Friday
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Los Angeles-based
Abraxis BioScience, Inc.
, the result of the second-quarter merger of American Pharmaceutical Partners and American BioScience, reported first-quarter net income for American Pharmaceutical of $27.5 million (41 cents per share) compared with $22.7 million (34 cents) a year ago. Net sales increased 19 percent to $143.8 million, including net sales of $30.1 million for the company’s cancer drug, Abraxane, which launched in the same quarter a year ago.
Thursday
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Westlake Village-based
Guitar Center, Inc.
reported first-quarter net income of $15.7 million (55 cents per share) compared with $15.9 million (56 cents) a year ago. Net sales for the music retailer increased 19 percent to $470.7 million. Excluding the impact of new stock option reporting rules and a charge associated with the retirement of the previous chief financial officer, net income would have been $18.6 million (65 cents).
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Calabasas-based
Countrywide Financial Corp.
reported first-quarter net income of $684 million ($1.10 cents per share) compared with $689 million ($1.13 cents) a year ago. The company was expected to earn 96 cents a share, according to a consensus of analysts surveyed by Thomson Financial. Revenues were flat from a year ago at $1.36 billion, but profitability improved over the fourth quarter because of a $121 million increase in pre-tax earnings from the mortgage banking segment. Countrywide upgraded its guidance for 2006 earnings per share to $3.90 to $4.80, from $3.80 to $4.80.
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Los Angeles-based
Diagnostic Products Corp.
reported first-quarter net income of $18 million (60 cents per share) compared with $16.1 million (54 cents) a year ago. Quarterly revenue rose 13.9 percent to $129.6 million on improved Immulite product sales. Diagnostic Products, which makes test kits to detect diseases such as cancer and allergies. The company later announced that Siemens AG, Europe’s largest engineering company, has agreed to buy the company for about $1.86 billion in cash.
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South Pasadena-based
Cogent Systems
reported first-quarter net income of $6.7 million (7 cents per share) compared with 10.1 million (11 cents) a year ago. Cogent’s first quarter of 2006 GAAP results included $1.4 million of non-cash stock based compensation charges. Revenues for the maker of provider of automated fingerprint identification systems and other fingerprint biometric products declined 37 percent to $22.7 million. The company said sales decreased as expected because of the natural lumpiness and the timing of revenue recognition in its industry.
Wednesday
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Los Angeles-based
VCA Antech Inc.
reported first-quarter net income of $29.7 million (35 cents per share) compared with $17.2 million (21 cents) a year ago. Revenues for the animal healthcare company increased 25.3 percent to a first-quarter record of $234.2 million. Earnings in the quarter included a tax benefit of $6.8 million (8 cents) due to the favorable outcome of an income tax audit. Consolidated animal hospital revenue increased 28 percent to $170.5 million, with same-store revenue growth of 5.3 percent. Medical technology revenue increased 78 percent to $8 million. The company updated its fiscal 2006 guidance to estimate revenues of $956 million to $972 million, net income of $97 million to $99 million, and EPS of $1.14 to $1.17.
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Glendale-based
IHOP Corp.
reported first-quarter net income of $12.6 million (68 cents per share) compared with $10.1 million (50 cents) a year ago. Revenues rose 11 percent to $45.2 million. Excluding the impact of new stock options reporting rules, net income would have increased 30 percent to $13.1 million (71 cents). Same-store sales grew 5 percent.
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Woodland Hills-based
21st Century Insurance Group
reported first-quarter net income of $21.3 million (25 cents per share) compared with $19.4 million (23 cents) a year ago. The results include net realized capital losses of $1.1 million, compared to net realized capital losses of $0.5 million a year ago. Direct premiums written fell 3.8 percent $338.6 million.
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Manhattan Beach-based
Skecher USA Inc.
reported first-quarter net income of $16.6 million (38 cents per share) compared with $10.3 million (25 cents) a year ago. Net sales for the trendy casual shoe maker rose 12.7 percent to a first-quarter record $277.6 million. The company now expects second quarter 2006 net sales to be in the range of $295 million to $305 million and diluted earnings per share in the range of $0.41 to $0.46.
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Calabasas-based
Digital Insight Corp.
reported first-quarter net income of $6.2 million (17 cents per share) compared with $5.7 million (16 cents) a year ago. Excluding the impact of new stock options reporting rules, net income would have increased 30 percent to $9.1 million (25 cents). Revenues for the online banking provider increased 12 percent to $57.9 million. The company upgraded revenue guidance for fiscal 2006 to $243 million to $245 million, compared to $240 – $243 million before, EPS in the range of 79 to 86 cents per share.
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Chatsworth-based network products provider
MRV Communications Inc.
reported a first-quarter loss of $3.7 million (-3 cents per share) compared with a $6.4 million loss (-6 cents) a year ago. Excluding the impact of share-based compensation, the net loss would have been $2.9 million (-3 cents). Revenues rose 25 percent to $77.3 million. The company’s optical component group grew 43 percent, driven by a large contract with Verizon and other providers.
Tuesday
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Los Angeles-based
Occidental Petroleum Corp.
reported first-quarter net income of $1.23 billion ($2.86 cents per share), compared with $846 million ($2.08 cents) a year ago. Sales increased 38 percent to $4.57 billion. First-quarter oil and gas production rose 13 percent to the equivalent of 636,000 barrels of oil a day, boosted partly by acquisitions such as the $4.1 billion purchase of Vintage Petroleum Inc. in January. Occidental said it was paid an average of $53.11 a barrel for its oil in the first quarter, up 27 percent from $41.71 a year earlier. Its gas fetched $6.94 per thousand cubic feet, a gain of 42 percent from $4.89.
