Profits more than tripled at Jarden Corp. during the third quarter as the Rye-based consumer products company benefited from past acquisitions and budget-minded consumers buying the company’s home-oriented products in a slow economy.

Jarden shares surged nearly 17 percent in trading today after the company’s earnings and revenues exceeeded the expectations of industry analysts.

“Our diversified business model delivered another record quarter, with organic sales growth and increased segment earnings in each of our three primary business segments,” Martin E. Franklin, chairman and chief executive officer, said in a written statement.

Jarden’s net sales increased 10 percent to $1.5 billion during the quarter. Net income of $63.8 million, or 83 cents a share, surged from net income of $21.2 million, or 28 cents a share, a year earlier.

Investors have been worried that the slowing economy and global financial crisis will hurt consumer spending, which accounts for about two-thirds of U.S. economic activity.

Some of the hardest hit sectors have been auto companies, home builders and refrigerator manufacturers that sell big-ticket items that consumers can delay buying in tough times. But Jarden may be less exposed to the slowdown because it generally sells hundreds of less expensive items such as Ball canning jars, Diamond matches, clothespins, plastic forks, toothpicks and straws.

Such products still have a “relevance” to the budget-minded consumer, even in tough economic times, according to Franklin.

“We have often said that the more time consumers spend in and around the home the better it is for many of our businesses and we experienced this particularly in our Ball fresh preserving business, First Alert safety systems, Coleman outdoor equipment and in the FoodSaver appliance category in the third quarter,” Franklin said.

Since Franklin took over as CEO in September 2001, he has built the company through a series of acquisitions that added a diverse mix of brands. Last year, Jarden bought fishing gear maker Pure Fishing Inc. and K2 Inc., the manufacturer of Rawlings sports equipment and Völkl skis.

“In these uncertain times we are particularly pleased that we have maintained our strong liquidity position as we head into our highest cash flow quarter of the year,” Franklin said.

Jarden shares rose $2.32 to $16.08 in trading today on the New York Stock Exchange.

The Navigators Group Inc., a New York-based insurance holding company with offices in Rye Brook, reported net income of $1 million, or 6 cents a share during the third quarter, down from net income of $25 million, or $1.47 a share, a year earlier.

“Navigators is a major participant in offshore energy insurance, consequently, losses from Hurricanes Gustav and Ike adversely impacted what would have been another very solid quarter for the company,” Chief Executive Officer Stan Galanski said in a written statement.

IntegraMed America Inc., a Purchase-based operator of fertility centers and vein care clinics, said this morning it earned $1.15 million, or 13 cents a share, during the third quarter, compared with profit of $961,000, or 11 cents a share, last year.

Revenues rose 30 percent to $52.3 million, the company said.

“IntegraMed continues to achieve solid operating performance in the face of the impact of the weakening economy,” Jay Higham, the company’s chief executive, said in a statement released by the company. “Our performance during these increasingly challenging times illustrates both the strong acceptance of our company’s services and our continued commitment to creating shareholder value through operational excellence.”

Jerry Gleeson
The Journal News
The parent company of Provident Bank in Montebello said it had higher profits and revenues for the fourth quarter and its full fiscal year, citing loan growth and more efficient operations.
The parent, Provident New York Bancorp, said that for the fourth quarter ending Sept. 30, it had net income of $6.5 million, or 17 cents a share, on net interest income of $25.5 million. For the comparable quarter a year earlier, it had net income of $5.15 million, or 13 cents a share, on net interest income of $22.2 million.
For fiscal 2008, it had net income of $23.8 million, or 61 cents a share, on net interest income of $95.3 million. for fiscal 2007, it had net income of $19.6 million, or 48 cents a share, on net interest income of $84.7 million.
Loans at Sept. 30 grew to $93.5 million, up 5.7 percent from the end of fiscal 2007. Growth was mainly in the commercial sector, the bank said.
The company charged off $1 million in the fourth quarter, compared to $812,000 in the third quarter and $910,000 for the fourth quarter of fiscal 2007. It said it doesn’t originate subprime residential mortgages and doesn’t hold any preferred stock in government sponsored entities that needs to be written down.
Provident’s efficiency ratio improved. The ratio, a figure that reflects the amount of revenue that covers expenses, dropped from 70.1 percent in the fourth quarter of fiscal 2007 to 63.2 percent in the fourth quarter of 2008.

