Lithia Reports Adjusted EPS of $1.86 for Second Quarter of 2015; Revenues Increase 63%
Declares $0.20 per Share Dividend for Second Quarter
July 22, 2015 7:29 AM
MEDFORD, OR--(Marketwired - Jul 22, 2015) - Lithia Motors, Inc. ( NYSE : LAD ) reported adjusted net income of $49.4 million for the second quarter of 2015, the highest quarterly net income in company history and a 40% increase over the prior year period.
2015 second quarter adjusted net income was $1.86 per diluted share. This compares to 2014 second quarter adjusted net income from continuing operations of $35.2 million, or $1.34 per diluted share.
Unadjusted net income from continuing operations for the second quarter of 2015 was $51.2 million, or $1.93 per diluted share, compared to $35.2 million, or $1.34 per diluted share, for the second quarter of 2014. As shown in the attached non-GAAP reconciliation tables, the 2015 second quarter adjusted results exclude a $0.07 net benefit from non-core items related to a gain on the sale of a store, asset impairment charges related to real estate and a net benefit on an equity investment. The 2014 second quarter adjusted results from continuing operations exclude non-core charges related to acquisition expenses for the pending DCH combination offset by a non-core benefit resulting from a tax attribute, resulting in no change to earnings per share.
Second quarter 2015 revenue from continuing operations increased $775 million, or 63%, to $2.0 billion from $1.2 billion for the second quarter of 2014.
Second Quarter-over-Quarter Operating Highlights:
•Total same store sales increased 11%
•New vehicle same store sales increased 8%
•Used vehicle retail same store sales increased 16%
•Service, body and parts same store sales increased 10%
•Same store F&I per unit increased $78 to $1,280
•Adjusted SG&A expense as a percentage of gross profit was 66.6%
Sentiment: Strong Buy
Apple Tumbles 8%: FYQ3 Revenue $49.6B, EPS $1.85/Sh Beat; Q4 Rev View Misses
By Tiernan Ray
Apple (AAPL) this afternoon reported fiscal Q3 revenue and profit that trumped analysts’ expectations, but missed expectations for iPhone unit sales and missed with its Q4 revenue view, sending shares tumbling in late trading.
Revenue in the three months ended in June rose 33%, year over year, to $49.6 billion, yielding EPS of $1.85.
Analysts had been modeling $49.36 billion and $1.81 per share.
The company sold 47.5 million iPhones, lower than the most ambitious estimates of 48 million to 50 million; it sold 10.9 million iPads, about as expected; and it sold 4.8 million Macs, a little light of consensus.
CEO Tim Cook called it “an amazing quarter,” citing iPhone revenue growth of 59%, to $31.37 billion.
Sales in Greater China more than doubled from the prior-year period to $13.23 billion, though down from $16.82 billion in Q2.
Gross profit margin in the quarter was 39.7%, up from 39.4% in the prior-year quarter.
Revenue in the “Other” category of the income statement, which includes sales of Apple Watch, came in at $2.64 billion. If one analyst, Toni Sacconaghi of Bernstein, is to be believed, that number would indicate lower-than-expected sales of the device in the quarter, its first quarter on sale.
The company made $15 billion in operating cash flow, and spent $13 billion on dividends and buybacks. Apple ended the quarter with cash, equivalents and investments of $202.8 billion. It had total long-term debt at quarter’s end of $47.42 billion.
For the current quarter, the company sees revenue in a range of $49 billion to $51 billion, below consensus of $50.92 billion.
Gross margin is seen declining from last quarter’s level, to a range of 38.5% to 39.5%.
Apple will host a conference call with analysts at 5 pm, Eastern time, this evening, and you can catch a webcast of it on the company’s investor relations site.
Apple stock is down $10.26, or 8%, at $120.21.
Sentiment: Strong Buy
NEW YORK--(BUSINESS WIRE)--
KKR & Co. L.P. (KKR) today reported its second quarter 2015 results.
In April 2015, KKR held its final close for Lending Partners II, the successor fund to the predecessor Lending Partners fund. KKR closed this successor fund with over $1.3 billion of capital commitments, which surpassed the predecessor fund that had $460 million in total capital commitments.