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Los Angeles-based
Northrop Grumman Corp.
reported first-quarter net income of $358 million ($1.02 per share) compared with $409 million ($1.11) a year ago. Revenue fell 4 percent to $7.2 billion due to lower ship sales. Northrop’s aerospace group posted the largest revenue gain of the quarter, rising 6.6 percent to $2.29 billion on increased sales of E-2C Advanced Hawkeye surveillance aircraft. The company reaffirmed earnings guidance from continuing operations of $4.25 to $4.40 per share on sales of about $31 billion.
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Calabasas Hills-based
The Cheesecake Factory Inc.
reported first-quarter net income of $19.3 million (24 cents per share) compared with $18.9 million (24 cents) a year ago. Before the impact of stock option expensing, net income increased 17 percent to $22.1 million (27 cents). Total revenues increased 14 percent to $306.4 million. Before the impact of stock option expensing, net income increased 17 percent to $22.1 million (27 cents). Comparable restaurant sales decreased 1.3 percent, principally because the New Year’s and Easter week holidays did not fall within the quarter this year.
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Pasadena-based
IndyMac Bancorp Inc.
reported first-quarter net income of $80 million ($1.18 cents per share) compared with $63 million (98 cents) a year ago. The holding company for IndyMac Bank said mortgage production grew 72 percent from a year ago to an all-time record of $20 billion. Net revenues grew 20 percent to a record $304.5 million. Total assets increased 35 percent to $24 billion. Management raised its earnings guidance for the fiscal year to a range between $5 and $5.40 per share, up from $4.50 to $5.20 earlier. The board voted to increase the quarterly cash dividend 21 percent to 46 cents per share.
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Los Angeles-based
Hanmi Financial Corp.
reported first-quarter net income of $14.8 million (30 cents per share) compared with $13.3 million (27 cents) a year ago. The holding company for Hanmi Bank said its loan portfolio with a grew 7 percent from the prior quarter to $173 million. Total assets hit a record $3.5 billion, compared to $3.4 billion in the previous quarter and $3.1 billion for the same period a year ago. Net interest income, before provision for credit losses, was $36.3 million compared with $31.9 million a year ago. The board has authorized the repurchase of up to $50 million of its common stock.
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Los Angeles-based
Wilshire Bancorp Inc.
reported first-quarter net income of $7.8 million (27 cents per share) compared with $6.1 million (21 cents) a year ago. The holding company for Wilshire State Bank said assets grew 26 percent to $1.74 billion and total deposits grew 28 percent to $1.48 billion. The return on average assets was 1.84 percent, compared to 1.87 percent a year ago, with return on average equity of 26.4 percent, compared to 26.3 percent a year ago. Total loan originations increased 8 percent to $208 million. Total loans increased by 26 percent to $1.30 billion. Assets grew 26 percent to $1.74 billion and total deposits grew 28 percent to $1.48 billion.
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Los Angeles-based
j2 Global Communications Inc.
reported first-quarter net income of $12.3 million (48 cents per share) compared with $10.2 million (40 cents) a year ago. Excluding the impact of expensing stock options, net earnings increased 31 percent to $13.4 million (52 cents). Revenues for the provider of outsourced, value-added messaging and communications services increased 30 percent to $42 million. The company’s board has approved a two-for-one stock split in the form of a stock dividend.
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Pasadena-based
Avery Dennison Corp.
reported first-quarter net income of $68.9 million (69 cents per share) compared with $57.7 million (57 cents) a year ago. Net sales were $1.34 billion, approximately even with a year ago. The company adjusted its full year earnings guidance to a range of $3.55 to $3.80 per share before charges associated with ongoing restructuring efforts. It previously expected earnings to be in the range of $3.45 to $3.80.
Monday
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Pasadena-based
Jacobs Engineering Group Inc.
reported second-quarter net income of $44.5 million (74 cents per share) compared with $27.8 million (48 cents) a year ago. Revenues rose 28.6 percent to $1.8 billion. Jacobs also announced backlog totaling $9.1 billion as of March 31, including a technical professional services component of $4.6 billion. The company expects the year’s growth rate to be approximately 20 percent before the effects of new reporting rules governing the expensing of stock options.
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Los Angeles-based
Kilroy Realty Corp.
reported first-quarter net income of $13.5 million (46 cents per share) compared with $13.4 million (47 cents) a year ago. Revenues rose 6 percent to $63.1 million. During the quarter, the company sold anon-strategic industrial property in Stockton for $17 million, a gain of $5.7 million.
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Pomona-based
PFF Bancorp, Inc.
reported fourth-quarter net income of $13.2 million (54 cents per share) compared with $12.2 million (49 cents) a year ago. Net income for fiscal 2006 was $52.1 million ($2.10 per share) compared with $45.8 million ($1.81) in 2005. Return on average stockholders’ equity increased to 14.9 percent and return on average assets increased to 1.30 percent for fiscal 2006 as compared to 13.81 percent and 1.20 percent respectively for fiscal 2005. Average total deposits increased 9 percent to $235.2 million.
