Guide magazine and operator of interactive TV schedule guides, fell 13.5 percent to $164.1 million. Excluding the publishing segment, where one publication, TV Week was eliminated and TV Guide was redesigned and relaunched, revenues would have increased 13.5 percent.
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Activision Inc.
reported a fourth-quarter loss of $9.22 million (3 cents per share) compared with $3.57 million (1 cent) a year ago. Net revenues for the nation’s second-largest video-game maker fell 7.7 percent to $188.1 million from $203.9 million. The Santa Monica-based company said delays in new game machines from Sony Corp. and Nintendo Co. limited sales. Full fiscal year net income was $41.9 million (14 cents) compared to $138.3 million (50 cents) the previous year.
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Molina Healthcare Inc.
reported first-quarter net income of $8.6 million (31 cents per share) compared with $14.8 million 53 cents) a year ago. Premium revenue for the Long Beach-based managed care provider grew 14.6 percent to $449.3 million. Membership increased 3 percent to 918,000 people. The company gave credit to recent medical management initiatives that helped moderate medical care costs.
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DirecTV Group Inc.
reported first-quarter net income of $235.2 million (17 cents per share) compared with a loss of $41.4 million (-3 cents) a year ago. Sales for the nation’s the largest U.S. satellite-television provider rose 7.6 percent to $3.39 billion. The El Segundo-based company said it is trying to get customers to spend more on packages of movies and sporting events, and has become tougher about dropping subscribers who weren’t paying their bills. The company added 255,000 customers in the quarter.
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Entravision Communications Corp.
reported first-quarter net income of $12.1 million (11 cents per share) compared with $4.5 million loss (4 cents) a year ago. Results for the Santa Monica-based Spanish language broadcast station owner included a stock-based compensation expense of $835,000. Revenues rose 5 percent to $59.9 million. The company said it expects revenue to increase by the mid- to high-single-digit percentages in the second quarter.
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3D Systems Corp.
reported first-quarter loss of $1.2 million (-8 cents per share) compared with $0.8 million (-5 cents) a year ago. Revenues for the Valencia-based maker of three-dimensional printing systems grew 10 percent to $33.5 million. The company blamed costs related to expansion, and costs related to its planned relocation to Rock Hill, South Carolina this summer, for the loss.
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International Aluminum Corp.
reported first-quarter net income of $3.5 million (81 cents per share) compared with $2.7 million (64 cents) a year ago. Sales for the Monterey Park-based aluminum and vinyl products maker rose 12 percent to $69.7 million.
WEDNESDAY
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DaVita Inc.
reported first-quarter net income of $57.5 million (55 cents per share) compared with $56.3 million (55 cents) a year ago. The net income included a 2006 included after-tax stock-based compensation expense of $2.8 million (25 cents) due to new reporting requirements. Net operating revenues for the El Segundo-based operator of dialysis clinics doubled to $1.16 billion. The company gave operating income guidance for 2006 in the $600 million to $680 million range after the impact of the new stock option expensing rules.
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United Online Inc.
reported first-quarter net income of $12.7 million (20 cents per share) compared with $11.5 million (18 cents) a year ago. Excluding the impact of new reporting rules regarding stock-based compensation, net income would have risen 11 percent to $18.1 million. Revenues fell 2.5 percent to $127.3 million. The board of the Woodland Hills-based online service provider has declared a quarterly cash dividend of 20 cents per share for shareholders of record as of May 12, payable on May 31.
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On Assignment, Inc.
reported first-quarter net income of $302,000 (1 cent per share) compared with a $2.9 million loss (-11 cents) a year ago. Revenues for the Calabasas-based health care staffing firm rose 34 percent to $66.7 million. The company upgraded its revenue guidance, $270 to $275 million (from $268 to $275 million), which represents growth of 13.5 percent to 15.6 percent over 2005.
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Herbalife Ltd.
reported record first-quarter net income of $38.7 million (53 cents per share) compared with $13.3 million (19 cents) a year ago. Net sales for the Los Angeles-based health supplement and personal care products company rose 22.5 percent to $455.8 million. The company raised its full year 2006 diluted earnings per share to be in the range of $1.88 to $1.93.
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True Religion Apparel Inc.
reported first-quarter net income of $6.5 million (28 cents per share) compared with $3.8 million (17 cents) a year ago. Revenues for the denim and casual clothing maker increased 77 percent to $35.6 million.
