7x7 Financial

FreightCar America, Inc. Reports Third Quarter 2009 Results

Dana — Mon, 09 Nov 2009 20:34:51 +0000

FreightCar America, Inc. (NASDAQ: RAIL) reported net income of $1.1 million, or $0.09 per diluted share, for the three months ended September 30, 2009 on revenues of $55.1 million. For the second quarter of 2009, the Company generated sales of $104.3 million and net income of $7.0 million, or $0.59 per diluted share. For the third quarter of 2008, the Company generated sales of $238 million and net income of $10.0 million, or $0.85 per diluted share.

There were no net orders for new railcars in the third quarter of 2009, compared to 694 units ordered in the second quarter of 2009, and 2,329 units ordered in the third quarter of 2008. Railcar deliveries totaled 695 units in the third quarter, compared to 1,207 units delivered in the second quarter of 2009 and 3,082 units delivered in the third quarter of 2008. Total backlog of unfilled orders was 777 units at the end of the third quarter, compared with 1,472 units at the end of the second quarter of 2009 and 4401 units at the end of the third quarter of 2008.

Cash on-hand at the end of the second quarter of 2009 was $152 million. The decrease in cash during the quarter was due to an increase in inventory due to the timing of orders and a $12.1 million pension contribution.

Selling, general and administrative expenses for the third quarter of 2009 were $6.6 million, compared to $6.7 million in the second quarter of 2009 and $7.2 million in the third quarter of 2008.

The gross margin rate for the third quarter of 2009 was 12.5% compared to 15.3% for the second quarter of 2009 and 9.5% for the third quarter of 2008. The decrease in the rate from the previous quarter was due to lower margins on new car sales. The increase in gross margin rate compared to the prior year was due to an increase in parts sales and leasing revenues, which carry higher margins than new car sales.

As of September 30, 2009, the Company’s net investment in railcars under operating leases was $62 million, compared to $71 million at the end of the second quarter of 2009 and $36 million at the end of the third quarter of 2008. Year to date, the Company has invested $91 million in new railcars under leases and generated cash proceeds from the sale of leased railcars of $76 million.

Tags: America, FreightCar, railcars, share

Patterson Companies Second Quarter Conference Call Scheduled for November 19, 2009

Dana — Mon, 09 Nov 2009 20:29:33 +0000

Patterson Companies (Nasdaq: PDCO) announced that it will hold its conference call to review operating results for the second quarter of fiscal 2010 on Thursday, November 19 at 10:00 AM Eastern. The Patterson earnings release will be issued before the market opens that day.

Tags: Companies, Conference, Patterson

Noranda Aluminum Holding Corporation Reports Third Quarter 2009 Results

Dana — Mon, 09 Nov 2009 20:25:52 +0000

Noranda Aluminum Holding Corporation (“Noranda”, or the “Company”) announced its consolidated financial results for third quarter 2009.

Important metrics and events include:

* Third quarter 2009 revenues were $218.6 million, operating loss was $4.4 million and net income was $4.3 million.
* Year to date 2009 revenues were $540.6 million, operating loss was $77.2 million, and net income was $36.5 million.
* Operating cash flows provided $230.4 million of cash through September 2009, including $119.7 million from hedge terminations and $36.7 million of cash generated from working capital reductions.
* Adjusted EBITDA was $28.6 million for third quarter 2009 and $69.9 million for the nine months ended September 30, 2009.
* During third quarter 2009, the Company repurchased $81.1 million aggregate principal amount of debt for an aggregate price of $52.2 million, plus fees. These repurchases were funded through the hedge settlement agreement announced in March 2009.
* The Company ended third quarter 2009 with total debt of $1.0 billion, $256.5 million in cash and $191.3 million of locked-in value from offsetting fixed-price aluminum sales and purchase swaps.
* In July 2009, the Company collected the remaining $52.5 million of its $67.5 million insurance settlement related to the previously reported January 2009 pot line freeze at the Company’s New Madrid, Missouri aluminum smelter.
* On August 31, 2009, the Company became the sole owner of the alumina refinery in Gramercy, Louisiana and the bauxite mining operation in St. Ann, Jamaica.
* In September 2009, the Company announced it was increasing production at the Gramercy refinery and the St. Ann bauxite mining operation. Separately, the Company announced it had initiated activities to restart remaining pot lines at New Madrid and expected to return to full capacity for first quarter 2010. The New Madrid smelter was operating above 65% capacity by the end of third quarter 2009.