In July 2015, KKR held its final close for Global Infrastructure Investors II, the successor fund to the predecessor Global Infrastructure Investors fund. KKR closed this successor fund with over $3.0 billion of capital commitments, which surpassed the predecessor fund that had $1.0 billion in total capital commitments.
“Our strong investment performance resulted in $840 million of Economic Net Income, a record quarterly figure for KKR,” said Henry R. Kravis and George R. Roberts, Co-Chairmen and Co-Chief Executive Officers of KKR. “Additionally, we continued to scale several growth areas including our infrastructure and alternative credit businesses.”
Note: Certain financial measures, including total distributable earnings, FRE, ENI, ENI after taxes, fee and yield earnings, book value, cash and short-term investments and adjusted units, are not presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). See Exhibits B and C for a reconciliation of such measures to financial results prepared in accordance with GAAP.
GAAP net income (loss) for the quarter and six months ended June 30, 2015, included net income (loss) attributable to KKR & Co. L.P. of $376.3 million and $646.8 million, respectively, and net income (loss) attributable to KKR & Co. L.P. per common unit of $0.78 and $1.35, respectively, on a diluted basis.
Sentiment: Strong Buy
Utah Medical Products, Inc. Reports Financial Performance for First Quarter 2015
Utah Medical Products, Inc.
April 23, 2015 9:00 AM
SALT LAKE CITY, UT--(Marketwired - Apr 23, 2015) - In the first calendar quarter (1Q) of 2015, Utah Medical Products, Inc. (NASDAQ: UTMD) achieved results representing a solid start to meeting its previously announced goals for 2015, despite significant foreign currency exchange (FX) rate headwinds. The headwinds in U.S. Dollar terms reduced consolidated sales and had a leveraged negative effect on profits.
The following is a summary comparison of 1Q 2015 with 1Q 2014 income statement measures:
Gross Profit: +1%
Operating Income: +1%
Net Income: (2%)
Earnings Per Share: (2%)
As UTMD states in its quarterly SEC Form 10-Q disclosures, 'Because of the relatively short span of time, results for any given three month period in comparison with any previous three month period may not be indicative of comparative results for the year as a whole.'
Currencies in this release are denoted as $ or USD = U.S. Dollars; AUD = Australia Dollars; GBP = UK Pound Sterling; and Euro = Euros. Currency amounts throughout this report are in thousands, except per share amounts and where noted.
UTMD's FX rates for income statement purposes are transaction-weighted averages. The average rates from the applicable foreign currency to USD during 1Q 2015 and 1Q 2014 follow:
1Q 2015 1Q 2014 Change
GBP 1.514 1.655 (8.5%)
Euro 1.119 1.372 (18.5%)
AUD 0.784 0.899 (12.8%)
UTMD's FX rates for balance sheet purposes are the applicable rates at the end of each reporting period. The FX rates from the applicable foreign currency to USD for assets and liabilities at the end of 1Q 2015 and the end of 1Q 2014 follow:
1Q 2015 1Q 2014 Change
GBP 1.485 1.667 (11.0%)
Euro 1.074 1.377 (22.0%)
AUD 0.763 0.927 (17.8%)
UTMD's profit margins remained strong despite the negative FX on about one-third of sales:
(JAN - MAR) 1Q 2014
(JAN - MAR)
Gross Profit Margin (gross profits/ sales): 59.7% 61.6%
Operating Profit Margin (operating profits/ sales): 37.9% 39.1%
EBT Margin (profits before income taxes/ sales): 35.8% 38.5%
Net Profit Margin (profit after taxes/ sales): 26.1% 27.7%
Total consolidated 1Q 2015 UTMD sales were $406 higher than in 1Q 2014 (up 4%). In brief, comparing 1Q 2015 to 1Q 2014, U.S. domestic sales were much stronger and UK domestic GBP sales were much weaker, further leveraged down in USD terms by a stronger USD. Approximately one-third of UTMD's sales are invoiced in foreign currencies. If 1Q 2015 foreign currency sales were converted to USD at the same FX rates as in 1Q 2014, 1Q 2015 total consolidated sales would have been an additional $397 higher, or up 8% overall compared to 1Q 2014.
