Anika Therapeutics Inc. (ANIK) received European marketing approval for commercial sale of cosmetic dermatology product Elevess. The Woburn, Mass., company said Elevess is an injectable soft tissue filler used for facial wrinkles, scar remediation and lip augmentation. Anika said commercial launch of the product in the European Union and around the world is expected to start in the second half of the year. Anika said it filed a supplement to the premarket approval application for U.S. approval of Elevess.
Bally Total Fitness (BFT) obtained a forbearance agreement from the lenders under its $284 million senior secured credit facility. The Chicago fitness center operator said, under the agreement, the lenders will forbear from exercising any remedies under their credit ability as a result of defaults due to Bally's inability to provide its 2006 financial statements. Bally also said the scheduled interest payment of about $15 million due on the senior subordinated notes on April 16 will not be paid.
CBS Corp. (CBS) canceled Don Imus's morning show, effective immediately, after a firestorm of controversy caused by his racially-charged remarks about the Rutgers University women's basketball team. Several key advertisers had pulled their ads from the show in recent days following calls for Imus's firing. In a statement, CBS Chief Executive Officer Les Moonves said individuals throughout CBS "have been deeply upset and revulsed" by Imus's statements.
Cutter & Buck (CBUK) agreed to be acquired by New Wave Group AB for $156.5 million. The deal values shares of the golf apparel supplier at $14.38 each.
Dyax Corp. (DYAX) announced positive top-line results from a Phase III trial for its lead product candidate DX-88, a treatment for hereditary angioedema, a rare genetic disease characterized by episodes of acute swelling and inflammation. Statistically significant results were achieved for both the primary and secondary endpoints in the trial, Cambridge, Mass-based Dyax said.
FCStone Group (FCSX) shares gained after the West Des Moines, Iowa-based commodity risk management firm reported fiscal second-quarter net earnings of $6.92 million, or 48 cents a share, up from $3.94 million, or 27 cents a share, in the year-ago period. Revenue rose to $403.4 million in the quarter from $268.9 million in the comparable period last year.
General Electric Co. (GE) said its first-quarter net income rose 2% to $4.51 billion, or 44 cents a share, up from $4.44 billion, or 42 cents a share, in the year-ago period. Revenue rose 6% to $40.2 billion from $38.03 billion. Analysts polled by Thomson Financial forecast earnings, on average, of 44 cents a share and revenue of $39.82 billion. GE forecast second-quarter earnings of 52 cents to 54 cents a share and affirmed its 2007 earnings outlook of $2.18 to $2.23 a share. The Fairfield, Conn.-based GE is a financial services giant and diversified industrial manufacturer, making a variety of products from jet engines to medical devices, and operates entertainment arm NBC Universal. ""GE Money's earnings were tempered by challenges at its U.S. mortgage business (WMC), and [GE] Healthcare had a temporary regulatory suspension on shipments of its surgical supplies that affected their performance," said CEO Jeff Immelt. But those businesses are expected to rebound during 2007, he added.
House of Taylor Jewelry Inc. (HOTJ) named Bob Rankin chief financial officer. Rankin succeeds Pauline Schneider, who will still be available to the company as a consultant. Rankin most recently served as CFO of Small World Kids Inc.
Lubrizol Corp. (LZ) expects a first-quarter profit of about $1 a share, up from the loss of 22 cents reported a year earlier. The Cleveland chemical company said Friday improved price and product mix, as well as higher-than-expected shipment volume aided the latest period. Lubrizol earned 98 cents a share before a restructuring credit for the latest quarter. A year earlier, it earned 68 cents a share from continuing operations before a restructuring charge of 2 cents a share. On average, analysts surveyed by Thomson Financial expected Lubrizol to earn 78 cents a share.
