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Update: Earnings Roundup



– On Assignment Inc.

, a Calabasas staffing firm, reported net income of $146,000 (1 cent per diluted share) for the second quarter ended June 30, compared to a loss of $2.9 million (11 cents) in the like period a year ago. Revenues rose 24 percent to $57.4 million from $46.3 million in the year-ago period.


Net income included an income tax benefit of $240,000, which came from a greater-than-expected refund from the company’s filing of its 2004 federal income tax return.


For the third quarter, On Assignment expects earnings in the range of a loss of 3 cents to income of 1 cent per share on revenues of $57.5 million to $59.5 million.



– Nara Bancorp Inc.

, the L.A.-based holding company of Nara Bank, reported net income of $5.6 million (23 cents per diluted share) for the second quarter ended June 30, compared with $4.4 million (18 cents) for the like period a year earlier.


Nara Bancorp’s total assets grew to $1.7 billion from $1.4 billion in the year-ago period. Net interest income climbed 35 percent to $19 million. The company had a provision for loan losses of $2 million, up from $1.3 in the comparable period of 2004.



– Youbet.com Inc.

, a Woodland Hills-based provider of online horse race wagering, reported record net income of $1.3 million (4 cents per diluted share) for the second quarter ended June 30, compared to $39,766 (breakeven) in the like period a year ago. Revenues rose to $23.5 million from $16.7 million in the year-ago period..


The company’s financial results also include one month of operations from International Racing Group, which it acquired on June 1.



– Homestore Inc.

, a Westlake Village-based real estate industry Web site operator, reported net income of $3.3 million (2 cents per diluted share) for the second quarter ended June 30, compared to a loss of $4.3 million (3 cents) for the like quarter a year ago. Revenues rose 16 percent to $63.3 million from $54.3 million in the year-ago period..

Net income included $4.2 million in legal costs associated with defending its former officers and a $1.4 million reduction of restructuring charges. The company expects to continue to incur legal defense costs.



– Macerich Co.

, a Santa Monica-based real estate investment trust, reported net income, after payment of preferred dividends, of $6.7 million (11 cents per diluted share) for the second quarter ended June 30, compared with $17.1 million (29 cents) for the like period a year ago. Revenues rose to $189.1 million from $134.3 million in the year-ago period.


Macerich reported funds from operations (FFO) of $77.1 million ($1 per diluted share) in the second quarter, compared with $68 million (89 cents) for the like period a year ago.


The company expects full-year earnings of 89 cents to 99 cents per diluted share. Full-year funds from operations are anticipated to be $4.30 to $4.40 per diluted share.



– Gemstar-TV Guide International Inc.

, an L.A.-based media company, reported a net loss of $5.1 million (1 cent per diluted share) for the second quarter ended June 30, compared with net income of $42 million (10 cents) for the like period a year ago. Revenues declined to $177 million from $178.5 million in the year-ago period.


Net income for the second quarter of 2004 was boosted by a $23.3 million income tax benefit and a $10.1 million payment resulting from the settlement of a long-term lease obligation related to the company’s former eBook operations.



– Health Net Inc.

, a Woodland Hills-based managed health care company, reported net income of $53.6 million (47 cents per diluted share) for the second quarter ended June 30, compared with $41.4 million (36 cents) for the like period a year ago. Revenues rose 3.5 percent to $3 billion from $2.9 billion in the year-ago period.


Second-quarter results included an 8-cent charge resulting from litigation costs related to Health Net’s 1999 sale of three health plan subsidiaries.


The company expects full-year earnings of between $1.85 and $2.05 per diluted share, including the effect of charges related to litigation recorded in the first and second quarters. Excluding these charges, Health Net expects full-year earnings of $2.30 to $2.50 per diluted share.



– Keystone Automotive Industries, Inc.

, a Pomona-based automotive body parts distributor, reported net income of $4.7 million (30 cents per diluted share) for the first quarter ended July 1, compared with $3.5 million (22 cents) for the like period a year ago. Revenues rose 2.6 percent to $144.8 million from $141.1 million in the year-ago period.


Prior-year earnings have been restated to include an expense of $897,000 as a result of the SFAS No. 13 lease expense adjustment. Excluding the adjustment, earnings for the first quarter of 2004, as originally reported, were 26 cents per diluted share.

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