Total international sales in 1Q 2015 were $130 lower (3%) than in 1Q 2014 because of the weaker foreign currencies. Using 1Q 2014 FX rates, 1Q 2015 international sales would have been $267 higher (+5%) rather than $130 lower. As a result of the FX rate changes, international sales were only 47% of total consolidated sales compared to 51% in 1Q 2014. International sales exported from the U.S. in fixed USD terms were up 16%, while international sales by UTMD's foreign subsidiaries converted to USD terms were down 9%. International sales by UTMD foreign subsidiaries in USD terms using the same FX rates as in 2014 would have been up 2% rather than down 9%.
Trade sales are sales to third parties, excluding sales from one UTMD entity to another. Ireland subsidiary 1Q 2015 trade sales were up $547 (+91%). The large increase resulted from $342 sales of blood pressure monitoring (BPM) kits to UTMD's China distributor, and $387 in shipments of Filshie Sterishot kits, now manufactured by UTMD Ireland, directly to international customers located outside the UK, neither of which occurred in 1Q 2014 Ireland trade sales. Although Ireland domestic sales were up 9% in Euro terms, they were down 11% in USD terms because of the weaker Euro.
Trade sales by UTMD's UK subsidiary, Femcare-Nikomed Ltd, were down overall by $493 (14% lower). Sales of Sterishot kits to international customers outside the UK which were included in UK sales in 1Q 2014 were shipped directly from Ireland in 1Q 2015. UK domestic sales were down $236 (22% lower) in part due to the 9% weaker GBP, and sales to Femcare's U.S. distributor of the Filshie Clip System (which are included in the U.S. domestic sales category) were up $270 (22% higher).
Sales by UTMD's Australia subsidiary, Femcare Australia Pty Ltd, in 1Q 2015 were 5% lower in AUD terms than in 1Q 2014, but because of the weaker AUD, were down $121 (17% lower) in USD.
U.S. domestic sales were up $536 (11% higher) in 1Q 2015 compared to 1Q 2014. Direct sales of devices to U.S. user facilities were up $115 (4% higher). In addition to Filshie Clip System sales to its U.S. distributor up $270 (22% higher), UTMD's sales of components and finished devices to other U.S. companies for use in their products (OEM customers) were up $150 (31% higher).
UTMD's gross profit margin (GPM), gross profits divided by consolidated sales, at 61.6% in 1Q 2014 was higher than for the full year of 2014 at 60.5%. With a stronger USD, the consolidated GPM is squeezed, assuming that unit prices invoiced in foreign currencies are kept constant, because raw materials and finished devices sold to UTMD's foreign subsidiaries in fixed USD increase the cost of goods sold by the foreign subsidiary. In addition, 1Q 2015 product mix was less favorable than 1Q 2014. BPM kits sales to UTMD's China distributor, at a low GPM, were 3.3% of total consolidated sales in 1Q 2015 compared to none in 1Q 2014. Given the substantially lower FX rates and less favorable product mix, the 1Q 2015 GPM of 59.7% was better than expected.
Operating expenses, comprised of general and administrative (G&A), sales and marketing (S&M) and product development (R&D) expenses, were $2,235 in 1Q 2015 (21.8% of sales) compared to $2,207 in 1Q 2014 (22.5% of sales). The lower ratio of operating expenses to sales was due to about the same consolidated USD expenses with higher consolidated sales. In this case, the lower FX rates were helpful, as 1Q 2015 operating expenses of UTMD's foreign subsidiaries in the aggregate would have been $115 higher using 1Q 2014 FX rates.
Consolidated G&A expenses were $1,507 (14.7% of sales) in 1Q 2015 compared to $1,542 (15.7% of sales) in 1Q 2014. The G&A expenses in 1Q 2015 included $611 (6.0% of sales) of non-cash expense from the amortization of identifiable intangible assets resulting from the Femcare acquisition, which were $668 (6.8% of sales) in 1Q 2014. The lower USD amortization expense was the result of a stronger USD, as the amortization expense was GBP 404 in both periods.
S&M expenses were $573 (5.6% of sales) in 1Q 2015 compared to $542 (5.5% of sales) in 1Q 2014. S&M expenses in 1Q 2015 included $68 MDET, $2 higher than in 1Q 2014 due to higher U.S. domestic sales of medical devices. The U.S. Medical Device Excise Tax (MDET), imposed as a component of the Patient Protection and Affordable Care Act (Obamacare), is levied as 2.3% of domestic sales of medical devices.