Gramercy and St. Ann Transaction Completed

As previously reported, on August 31, 2009, the Company completed a transaction with Century Aluminum Company (the “JV Transaction”) through which the Company became the sole owner of Gramercy Alumina LLC (“Gramercy”) and St. Ann Bauxite Limited (“St. Ann”).

The Company’s third quarter 2009 financial statements include the consolidated results of Gramercy and St. Ann in its upstream segment since August 31, 2009. The third quarter 2009 financial statements are based on a preliminary determination of the fair values of assets acquired and liabilities assumed in the JV Transaction. Prior to August 31, 2009, the Company’s financial statements include the Company’s share of Gramercy and St. Ann results under the equity method of accounting for investments. Based on its preliminary valuation of the assets acquired and liabilities assumed, the Company may record a gain on the JV Transaction. However, the Company will not recognize any gain until it finalizes its valuation of the assets acquired and liabilities assumed, which it expects to do in fourth quarter 2009.

Third Quarter 2009 Results

Rising LME prices during third quarter 2009 had a favorable impact on revenues, operating results and net income compared to second quarter 2009. In comparison to third quarter 2008, revenues, operating results and net income for third quarter 2009 reflect the impact of the global economic contraction. In the upstream segment, the average realized Midwest Transaction Price (“MWTP”) per pound was $0.86 in third quarter 2009 compared to $0.70 in second quarter 2009 and $1.34 in third quarter 2008. Value-added premiums in the upstream segment and fabrication premiums in the downstream segment were essentially constant for third quarter 2009, second quarter 2009 and third quarter 2008.

For third quarter 2009, the Company reported a $4.4 million operating loss, compared to operating income of $12.4 million in second quarter 2009 and $32.1 million in third quarter 2008.

* Consolidated sales in third quarter 2009 increased to $218.6 million, 38.6% over second quarter 2009.
o Third quarter 2009 upstream revenues from aluminum sales increased 25.4% over second quarter 2009 on $6.9 million of volume increases and $8.3 million of favorable pricing impact. Third quarter 2009 upstream revenues include $29.4 million related to 104 kilometric tons (“kMt”) of alumina shipped to external customers and $4.4 million related to 145 kMt of bauxite shipped to external customers. Alumina sales include $14.2 million from the resale of alumina inventories in excess of New Madrid’s requirements.
o Third quarter 2009 downstream revenues increased 12.3% from second quarter 2009 on $5.6 million of volume increases and $6.5 million of favorable pricing impact.
* Excluding the $4.7 million impact of purchase accounting for the JV Transaction, third quarter 2009 operating results for both upstream and downstream segments reflects $10.9 million of improvements in sales margin (sales minus cost of sales) compared to second quarter 2009 resulting from improved LME pricing and reduced prices for natural gas and to a lesser degree other raw materials. This offset the effects of seasonal peak power rates in New Madrid.
* Excluding the net impact of insurance settlement proceeds, selling, general and administrative costs increased $3.8 million in third quarter 2009 compared to second quarter 2009.
* Third quarter 2009 operating results include $14.3 million of insurance proceeds, recognized in excess of claim expenses, incurred to date, related to the January 2009 pot line freeze in New Madrid. Second quarter 2009 operating income included a $33.3 million favorable impact from the timing of recognition of insurance recoveries in relationship to expenses, $4.1 million of which was classified as a reduction of selling and general administrative expenses.

