There is a reason I despise reporters. Here is the AP story, with a nice negative headline. Fourth quarter was down a penny a share year over year, all the other numbers were up. What does AP put in the headline "profit falls." Let's see what happens tommorrow, hopefully the traders read beyond the headlines.
Alkermes 4Q Profit Falls on Costs Tuesday May 29, 5:15 pm ET Alkermes Sees Drop in 4th-Quarter Profit As SEC Reviews Financial Reporting for Vivitrol
CAMBRIDGE, Mass. (AP) -- Biotechnology company Alkermes Inc. said Tuesday its fiscal 2007 fourth-quarter profit fell on higher costs. The company earned $3.5 million, or 3 cents per share, compared with a profit of $4.4 million, or 4 cents per share, during the same period a year prior. Revenue rose to $64.8 million from $53.7 million.
Alkermes' fourth-quarter and fiscal year ended March 31.
Analysts polled by Thomson Financial expected a profit of 1-cent per share on revenue of $60.4 million.
Reported figures reflect the same accounting procedure on its Vivitrol collaboration with Cephalon from last year, the company said. That procedure could change as part of a Securities and Exchange Commission review, shifting revenue and rendering the following the unaudited figures incorrect.
Costs for the quarter rose to $60.6 million from $47.1 million.
For the year, the company earned $9.4 million, or 9 cents per share, compared with a profit a year prior of $3.8 million, or 4 cents per share. Revenue rose to $240 million from $166.6 million.
Shares of Alkermes rose 8 cents to close at $17.10.
the business wire kept reporting a 'loss of 3 cents' for the quarter...then correcting it, then making it sound like they 'missed' by a penny when in fact majority of analysts polled by thomson expected 1 cent and they earned 3 cents.
so fucking ridiculous I stopped reading...worthless