R&D expenses were $156 (1.5% of sales) compared to $123 (1.2% of sales) in 1Q 2014.
Operating income in 1Q 2015 was $3,877 compared to $3,843 in 1Q 2014 (0.9% higher), despite a GPM that was 1.8 percentage points lower than in the previous year's 1Q period. UTMD's 1Q 2015 operating profit margin (OPM), operating income divided by sales, was 37.9% compared to 39.1% in 1Q 2014.
Income Before Tax.
Income before taxes (EBT) results from subtracting net non-operating expense (NOE) from operating income. Consolidated 1Q 2015 EBT was $3,668 compared to $3,782 in 1Q 2014. The $114 lower EBT can be attributed to a $177 loss on the remeasured value of Euro cash balances in the UK, which dropped by more than 11% in value relative to the USD at the end of 1Q 2015 from the end of 4Q 2014. Consolidated UTMD EBT margins (EBT divided by sales) were 35.8% in 1Q 2015 compared to 38.5% in 1Q 2014. The lower EBT margin is due to the lower GPM and the remeasured currency loss.
NOE includes 1) loan interest, 2) bank fees and 3) losses from remeasuring the value of Euro cash bank balances in the UK, and GBP cash balances in Ireland, in USD terms, minus non-operating income from 1) rent of underutilized property, 2) investment income and 3) royalties received from licensing the Company's technology. Net NOE in 1Q 2015 was $209 compared to $61 in 1Q 2014. The total loss on remeasured foreign currency balances in 1Q 2015 was $168 compared to none in 1Q 2014. The loans obtained to help finance the acquisition of Femcare in 1Q 2011 were fully repaid in 1Q 2015 at an expense of $65 including accrued interest and bank fees. Looking forward to the remainder of 2015, this portion of NOE will be zero. In 1Q 2014, the interest expense on bank debt was $87.
The EBT of Utah Medical Products, Ltd (Ireland) was Euro 751 in 1Q 2015 compared to Euro 88 in 1Q 2014. The EBT of Femcare Group Ltd (Femcare-Nikomed, Ltd., UK and Femcare Australia) was GBP 945 in 1Q 2015 compared to GBP 1,159 in 1Q 2014. The respective EBT margins of UTMD Ltd. (Ireland) were 43.5% in 1Q 2015 and 18.6% in 1Q 2014, and of Femcare Group were 37.6% in 1Q 2015 and 41.2% in 1Q 2014.
Excluding the noncash effects of depreciation, amortization of intangible assets and stock option expense, 1Q 2015 consolidated EBT excluding the remeasured bank balance currency loss and interest expense ("adjusted consolidated EBITDA") were $4,698, about the same as the $4,713 consolidated EBITDA in 1Q 2014 despite the significant FX headwinds. Management believes that this operating performance provides a good start to achieving its financial objectives for the year 2015, as previously provided in its 2014 SEC 10-K Report.
Net Income in 1Q 2015 of $2,667 was also close to the net income of $2,722 in 1Q 2014, despite the impact of FX rates on sales and GPM, and the remeasured foreign currency loss. UTMD's net profit margin (NPM), net income divided by consolidated sales, was 26.1% in 1Q 2015 and 27.7% in 1Q 2014. The average consolidated income tax provisions (as a % of EBT) in 1Q 2015 and 1Q 2014 were 27.3% and 28.0%, respectively.
UTMD's combined state and federal income tax provision rate in the U.S. after all allowable deductions was 34.2% in 1Q 2015 compared to 33.9% in 1Q 2014. The corporate income tax rate in the UK was 21% in 1Q 2015 compared to 23% in 1Q 2014. As of April 1, 2015, the UK corporate tax rate will be reduced again, from 21% to 20%, which will further benefit UTMD's NPM during the remainder of 2015. The income tax rate in Australia remained 30% in both periods. The UTMD Ltd (Ireland) tax rate on export profits remains 12.5%.
Earnings per share (EPS).