McDonald's Corp.'s (MCD) March worldwide same-store sales rose 8.2%. The Oak Brook, Ill., fast-food retailer's March U.S. same-store sales rose 6.2% boosted in part by Snack Wrap sales. The company's European same-store sales for the month were up 11.2%, due in part to strong sales in France, Germany, the U.K., and Russia. McDonald's expects first-quarter earnings of 62 cents a share including a 1-cent gain from foreign currency translation. The average estimate of analysts polled by Thomson Financial is for earnings of 57 cents a share for the quarter. Analysts' estimates usually exclude items.
Medis Technologies (MDTL) said it's started commercial sales of its Fuel Cell 24/7 Power Pack products to Microsoft Corp. The company said it made its first shipment to Microsoft Friday. Financial terms weren't disclosed.
Merck (MRK) said a federal judge in New Jersey dismissed with prejudice a consolidated securities class action filed by investors against the company in connection with disclosures regarding its pain reliever Vioxx. In the ruling, Judge Stanley Chesler of the U.S. District Court in Newark found that the securities action should be dismissed because all of the plaintiffs' claims were time-barred under the applicable statutes of limitations. The Dow component also raised its first-quarter and annual profit forecasts for the second time since January, citing stronger than expected product sales.
Piper Jaffray Cos. (PJC) said it'll pay $66 million in cash to buy Fiduciary Asset Management LLC (Famco) in a move to enter the asset management business. Famco CEO Charles Walbrandt will continue to lead the 13-year-old money management firm, which now handles about $9 billion in assets.
Rural Cellular Corp. (RCCC) shares rose after the Alexandria, Minn., company said first-quarter operating income, excluding depreciation, amortization, and stock-based compensation, rose to $59 million, while service revenue increased to $98 million and roaming revenue rose to $36 million. Total customers increased to 715,632 during the quarter ended March 31.
Sallie Mae (SLM) is in talks with private-equity firms in a deal that may be worth more than $20 billion, The New York Times reported Friday, citing people familiar with the matter. The discussions come as Sallie Mae is struggling with regulatory investigations over relationships between colleges and student-loan companies. A potential bidder for Sallie Mae is private-equity firm Blackstone Group, according to the report, which said although the talks appear to be in later stages, many hurdles remain and it's not clear a deal would go through.
Decliners
Apple Computer (AAPL) delayed the release of its Leopard operating system after Thursday's closing bell, saying it now plans to begin shipping the product in October.
Ashford Hospitality Trust, Inc. (AHT) said it's started a follow-on public offering of 37.5 million shares of common stock. The company said it expects to grant an over-allotment option to the underwriters for an additional 5.625 million shares. Wachovia Securities, Merrill Lynch and Morgan Stanley are the joint book-running managers of the offering.
Irwin Financial Corp. (IFC) said it expects to report a first-quarter loss from operations due to conditions in the secondary markets for consumer mortgages, and an impaired commercial credit in Michigan. The Columbus, Ind., financial services holding company said it expects a first-quarter loss of $5 million to $10 million. The events should not have a material impact on future quarters, the company said. Irwin will take a first-quarter charge-off of $4.2 million related to the impaired loan, which totals $4.7 million. The company said it recently discovered misrepresentations about collateral offered for the loan, and it believes the borrower won't be able to repay most of the loan.
Keithley Instruments (KEI) said it expects a sale shortfall in the second quarter due to more cautious spending patterns among its customers on their capital equipment purchases. It now sees sales of about $33 million for the period, compared to a previous projection of $37 million to $41 million.
Krispy Kreme Doughnuts Inc. (KKD) reported a fourth-quarter net loss of $24.4 million, or 39 cents a share, compared with a net loss of $37.7 million, or 61 cents a share, during the year-ago period. The Winston-Salem, N.C.-based company posted revenue of $112.2 million vs. $122.2 million. The results include a $16 million charge related to the previously announced settlement of the class-action litigation and partial settlement of the shareholder derivative action. Also during the quarter, Krispy Kreme recorded a $2.1 million provision for doubtful accounts and a $1.3 million charge related to the proposed settlement of certain wage and hour complaints lodged against the company. Analysts polled by Thomson Financial had forecast fourth-quarter earnings of a penny. System-wide sales for the quarter fell 6.4% compared with a year ago, the company said.