Reach Jerry Gleeson at jgleeson@lohud.com or 914-694-5026.

Hudson Valley Holding Corp. of Yonkers reported net earnings of $26 million, or $2.54 a share, for the nine months ended Sept. 30, up from $25.8 million, or $2.53 a share, a year earlier. Assets totaled $2.4 billion, deposits totaled $1.8 billion and net loans totaled $1.6 billion on Sept. 30. The bank did not disclose quarterly results in its earnings release. The company is the parent of Hudson Valley Bank, which operates 28 branches in the region.

Gamco Investors Inc. announced preliminary earnings of 40 cents to 43 cents per share during the quarter ended Sept. 30, less than the earnings of 64 cents a year earlier.

The Rye-based investment company, founded by by famed money manager Mario Gabelli, said that assets under management were $25.6 billion on Sept. 30, down 9.7 percent from June 30, and down 19.1 percent from a year earlier.

LeCroy Corp., a Chesnut Ridge-based maker of oscilloscopes, reported net income of $1.5 million, or 13 cents a share, for its fiscal first quarter. That was more than double the net income of $700,000, or 6 cents a share, a year earlier. Revenues of $40.7 million rose from $38.7 million a year earlier.

“This reflects the impact our new products are having in the market, as the first quarter is typically our seasonally slowest of the year,” Tom Reslewic, president and chief executive officer, said in a written statement. “In fact, our total first-quarter revenue represented the strongest sales performance in the past 11 quarters and a company record for first-quarter oscilloscope sales.”

Oscilloscopes are devices that measure the strength of signals in computer chips.

The Center for Wound Healing Inc., a Tarrytown-based manager of wound care treatment centers, reported a net loss of $4.3 million for its fiscal year ending June 30, or 19 cents a share. That was less than the net loss of $9.4 million, or 41 cents per share a year earlier.

Operating income of $3.1 million compared with an operating loss of $7 million a year earlier. Revenues climbed 33 percent to $26.4 million.

The 11-year-old company, whose shares trade on the over the counter market, manages 35 wound care centers in the eastern United States in partnership with local acute care hospitals. Quarterly results were not included in the company’s earnings release.

MVC Capital Inc., a Purchase company that makes investments in businesses, reported a net operating loss of $1.4 million for the third quarter of its fiscal 2008, compared with net operating income of $2 million year earlier.

But not counting $3.9 million the company accrued for incentive compensation, net operating income for this year’s quarter was $2.6 million. That compares with $3.6 million a year earlier.

Net assets as of July 31 were $417.5 million, or $17.18 a share, up from $363.5 million, or $14.98, as of July 31, 2007.

Debt Resolve Inc. of White Plains said its revenue in the second quarter climbed to $46,819, up from $12,507 in the second quarter of 2007. The company lost $4.2 million, or 48 cents a share, in the quarter. A year ago, the company lost $5.3 million, or 69 cents a share.

LICT Corp., a Rye-based telecommunications and media company, said its revenue in the second quarter fell 1.9 percent to $24.7 million, compared with $25.2 million a year ago. The company earned $126.72 a share in the quarter, which included $48 a share in recognized income from the New York state portion of the dissolution of the Rural Telephone Bank. Without the income, earnings would have been $79 a share. A year ago, the company earned $94.04 a share. Net income was $3.2 million, up from $2.4 million a year ago.

Haights Cross Communications Inc. of White Plains, a publisher of educational and library books, audio products, periodicals software and online services, said revenue in the second quarter was $51.9 million, an increase of $1.3 million, or 2.7 percent, over revenue of $50.6 million a year ago. Net income was $16.3 million. A year ago, the company lost $14.4 million in the second quarter.

Vision-Sciences Inc. reported today that it lost $100,000 in its fiscal first quarter, less than the $1.4 million it lost a year ago.

The Orangeburg-based medical-device maker said the reduced loss was primarily the result of a one-time $3 million gain related to sale of assets last year to Medtronic Xomed Inc.

On a per-share basis Vision-Sciences’ earnings were flat in the current-year quarter, compared to a loss of 4 cents a share a year ago.

Revenues during the quarter, which ended June 30, rose 21 percent to $2.9 million, from $2.4 million last year, it said.

The company’s shares, traded on the Nasdaq Capital Market, ended today’s trading down 4 cents to $4.59 a share.