EPS in 1Q 2015 were about one cent lower than in 1Q 2014. Earnings per share for the most recent twelve months were $3.00. Diluted shares used to calculate EPS decreased to 3,776,400 in 1Q 2015 from 3,786,700 in 1Q 2014 despite a higher average share price and employee option exercises which are factors that increase dilution, as a result of 22,200 shares repurchased after the end of 1Q 2014. The number of shares added as a dilution factor in 1Q 2015 was 26,100 compared to 37,000 in 1Q 2014.
Outstanding shares at the end of 1Q 2015 were 3,752,600. The number of shares used for calculating earnings per share was higher than ending shares because of a time-weighted calculation of average outstanding shares plus dilution from unexercised employee and director options. The total number of outstanding unexercised employee and outside director options at March 31, 2015 was 83,900 shares at an average exercise price of $37.29/ share, including shares awarded but not vested. This compares to 74,900 unexercised option shares outstanding at March 31, 2014 at an average exercise price of $27.94/ share.
During both 1Q 2015 and 1Q 2014, UTMD did not repurchase its shares in the open market. The Company retains the financial ability for repurchasing its shares when they seem undervalued. The closing share price at the end of 1Q 2015 was $59.86 compared to $60.05 at the end of calendar year 2014, and $57.83 at the end of 1Q 2014.
As of March 31, 2015, UTMD is debt free, four years after borrowing $26.9 million to help finance the acquisition of Femcare Group, Ltd. Compared to a year earlier, in addition to paying off $8.1 million of debt, cash and investments increased $1.1 million to $16.2 million, and Stockholders' Equity increased $0.9 million after cash payments of dividends to shareholders of $3.8 million (which reduce Stockholders' Equity). At March 31, 2015, net Intangible Assets were 54.2% of total consolidated assets compared to 57.5% a year earlier.
Foreign subsidiary assets and liabilities, when consolidated in USD terms, were reduced 11%-22% compared to a year ago, according to the table above.
Financial ratios as of March 31, 2015 which may be of interest to shareholders follow:
1) Current Ratio = 5.0
2) Days in Trade Receivables (based on 1Q 2015 sales activity) = 37
3) Average Inventory Turns (based on 1Q 2015 CGS) = 3.4
4) 2015 YTD ROE (before dividends) = 17%
Investors are cautioned that this press release contains forward looking statements and that actual events may differ from those projected. Risk factors that could cause results to differ materially from those projected include market acceptance of products, timing of regulatory approval of new products, regulatory intervention in current operations, government healthcare "reforms", the Company's ability to efficiently manufacture, market, and sell its products, and foreign currency exchange rates, among other factors that have been and will be outlined in UTMD's public disclosure filings with the SEC.
Utah Medical Products, Inc., with particular interest in health care for women and their babies, develops, manufactures and markets a broad range of disposable and reusable specialty medical devices recognized by clinicians in hundreds of countries around the world as the standard for obtaining optimal long term outcomes for their patients. For more information about Utah Medical Products, Inc., visit UTMD's website at www.utahmed.com.
Utah Medical Products, Inc.
INCOME STATEMENT, First Quarter ended March 31 (in thousands except earnings per share):
1Q 2015 1Q 2014 Percent Change
Net Sales $ 10,233 $ 9,827 +4.1 %
Gross Profit 6,112 6,050 +1.0 %
Operating Income 3,877 3,843 +0.9 %
Income Before Tax 3,668 3,782 (3.0 %)
Net Income 2,667 2,722 (2.0 %)
Earnings Per Share $ 0.706 $ 0.719 (1.8 %)
Shares Outstanding (diluted) 3,776 3,787
(in thousands) (unaudited)
MAR 31, 2015 (audited)
DEC 31, 2014 (unaudited)
MAR 31, 2014
Cash & Investments $ 16,157 $ 19,332 $ 15,089
Accounts & Other Receivables, Net 5,013 4,703 5,075
Inventories 4,850 4,872 5,292
Other Current Assets 769 768 876
Total Current Assets 26,789 29,675 26,332
Property & Equipment, Net 7,728 8,236 8,904
Intangible Assets, Net 40,858 43,165 47,658
Total Assets $ 75,375 $ 81,076 $ 82,894
Liabilities & Stockholders' Equity
A/P & Accrued Liabilities $ 5,359 $ 5,077 $ 4,478
Current Portion of Notes Payable -0- 3,894 4,068
Total Current Liabilities 5,359 8,971 8,546
Notes Payable (excluding current portion) -0- 973 4,067
Deferred Tax Liability - Intangibles 5,190 5,581 6,394
Deferred Revenue and Income Taxes 985 995 949
Stockholders' Equity 63,841 64,556 62,938
Total Liabilities & Stockholders' Equity $ 75,375 $ 81,076 $ 82,894
CUPERTINO, Calif.--(BUSINESS WIRE)--
Apple® today announced financial results for its fiscal 2015 third quarter ended June 27, 2015. The Company posted quarterly revenue of $49.6 billion and quarterly net profit of $10.7 billion, or $1.85 per diluted share. These results compare to revenue of $37.4 billion and net profit of $7.7 billion, or $1.28 per diluted share, in the year-ago quarter. Gross margin was 39.7 percent compared to 39.4 percent in the year-ago quarter. International sales accounted for 64 percent of the quarter’s revenue.