For third quarter 2009, net income was $4.3 million, compared to a $12.1 million net loss in second quarter 2009, and a $22.4 million net loss for third quarter 2008. In addition to the operating loss factors discussed above, third quarter 2009 net income reflects the following:

* In third quarter 2009, the Company repurchased $81.1 million aggregate principal amount of debt for an aggregate price of $52.2 million, plus fees. The Company recorded a $28.6 million third quarter gain on these debt repurchases.
* The Company reported $5.7 million of net gains on derivatives in third quarter 2009 compared to $53.2 million in second quarter 2009. In third quarter 2009, the Company reclassified $24.2 million from accumulated other comprehensive income (“AOCI”) to earnings, compared to $69.8 million in second quarter 2009.
* The provision for income taxes resulted in a 73.8% effective tax rate for third quarter 2009 compared to a 140.6% effective rate for second quarter 2009. The second quarter effective tax rate reflected a change from using the estimated annual effective tax rate in first quarter 2009 to using the actual year-to-date effective tax rate to calculate the Company’s year-to-date tax provision at June 30, 2009. However, for third quarter 2009, the Company returned to using the estimated annual effective tax rate.

Tags: Aluminum, Corporation, Financial, Holding, Noranda

Alaska Communications Systems Reports Third Quarter 2009 Results

Dana — Mon, 09 Nov 2009 19:57:48 +0000

Alaska Communications Systems Group, Inc. (“ACS”) (NASDAQ: ALSK) reported financial results for its third quarter ended September 30, 2009.

Financial Highlights: Third Quarter 2009 Compared to Third Quarter 2008

* Revenues of $91.3 million in line with $91.3 million in the prior year.
o Enterprise revenues increased $2.7 million, or 31 percent.
o Wireless revenue declined by $2.0 million or 5.0 percent due to declines in roaming revenue and subscribers.
o Retail, wholesale and access wireline revenues declined by $0.7 million, or 1.7 percent, with the current quarter benefiting from $2.5 million in out-of-period network access reserves compared to $1.4 million in 2008.
* EBITDA of $34.9 million was up 2.8 percent from prior year EBITDA of $33.9 million:
o Wireline EBITDA of $18.2 million increased by 6.2 percent, with gains in enterprise and higher levels of network access more than offsetting declines in retail and wholesale.
o Wireless EBITDA of $16.7 million was in line with the prior year with tight expense management offsetting lower contributions from subscriber and roaming revenue.
* Net cash provided by operating activities of $21.3 million was down 26.5 percent from $29.0 million in the prior year period. The annual decline is entirely attributable to working capital changes.
* Net income before extraordinary item of $0.3 million, or $0.01 per diluted share, compared to net income of $1.8 million, or $0.04 per diluted share, in the prior year. The decline in net income is attributable to a $4.9 million increase in depreciation expense resulting from an assessment that with changes in technology, asset salvage values previously set by regulators and historically viewed as reasonable, were no longer appropriate.
* In the third quarter 2009, ACS ceased to follow regulatory accounting rules following its July 1, 2009 conversion to price cap regulation and recognized an extraordinary gain, net of tax, of $37.3 million following the extinguishment of certain regulatory liabilities.

“While we are delighted with the enterprise contracts that we have closed in the quarter and the strength of our provisioning backlog, enterprise revenue did decline by $0.2 million on a sequential basis,” said David Wilson, ACS executive vice president and chief financial officer. “In order to assess the underlying momentum in enterprise, a deeper dive into the major revenue drivers in the quarter is required:

* Firstly, the expiration of a 2007 capacity exchange agreement with another carrier mid way through the quarter resulted in a $0.4 million drop in revenue that had no impact on EBITDA or cash flows;
* Secondly, share shifts that took place one layer below our level of carrier relationship resulted in a $0.4 million sequential decline in voice revenue; and
* Finally, we turned up $0.6 million of new business, significant, but somewhat below our expectations.”

Metric Highlights: Third Quarter 2009 Compared to Second Quarter 2009

* Wireless monthly churn of 2.4 percent compared to 2.0 percent in the second quarter. Key drivers of the increase were a loss of market share to the iPhone and higher ACS initiated disconnects for non-payment.
* Total wireless subscribers decreased by approximately 2,300 to 139,700.
* Wireless ARPU increased by $1.90 to $64.51 from $62.61 with a $0.54 gain in data ARPU and a $1.76 gain in CETC. Data ARPU increased by 7.4 percent to $7.84 from $7.30.
* DSL lines declined by 500 to 46,400 while ISP ARPU increased by 1.0 percent to $34.37.
* Retail local access lines declined by 1.8 percent to 166,600 as a result of cord cutting and seasonality.
* Total local access lines decreased by approximately 2.3 percent to 189,800.