EpiCept Corp. of Eastview reported higher second-quarter losses after its successful challenge of European regulators’ negative opinion of its leukemia treatment Ceplene.
EpiCept said it had a net loss of $7.77 million, or 15 cents a share, on revenue of $42,000. For the comparable quarter a year earlier, it had a net loss of $7.04 million, or 22 cents a share, on revenue of $100,000. The weighted average of outstanding common stock rose from 32.4 million shares to 52 million shares in the period.

Second-quarter losses at Emisphere Technologies Inc. were reduced as the company’s 2007 decision to move management from Eastview to New Jersey and to cut staff helped reduce expenses, it said.
Emisphere reported a net loss of $7.63 million, or 25 cents a share, on revenue of $14,000. For the comparable quarter a year earlier, it had a net loss of $12.1 million, or 43 cents a share, on revenue of $398,000.
A new management team last year shook up the biotech researcher. It moved its senior management from The Landmark at Eastview to new headquarters 50 miles away in Cedar Knolls, N.J., south of Parsippany.
By splitting its campus, it was able to trade laboratory space in Westchester at some $50 a square foot for office space in New Jersey at about $20 a square foot, company spokesman Bob Madison said.
Emisphere also cut staff since last year by about 40 percent, chiefly people in information technology, finance, and human resources, he said. It currently employs 71 people. The cost-cutting has saved the business about $1 million annually, he said.

Progenics Pharmaceuticals of Eastview said this morning its $2.4 million second-quarter loss matched its loss from the second quarter of last year. On a per-share basis, the company lost 8 cents, compared to 9 cents last year.

Revenues grew to $28.6 million from $25.5 million.

The company said it earned a $15 million payment during the quarter when the U.S. Food and Drug Administration approved its application to market the constipation drug Relistor, which is the company’s first commercial product. The company got a $9 million payment last year in connection with the drug application.

This year’s quarter also included $321,000 in royalties based on sales of the drug. The company recognized $42,000 of that as revenue during the quarter.

Barr Pharmaceuticals Inc., the drug company that has operations in Pomona, earned $57 million, or 52 cents a share, in the second quarter, compared with a profit of $45 million, or 41 cents a share, a year earlier.

Revenues rose to $779 million, from $634 million.

Barr, which is based in Montvale, N.J., has its Barr Laboratories Inc. subsidiary in Pomona.

But the future of the Pomona site is in question after the company announced last month that it plans to be acquired by Israeli manufacturer Teva Pharmaceutical Industries Ltd., the world’s largest maker of generic drugs, for stock and cash. The deal values Barr at $66.50 a share.

Teva will pay $7.46 billion and assume $1.5 billion in Barr debt.

Barr shares closed at $66.97 yesterday, up 13 cents.

Prestige Brands Holdings Inc., the Irvington company that markets Comet cleanser, Compound W wart remover and Prell shampoo, said this morning earnings in the first quarter of its fiscal 2008 dropped 6.5 percent to $7.8 million, or 16 cents a share.

Revenues in the quarter that ended in June dropped to $72.92 million from the $78.04 million reported for the first quarter of fiscal 2007.

The company said the decline was largely due to slumping sales of its wart treatment products. Earnings were also affected by the loss of the Little Remedies infant cough and cold medicines, which were withdrawn from the market last fall because of the medical community’s concerns about their safety.

Last year’s earnings were $8.3 million, or 17 cents a share.

Earnings at Gamco Investors Inc., the mutual fund company run by money manager Mario Gabelli, dropped nearly 20 percent to $14.46 million, or 51 cents a share, during the second quarter.

Assets under management — which is the investor money the company manages — were $28.3 billion at the end of the quarter. That was 7.5 percent lower than a year earlier and 1.3 percent lower than at the end of the first quarter, as the decline in the stock market took its toll.

In last year’s March-to-June period, Gamco earned $18 million, or 63 cents.

Hudson Technologies Inc., the Pearl River company that sells refrigerants and cleans refrigeration equipment, said this morning its second-quarter profit rose to $2.99 million, or 16 cents a share, from a loss of $1.62 million, or 6 cents a share, in 2007.

Revenues rose 16 percent to $13.09 million.

Kevin J. Zugibe, the chairman and chief executive of the company, said sales are usually higher in the first six months of the calendar year, as customers prepare for summer. A key factor that caused revenues to grow in the first half of 2008 was increases in the prices of certain products, he said.