The growth was fueled by record third quarter sales of iPhone® and Mac®, all-time record revenue from services and the successful launch of Apple Watch™.
“We had an amazing quarter, with iPhone revenue up 59 percent over last year, strong sales of Mac, all-time record revenue from services, driven by the App Store, and a great start for Apple Watch,” said Tim Cook, Apple’s CEO. “The excitement for Apple Music has been incredible, and we’re looking forward to releasing iOS 9, OS X El Capitan and watchOS 2 to customers in the fall.”
“In the third quarter our year-over-year growth rate accelerated from the first half of fiscal 2015, with revenue up 33 percent and earnings per share up 45 percent,” said Luca Maestri, Apple’s CFO. “We generated very strong operating cash flow of $15 billion, and we returned over $13 billion to shareholders through our capital return program.”
Apple is providing the following guidance for its fiscal 2015 fourth quarter:
• revenue between $49 billion and $51 billion
• gross margin between 38.5 percent and 39.5 percent
• operating expenses between $5.85 billion and $5.95 billion
• other income/(expense) of $400 million
• tax rate of 26.3 percent
Sentiment: Strong Buy
The "Street" has WETF coming in at .17 for the quarter that should be reported on or about July 31, 2015! All post's welcome! The "Good Dr's In"!
The "Street" has AAPL coming in at 1.97 for the quarter that should be reported on or about July 21, 2015! All post's welcome! The "Good Dr's In"!
Sentiment: Strong Buy
4:17 pm Netflix beats by $0.02, reports revs in-line (NFLX) : Reports Q2 (Jun) earnings of $0.06 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.04; revenues rose 22.8% year/year to $1.65 bln vs the $1.65 bln consensus.
The "Street" has NWL coming in at .65 for the quarter that should be reported on or about July 31, 2015! All post's welcome! The "Good Dr's In"!
Sentiment: Strong Buy
RCI Hospitality Announces 3Q15 Club & Restaurant Sales Up 6.9%
PR Newswire RCI Hospitality Holdings, Inc.
15 hours ago
HOUSTON, July 9, 2015 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (RICK) today announced total sales at adult clubs and bars/restaurants for the third fiscal quarter ended June 30, 2015. RCI expects to announce 3Q15 results on August 10, 2015.
.RCI HOSPITALITY HOLDINGS INC
Total club and restaurant sales reached $35.4 million compared to $33.1 million in the year ago quarter.
Same store sales were $30.2 million compared to $31.9 million in the year ago quarter.
There were 46 units in 3Q15 versus 43 in 3Q14.
Nightclub segment sales (includes adult clubs and nightclubs) totaled $30.6 million compared to $31.5 million in 3Q14.
Bombshells segment sales totaled $4.8 million compared to $1.6 million in 3Q14.
Eric Langan, President and CEO, commented, "We're pleased at seeing a 6.9% year over year increase in total 3Q15 sales. This continues to demonstrate the soundness of our bar/restaurant strategy, which saw Bombshells segment sales up more than threefold year over year. On the other hand, the unusually severe rain and flooding in Texas contributed to a 5.3% decline in same store sales that affected our nightclub segment, in particular.