Nine Month Financial Review

For the nine months ended September 30, 2009, revenues were $263.4 million, compared to $264.3 million in the same period last year. Net income before extraordinary item was $3.7 million, or $0.08 per diluted share, compared to net income of $8.3 million, or $0.19 per diluted share, in the same period in 2008. Net cash provided by operating activities for the first nine months of 2009 was $73.0 million compared to $69.2 million in the same period in 2008. EBITDA for the nine months ended September 30, 2009 was $98.6 million, compared to $99.3 million in the same period last year.

Tags: Alaska, Communications, Financial, Group, share, Systems

Resolute Energy Corporation Announces Third Quarter Earnings Conference Call – Monday, November 16, 2009, 5:00 PM EST

Dana — Mon, 09 Nov 2009 19:03:41 +0000

Resolute Energy Corporation (NYSE: REN) (“Resolute”) announced that it will release its third quarter 2009 results after the market closes on Monday, November 16, 2009. Management will hold a conference call to discuss the company’s results and conduct a question and answer session at 5:00 p.m. EST on the same day. Participating on the call will be Resolute’s Chief Executive Officer, Nick Sutton and Chief Financial Officer, Ted Gazulis.

Tags: Conference, Corporation, Energy, Resolute

Energy Recovery, Inc. Reports Third Quarter 2009 Financial Results

Dana — Mon, 09 Nov 2009 18:54:55 +0000

Energy Recovery, Inc. (Nasdaq:ERII), a leader in the design and development of energy recovery devices for desalination, announced the results of its third quarter ended September 30, 2009. In the third quarter, ERI achieved net revenue of $9.5 million and a net profit of $550,000 or $0.01 per diluted share. Both the net revenue and net profit were in line with the Company’s guidance.

ERI provides the following guidance for the fourth quarter of 2009 and the full

Q4 2009/ Fiscal Year 2009

Estimated net revenue $14.5 to $16.5 million/ $46 to $48 million

Estimated net income $1.4 to $2.1 million/ $3.5 to $4.0 million

Estimated earnings per diluted share $0.03 to $0.04/ $0.07 to $0.08

ERI estimates that for 2010, its net revenue will improve by 25% over 2009.

Tags: Energy, Financial, Recovery

TRC to Host Conference Call to Discuss First-Quarter Fiscal 2010 Financial Results on November 9

Dana — Thu, 05 Nov 2009 20:15:22 +0000

TRC Companies, Inc. (NYSE: TRR) announced that Chairman and Chief Executive Officer Chris Vincze and Senior Vice President and Chief Financial Officer Tom Bennet will host a conference call on Monday, November 9 at 9:00 a.m. ET to discuss the financial results for its fiscal first quarter ended September 25, 2009.

Tags: Companies, Conference, Financial, TRC

ON Semiconductor Reports Third Quarter of 2009 Results

Dana — Thu, 05 Nov 2009 20:07:05 +0000

ON Semiconductor Corporation (Nasdaq: ONNN)
For the third quarter of 2009, highlights include:
* Total revenues of $472.9 million
* Adjusted EBITDA of $110.2 million
* GAAP net income of $0.07 per fully diluted share
* Non-GAAP net income of $0.16 per fully diluted share
* Net cash provided by operating activities of $87.6 million
* Cash, cash equivalents and short-term investments of $470.2 million

ON Semiconductor Corporation (Nasdaq: ONNN) announced that total revenues in the third quarter of 2009 were $472.9 million, an increase of approximately 13 percent from the second quarter of 2009. During the third quarter of 2009, the company reported GAAP net income of $29.9 million, or $0.07 per fully diluted share. The third quarter 2009 GAAP net income included net charges of $41.0 million, or $0.09 per fully diluted share, from special items. The special item details can be found in the attached schedules. During the second quarter of 2009, the company reported a GAAP net loss of $3.0 million, or $0.01 per fully diluted share.

Third quarter 2009 non-GAAP net income was $70.9 million, or $0.16 per share on a fully diluted basis. Second quarter 2009 non-GAAP net income was $38.7 million, or $0.09 per share on a fully diluted basis.