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Guess? Inc.
said earnings in the first quarter rose to $13.5 million to $15 million, or 30 cents to 33 cents a share, compared with net income of $8.2 million or 18 cents a share a year earlier. The Los Angeles-based company’s earnings report for the quarter ended April 1, which was scheduled for release Wednesday, will be delayed while the company responds to a letter from the U.S. Securities and Exchange Commission about the acquisition of its European jeanswear licensee in 2005, the company said in a statement.
TUESDAY
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DreamWorks Animation SKG Inc.
reported after the market close that first-quarter net income was $12.3 million (12 cents per share) compared with $45.7 million (44 cents) a year ago, as “Wallace & Gromit: The Curse of the Were-Rabbit” hurt earnings for the third period in a row. Revenues for the Glendale-based animation studio dropped 64 percent to $60.1 million. The company said its first movie under a new Paramount Pictures distribution agreement, “Over the Hedge,” will be released on May 19.
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CB Richard Ellis Group Inc.
after the market close reported first-quarter net income of $36.9 million (48 cents per share) compared with $14.6 million (19 cents) a year ago. Revenues for the Los Angeles-based real estate services firm rose 26 percent to $680.1 million. The company said growth was fueled by continued strong investment sales and improved leasing activity in most major markets. The board approved a 3-for-1 stock split on all outstanding Class A common stock, payable on or about June 1 to stockholders of record as of May 15. Standard & Poor’s Ratings Services has issued a double-ratings upgrade on the company’s senior debt and senior subordinated debt to BB+ and BB-, respectively, and said its rating outlook for the company is stable.
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STAAR Surgical Co.
after the market close reported a first-quarter net loss of $3.362 million (-14 cents per share) compared with $2.338 million net loss (-11 cents) a year ago. Excluding stock-based compensation expense related to new reporting requirements, net loss would have been $2.971 million. Net sales for the Monrovia-based ophthalmic medical device company fell 3 percent to $13.315 million. Sales of the company’s implantable contact lens line, which received its first U.S. approval in December, grew 73 percent from a year ago. The company also announced that it has signed a commitment letter with Wells Fargo Bank providing for a three-year secured revolving line of credit totaling up to $3 million.
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Homestore Inc.
after the market close reported first-quarter net loss of $2 million (-1 cent per share) compared with a $395,000 loss (0 cents) a year ago. Excluding stock-based compensation expense related to new reporting requirements, net income would have been $1.3 million. Revenues for the Westlake Village-based real estate Web site rose 22 percent to $69 million. The company, which expects to change its name to Move Inc., subject to shareholder approval at its June 22 annual meeting, is changing its stock symbol to MOVE effective May 3.
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Hilton Hotels Corp.
reported first-quarter net income of $104 million (26 cents per share) compared with $64 million (16 cents) a year ago. Revenues for the Beverly Hills-based hotel chain rose 41 percent to $1.52 billion with the acquisition of Hilton Group Plc. In February. Hilton raised room rates an average of 4.1 percent and benefited from an increase in U.S. business and leisure travel. The company forecast full year earnings of up to $1.19 a share and revenue of as much as $8.11 billion. Earnings before interest, depreciation, taxes and amortization may be $1.72 billion to $1.77 billion.
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Maguire Properties Inc.
reported first-quarter net income of $84.8 million ($1.84 cents per share) compared with $2.6 million net loss (-6 cents) a year ago. Revenues for the largest owner and operator of Class A office properties in the Los Angeles central business district increased 13 percent to $109,282.
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Kennedy Wilson
reported first-quarter net income of $5.4 million (99 cents per share) compared to $950,000 (17 cents) a year ago. Total revenue for the Beverly Hills-based commercial and multi-family real estate investment and services firm rose 14 percent. Operating income rose 31 percent to $2.9 million. A division of the company, Kennedy Wilson Fund Management Group announced the formation of a second real estate investment fund, Kennedy Wilson Property Fund, which when fully funded will have $200 million in equity and $570 million in assets.
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National Mercantile Bancorp
reported first-quarter net income of was $1.3 million (22 cents per share) compared with $941,000 (16 cents) a year ago. Revenues for the holding company for Mercantile National Bank and South Bay Bank Revenues grew 17 percent to $6.1 million.
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Overhill Farms Inc.
reported first-quarter net income of $1,213,000 (8 cents per share) compared with $1,062,000 (7 cents) a year ago. Revenues for the Los Angeles-based supplier of frozen foods to foodservice, retail and airline companies rose 0.8 percent to $1,062,000.