"Total club and restaurant sales benefitted from new adult clubs–Rick's Cabaret in Odessa, TX, the January acquisition of Down in Texas Saloon in Austin, TX, and the May acquisition of The Seville Club of Minneapolis—and from new Bombshells in Austin, Spring, and Houston, TX. In addition to weather, many units opened for more than a year faced tough comparisons against last year's strong line up of sporting events. While showing the Mayweather-Pacquiao fight at many locations helped 3Q15, it was difficult to overcome the benefit in 3Q14 of the New York Rangers in the Stanley Cup Finals and both the Miami Heat and the San Antonio Spurs in the NBA Finals."
Sentiment: Strong Buy
Sonic Announces 6.1% Same-Store Sales Growth for Third Fiscal Quarter of 2015
Business Wire Sonic Corp.
June 22, 2015 4:01 PM
OKLAHOMA CITY--(BUSINESS WIRE)--
Sonic Corp. (SONC), the nation’s largest chain of drive-in restaurants, today announced results for the third fiscal quarter ended May 31, 2015.
Key highlights of the company’s third quarter of fiscal year 2015 included:
Net income per diluted share was $0.38 compared with net income per diluted share of $0.30 in the prior-year period; excluding tax adjustments of $1.1 million, or $0.02 per share in the third fiscal quarter of 2015, earnings per share would have been $0.36, an increase of 20% from the prior-year same period;
System same-store sales increased 6.1%, consisting of a 6.1% same-store sales increase at franchise drive-ins and an increase of 5.5% at company drive-ins; and
Company drive-in margins improved by 100 basis points.
“We are very pleased with our strong sales and financial performance driven by a healthy mix of traffic and check,” said Cliff Hudson, Sonic Corp. CEO. “Our results are especially noteworthy given our strong results from the same quarter prior year. New product news in key categories, effective media and a layered promotional strategy are expected to continue to drive our sales in the near term. Technology initiatives designed to provide a more personalized and customized customer experience are also expected to complement our product and media initiatives and drive sales over the next several years.”
The strategies noted above will continue to drive Sonic’s multi-layered growth strategy which is comprised of initiatives to increase same-store sales, profits, royalty revenues and unit growth. Optimizing shareholder value by deploying free cash flow1 to invest in the brand, quarterly dividends and repurchase shares continues to be a key focus.
4:09 pm WD-40 misses by $0.01, misses on revs; lowers FY15 guidance (WDFC) :
Reports Q3 (May) earnings of $0.75 per share, $0.01 worse than the Capital IQ Consensus of $0.76; revenues fell 3.3% year/year to $92.5 mln vs the $98.94 mln consensus.
Co issues downside guidance for FY15, lowers EPS to $3.03-3.09 from $3.07-3.13 vs. $3.11 Capital IQ Consensus; lowers FY15 revs to $383-390 mln from $387-400 mln vs. $394.63 mln Capital IQ Consensus Estimate.
"Our net sales results in the third quarter were negatively impacted by foreign currency issues, particularly in our EMEA segment, as well as significantly reduced sales in our distributor markets in Ukraine and Russia. We experienced strong sales growth in the Americas segment during the third quarter due to increased distribution and promotional activities. Our Asia-Pacific segment is on track for a great year despite an isolated product quality issue linked to a defective aerosol can component contained in our WD-40 Multi-Use Product sold within our Asian distributor markets. This product quality issue caused sales levels to be lower during the third quarter."
The "Street" has WDFC coming in at .79 for the quarter that should be reported on July 8th 2015! All post's welcome! The "Good Dr's In"!
#$%$ incorporated Reports Financial Results for the First Quarter of Fiscal Year 2016
First Quarter Fiscal 2016 EPS of $0.77, up 32.8% compared to $0.58 in Fiscal 2015
First Quarter Revenues of $228.9 million, up $12.8 million or 5.9% over Fiscal 2015
Operating Margins Increases to 14.4% Compared to 12.9% in Fiscal 2015 on Improved Gross Margins and Lower SG&A Costs
#$%$ Raises Previously Announced Fiscal Year 2016 Earnings and Revenue Guidance to EPS of $2.85 to $3.30 and Sales of $900 - $940 million
Anticipates Accretion from Recent Acquisition of $0.10 per Share for Balance of Fiscal 2016
Announces Quarterly Cash Dividend of $0.15 per Share
PR Newswire #$%$ incorporated
3 hours ago
FORT WORTH, Texas, July 1, 2015 /PRNewswire/ -- #$%$ incorporated (#$%$), a global provider of galvanizing services, welding solutions, specialty electrical equipment and highly engineered services, today announced financial results for the three month period ended May 31, 2015.