On a mix-adjusted basis, average selling prices in the third quarter of 2009 were down less than two percent when compared to the second quarter of 2009. GAAP gross margin in the third quarter was 37.2 percent. Non-GAAP gross margin in the third quarter of 2009 was 38.5 percent. GAAP gross margin in the third quarter included a net charge of approximately $6.5 million, or approximately 130 basis points, from special items. The special item details can be found in the attached schedules.

Adjusted EBITDA for the third quarter of 2009 was $110.2 million. Adjusted EBITDA for the second quarter of 2009 was $78.3 million.

Tags: Corporation, ON, Semiconductor, share

Smith Micro Software Reports Third Quarter Financial Results and Announces Completion of Core Mobility Acquisition

Dana — Thu, 05 Nov 2009 19:59:25 +0000

Smith Micro Software, Inc. (NASDAQ:SMSI), a leading developer and marketer of software solutions and services for the mobility market, reported financial results for its 2009 third quarter ended September 30, 2009.

Smith Micro reported revenues of $27.8 million for the third quarter ended September 30, 2009; a 4% increase over the $26.6 million reported in the third quarter ended September 30, 2008 and revenues of $77.6 million for the first nine months of 2009 as compared to $72.0 million for the first nine months of 2008. Both quarterly and year to date revenue performance for 2009 are Company records.

Third quarter gross profit on a GAAP basis of $24.3 million increased $2.8 million, or 13%, from the third quarter ended September 30, 2008. On a non-GAAP basis (which excludes amortization of intangibles, stock compensation and non-cash tax expense), third quarter gross profit was $25.5 million, an increase of $3.1 million, or 14%, from the same quarter last year.

GAAP gross profit, as a percentage of revenues was 87.3% for the third quarter of 2009, compared with 80.5% for the same quarter last year. Non-GAAP gross profit as a percentage of revenues was 91.6% for the third quarter of 2009, compared to 84.2% for the same quarter last year.

GAAP net income for the third quarter of 2009 increased to $2.0 million or $0.06 per diluted share, compared to a GAAP net loss for the third quarter of 2008 of $1.6 million, or a $0.05 loss per diluted share.

Non-GAAP net income for the third quarter of 2009 increased to $6.6 million, or $0.20 per diluted share, which compared to $6.0 million, or $0.19 per diluted share for the third quarter of 2008.

Total cash and cash equivalents and short-term investments increased $11.9 million during the first nine months of 2009 to $48.5 million, up from $36.6 million at December 31, 2008.

For the nine-months ended September 30, 2009, the Company reported revenues of $77.6 million, an 8% increase from $72.0 million for the nine months ended September 30, 2008.

GAAP gross profit of $65.6 million increased $9.4 million, or 17%, for the nine months ended September 30, 2009 compared to $56.2 million for the nine months ended September 30, 2008.

Non-GAAP gross profit (which excludes amortization of intangibles, stock compensation and non-cash tax expense) was $69.3 million for the nine months ended September 30, 2009, an increase of $10.1 million, or 17%, from the same period last year.

GAAP net income for the nine months ended September 30, 2009 was $3.5 million, or $0.11 per diluted share, compared to a GAAP net loss for the nine months ended September 30, 2008 of $2.1 million, or a $0.07 loss per diluted share. Non-GAAP net income for the nine months ended September 30, 2009 increased 27% to $16.2 million, or $0.50 per diluted share, as compared to $12.7 million, or $0.41 per diluted share, for the nine months ended September 30, 2008.

The Company uses a non-GAAP reconciliation of gross profit, net income and earnings per share in the presentation of financial results in this press release. Management believes that this presentation may be more meaningful in analyzing our income generation, since amortization of intangibles from acquisitions, stock-based compensation, and non-cash tax expense are excluded from the non-GAAP earnings calculation. This presentation may be considered more indicative of our ongoing operational performance. The tables below present the differences between non-GAAP earnings and net income on an absolute and per-share basis. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and the non-financial measures as reported by Smith Micro Software may not be comparable to similarly titled amounts reported by other companies.