Lakeland Industries (LAKE) said its net income for the year ended Jan. 31 fell to $5.1 million from $6.3 million in the corresponding year-ago period. The Ronkonkoma, N.Y., maker of industrial protective clothing attributed the profit decline to an increase in expenses related to new foreign facilities in India, Chile, Japan and lower profits from its domestic operations.
Lam Research Corp. (LRCX) reported fiscal third-quarter net earnings of $164.7 million, or $1.15 a share, up 91% from $86.3 million, or 60 cents a share, in the year-ago period. The Fremont, Calif.-based chip-equipment maker said revenue in the three months ended March 25 rose to $650.3 million from $437.4 million in the comparable period last year. Analysts polled by Thomson Financial were expecting, on average, a per-share profit of $1.06 on revenue of $644 million.
Midwest Air Group Inc. (MEH) rejected a higher takeover offer from Air Tran Holdings Inc. (AAI) and urged its stockholders not to tender their shares. Midwest, of Milwaukee, said its advisor, Goldman Sachs & Co., found the offer financially inadequate. Midwest, operator of Midwest Air, also said it expects to report a wider first-quarter loss than the same period a year ago. It forecast adjusted earnings for 2007 at $1.30 to $1.50 a share.
Perini Corp. (PCR) was downgraded to hold at Morgan Joseph.
Planar Systems Inc. (PLNR) cut its second-quarter forecast to a loss of 20 cents to 22 cents a share, down from a previous estimate of a loss of 6 to 9 cents a share, citing lower than anticipated sales of Control Room rear projection cubes and other home theater products. Excluding share-based compensation and other charges, the company expects a loss of 7 to 9 cents a share, down from net income of 4 cents to 7 cents a share. The Beaverton, Ore., embedded display systems developer also lowered revenue estimates to $53 million to $54 million, down from $57 million to $61 million.
Semitool Inc. (SMTL) said it now expects second-quarter revenue of $51 million to $53 million, below its prior projection for revenue of $55 million to $57 million. The Kalispell, Montana-based company said bookings dropped to $37.8 million for the March quarter from $50.9 million in the same period a year earlier. The maker of semiconductor capital equipment cited delays in anticipated orders, as purchasing postponements occurred in all its target markets. For the year, the company now sees revenue of $210 million to $230 million. Its previous forecast was for revenue of $260 million to $310 million. Shares closed Thursday at $12.99.
SumTotal Systems (SUMT) forecast a first-quarter loss of $1.7 million to $2 million, or 6 to 7 cents a share. The developer of talent and learning management applications said it sees non-GAAP (generally accepted accounting principles) earnings of 6 to 7 cents a share for the period on revenue of between $29.2 million and $29.5 million. The current average estimate of analysts polled by Thomson Financial is for a profit of 8 cents a share in the March period.
Sun Microsystems Inc. (SUNW) said it has agreed to acquire SavaJe Technologies' intellectual property assets. The terms of the deal were not disclosed, but Sun said the transaction is not material to its earnings per share. Chelmsford, Mass.-based SavaJe makes an operating system for mobile devices. Sun Micro is based in Santa Clara, Calif.
Urologix Inc. (ULGX) said it expects to post a third-quarter loss on revenue of about $5.1 million. During the second quarter of fiscal 2007, the Minneapolis-based medical device company reported revenue of $6 million.
U.S. Xpress Enterprises Inc. (XPRSA) expects to report a first-quarter loss of 15 cents to 17 cents a share as March operating profits failed to offset truckload-segment operating losses in January and February. The Chattanooga, Tenn. truckload company said Friday it expects to report first-quarter revenue of $361 million when it releases its earnings April 19. Analysts polled by Thomson Financial, on average, expect first-quarter earnings of 5 cents a share on revenue of $348 million. U.S. Express said the quarter was hurt by lower-than-expected freight demand, severe winter weather in key high-traffic markets and rising fuel prices in the second half of the quarter.
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