First Quarter Results
Revenues for the first quarter of fiscal 2016 were $228.9 million compared to $216.1 million for the same quarter last year, an increase of 5.9%. Net income for the first quarter increased 33.5% to $19.9 million, or $0.77 per diluted share, compared to net income of $14.9 million, or $0.58 per diluted share, for the first quarter of fiscal 2015.
Earnings for the first quarter of fiscal 2016 were positively impacted by an improved gross margin of 25.9% compared to 25.6% in the first quarter of fiscal 2015, despite the challenging comparison year over year from insurance proceeds related to business interruption settlements. In the first quarter of fiscal 2015 these proceeds benefitted the Galvanizing Services Segment gross profit by $2.4 million, compared to $0.3 million in the first quarter of fiscal 2016.
8:06 am #$%$ beats by $0.07, reports revs in-line; raises FY16 guidance on US Galvanizing acquisition (#$%$) :
Reports Q1 (May) earnings of $0.77 per share, $0.07 better than the Capital IQ Consensus Estimate of $0.70; revenues rose 5.9% year/year to $228.9 mln vs the $228.59 mln consensus.
Earnings for the first quarter of fiscal 2016 were positively impacted by an improved gross margin of 25.9% compared to 25.6% in the first quarter of fiscal 2015, despite the challenging comparison year over year from insurance proceeds related to business interruption settlements.
Co issues guidance for FY16, raises EPS to $2.85-3.30 from $2.75-3.25 vs. $2.94 Capital IQ Consensus; raises FY16 revs to $900-940 mln from $875-925 mln vs. $910.90 mln Capital IQ Consensus. This is a direct result of our acquisition of U.S. Galvanizing and our expectation that it will provide accretion of ~ $0.10 in EPS for fiscal year 2016."
#$%$ incorporated Announces Plan to Build New "Greenfield" Galvanizing Services Plant in Reno, Nevada
PR Newswire #$%$ incorporated
12 hours ago
FORT WORTH, Texas, June 30, 2015 /PRNewswire/ -- #$%$ incorporated (#$%$), a global provider of galvanizing services, welding solutions, specialty electrical equipment and highly engineered services, today announced the construction of a new hot-dip galvanizing plant near Reno, Nevada. The new 25 acre plant site is located in the Tahoe-Reno Industrial Center east of Sparks, Nevada will be open for business by January of 2016. Upon completion of the new Reno facility, #$%$ Galvanizing Services will operate a network of 43 hot-dip galvanizing plants in the United States and Canada.
The new Reno plant will be an environmentally friendly, state of the art, 50,000-square foot facility with a 30'-6"L x 7'-3"W x 10'D kettle. #$%$ Galvanizing – Reno, LLC will employ 25 to 30 people, expanding as demand for high quality hot-dip galvanizing services grows. Initial hires will include production, maintenance and administrative personnel. Local employment is anticipated to grow to 60 plus people over the course of two to three years.
Tim Pendley, chief operating officer of Galvanizing Services of #$%$ incorporated, commented, "We chose Reno because of all of the positive economic development in the area. It provides the opportunity to develop this new and untapped market. We've been planning the expansion into the Reno area for several years, waiting for the opportune time to invest in the future of this growing community. Upon completion of the Reno facility we will have 43 galvanizing facilities in our network allowing us to provide superior customer service with customized turnaround times that are unmatched in the industry. We are very excited to be a part of Nevada's future."
The" Street" has SAFM coming in at 3.05 for the Third Quarter of 2015 that should be reported on July 15, 2015
Sentiment: Strong Buy
The "Street" has NFLX coming in at .33 for the quarter that should be reported on or about July 15, 2014! All post's welcome! The "Good Dr's In"!