Financial Guidance:

Although our third quarter revenues set a record for a fiscal quarter, the continuing negative economic environment has reduced our actual third quarter revenues relative to our expectations and has created uncertainty and limited visibility in our ability to forecast fourth quarter 2009 revenues. Accordingly, we are lowering our guidance for full fiscal year 2009 revenues to $105-110 million from $110-115 million.

Tags: Acquisition, Financial, Micro, Smith, Software

Vornado Announces Third Quarter 2009 FFO of $1.25 Per Share

Dana — Wed, 04 Nov 2009 20:18:12 +0000

VORNADO REALTY TRUST (New York Stock Exchange: VNO) today reported:

Third Quarter 2009 Results

NET INCOME attributable to common shareholders for the quarter ended September 30, 2009 was $126.3 million, or $0.69 per diluted share, versus $22.7 million, or $0.14 per diluted share, for the quarter ended September 30, 2008. Net income for the quarters ended September 30, 2009 and 2008 includes $43.3 million and $1.3 million, respectively, of net gains on sale of real estate. In addition, net income for the quarters ended September 30, 2009 and 2008 includes certain items that affect comparability which are listed in the table below. The aggregate of the net gains on sale of real estate and the items in the table below, net of amounts attributable to noncontrolling interests, increased net income attributable to common shareholders for the quarter ended September 30, 2009 by $52.8 million, or $0.29 per diluted share and decreased net income attributable to common shareholders for the quarter ended September 30, 2008 by $32.3 million, or $0.20 per diluted share.

FUNDS FROM OPERATIONS attributable to common shareholders plus assumed conversions (“FFO”) for the quarter ended September 30, 2009 was $234.2 million, or $1.25 per diluted share, compared to $159.8 million, or $0.97 per diluted share, for the quarter ended September 30, 2008. FFO for the quarters ended September 30, 2009 and 2008 was $221.4 million and $193.3 million, or $1.18 and $1.17 per diluted share, respectively.

Nine Months Ended September 30, 2009 Results

NET INCOME attributable to common shareholders for the nine months ended September 30, 2009 was $200.3 million, or $1.16 per diluted share, versus $529.2 million, or $3.22 per diluted share, for the nine months ended September 30, 2008. Net income for the nine months ended September 30, 2009 and 2008 includes $44.0 million, and $65.9 million, respectively, of net gains on sale of real estate. In addition, net income for the nine months ended September 30, 2009 and 2008 includes certain items that affect comparability which are listed in the table below. The aggregate of the net gains on sale of real estate and the items in the table below, net of amounts attributable to noncontrolling interests, decreased net income attributable to common shareholders for the nine months ended September 30, 2009 by $55.4 million, or $0.32 per diluted share and increased net income attributable to common shareholders for the nine months ended September 30, 2008 by $274.8 million, or $1.67 per diluted share.

FFO for the nine months ended September 30, 2009 was $602.8 million, or $3.37 per diluted share, compared to $894.8 million, or $5.27 per diluted share, for the nine months ended September 30, 2008. FFO for the nine months ended September 30, 2009 and 2008 was $698.9 million and $672.6 million, or $3.90 and $3.96 per diluted share, respectively.

Tags: FFO, Realty, share, shareholders, Trust, VNO, Vornado

7x7 Financial

FreightCar America, Inc. Reports Third Quarter 2009 Results

Related posts

Patterson Companies Second Quarter Conference Call Scheduled for November 19, 2009

Related posts

Noranda Aluminum Holding Corporation Reports Third Quarter 2009 Results

Related posts

Alaska Communications Systems Reports Third Quarter 2009 Results

Related posts

Resolute Energy Corporation Announces Third Quarter Earnings Conference Call – Monday, November 16, 2009, 5:00 PM EST

Related posts

Energy Recovery, Inc. Reports Third Quarter 2009 Financial Results

Related posts

TRC to Host Conference Call to Discuss First-Quarter Fiscal 2010 Financial Results on November 9

Related posts

ON Semiconductor Reports Third Quarter of 2009 Results

Related posts

Smith Micro Software Reports Third Quarter Financial Results and Announces Completion of Core Mobility Acquisition

Related posts

Vornado Announces Third Quarter 2009 FFO of $1.25 Per Share

Related posts