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Archive for the 'Earnings' Category

WHX swings to loss in 2Q

August
20

WHX Corp., a White Plains maker of industrial products, swung to a net loss of $4.1 million during the second quarter as the company coped with slower sales in a weak global economy. A year earlier, the company had reported net income of $5.3 million.

The recession “had a material adverse effect on almost all of our businesses during the first half of 2009, driving sales down by over 25 percent from the first half of 2008,” Chief Executive Officer Glen Kassan said.

Net sales fell to $141.4 million during the second quarter from $197 million a year earlier.

Posted by Jay Loomis on Thursday, August 20th, 2009 at 12:42 pm |
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Profits fall sharply at Hudson Technologies in 2Q

August
14

Hudson Technologies Inc., a Pearl River-based refrigeration services company, reported net income of $164,000, or 1 cent a share, during the second quarter, worse than the net income of $2.99 million, or 15 cents a share, a year earlier. Revenues decreased 37 percent to $8.3 million.

Chief Executive Officer Kevin J. Zugibe said the results fell well short of expectations.

“Simply put, during the second quarter we continued to experience a decline in the volume of our refrigerant sales due in large part to the unseasonably cold weather in the North and particularly the Northeastern portion of the United States…” he said in a written statement.

Posted by Jay Loomis on Friday, August 14th, 2009 at 12:52 pm |
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Profits drop at Visant in 2Q

August
13

Visant Corp., an Armonk-based marketer of class rings and high school graduation products, reported net income of $84.5 million for the second quarter, down from net income of $94.2 million a year earlier.

Net sales of $498.8 million dropped from $567.6 million a year earlier.

Chief Executive Officer Marc Reisch said that the company’s marketing and publishing services business was hurt by lower advertising spending. He added that dramatically lower spending by state and local governments “has significantly eroded demand for elementary/high school book components from our publishing services operations. We expect these trends to continue in the third quarter.”

Posted by Jay Loomis on Thursday, August 13th, 2009 at 12:56 pm |
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LeCroy reports quarterly loss of $3.4 million

August
12

LeCroy Corp., the Chestnut Ridge oscilloscopes maker, reported a net loss of nearly $3.4 million, or 28 cents a share during its fiscal fourth quarter, worse than the net loss of $810,000, or 7 cents a share, a year earlier. Revenues fell to $27.2 million from $40.7 million a year earlier.

“LeCroy’s fourth-quarter results were consistent with our expectations,” Chief Executive Officer Tom Reslewic said in a written statement. “Reflecting the ongoing global recession, overall market demand was similar to the third quarter. Expected sequential declines in the European market were more than offset by improvements in the U.S. and selected Asian markets.”

LeCroy said that “aggressive restructuring” during the past two quarters has helped the company cut operating expenses and “be properly sized” for a challenging economy.

On the positive side, recent order trends “suggest that our business has stabilized overall, with some pockets of strength emerging as we enter the new fiscal year,” Reslewic said.

Posted by Jay Loomis on Wednesday, August 12th, 2009 at 3:05 pm |
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CMS Bancorp reports narrower loss

August
11

CMS Bancorp Inc., the White Plains-based parent of Community Mutual Savings Bank, reported a net loss of $119,000, or 7 cents a share, for the quarter ended June 30, an improvement from a net loss of $178,000, or 10 cents a share, a year earlier.

“While we experienced a loss in the quarter…we have continued to see improvement in higher net interest income and better management of our costs,” Chief Executivve Officer John Ritacco said in a written statement.

He added that the bank’s assets have jumped 18.2 percent since September 30, primarily related to deposit growth iand the opening a new branch in Mount Kisco.

The bank’s allowance for loan losses was 0.32 percent of loans at the end of the quarter. “The company continues to see a modest increase in the level of loan delinquencies, primarily due to the high levels of unemployment, but had no non-performing loans,” Ritacco said.

Posted by Jay Loomis on Tuesday, August 11th, 2009 at 4:31 pm |
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Loss narrows at Environmental Power during 2Q

August
11

Environmental Power Corp., a Tarrytown-based company that produces natural gas from animal waste and other organic materials, reported a net loss of $2.6 million, or 17 cents a share, during the second quarter, an improvement from a net loss of $5.3 million, or 34 cents a share, a year earlier.

The company said that the improved results were largely due to cost cutting programs.

Revenues increased to $1.2 million from $1.1 million a year earlier, as the company increased the expected natural gas sales volumes at each of its development projects. The company’s Huckabay Ridge plant in Stephenville, Texas, is performing “at or exceeding targeted reliability levels and producing (natural gas) in accordance with expectations,” the company said in a written statement.

Posted by Jay Loomis on Tuesday, August 11th, 2009 at 2:37 pm |
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General Bearing reports net loss of $426,000

August
11

General Bearing Corp., a West Nyack-based manufacturer of ball bearings, reported a net loss of $426,000 for the quarter ended July 4, compared to net income of $1.87 million a year earlier. The net loss of 5 cents a share compared to earnings per share of 40 cents a year earlier. Sales fell to $21.48 million during the quarter from $35.12 million a year earlier.

Posted by Jay Loomis on Tuesday, August 11th, 2009 at 1:24 pm |
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Earnings more than double at AboveNet

August
10

Quarterly profits more than doubled at AboveNet Inc., a White Plains-based telecommunications company that benefited from strong demand from corporate customers for its high-speed data links.

Net income for the second quarter was $24.6 million, or $1.95 per share, up from $11.2 million, or 92 cents a share, a year earlier.

Revenues surged 14.1 percent to $88.0 million.

AboveNet’s system, which delivers network and Internet services among 15 top U.S. markets and London, has been popular among media, energy and financial services companies. Such customers need a lot of communications bandwith to operate their businesses. The company also signed up customers who are looking to use high-speed communications technology to lower their costs and boost efficiencies during the economic downturn.

“We delivered another quarter of solid year-over-year growth in revenue” and earnings, said Bill LaPerch, president and chief executive officer.

AboveNet recently signed a 10-year lease to remain at its White Plains headquarters at 360 Hamilton Ave. The company occupies 32,000 square feet in the downtown building owned by Reckson, a division of SL Green.

The company also has announced plans for a two-for-one stock split after its shares jumped 219 percent this year.

Posted by Jay Loomis on Monday, August 10th, 2009 at 12:16 pm |
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Presidential Life reports 2Q loss of $1.6 million

August
7

Presidential Life Corp., the Nyack-based insurer that does business in 49 states, reported a net loss of $1.6 million, or 5 cents a share, during the second quarter. That compared to a net gain of $9.8 million, or 33 cents a share, a year earlier.

Revenues of $59.3 million fell from $79.9 million a year earlier.

“Negative market conditions have significantly impacted the financial markets and accordingly, the company’s investments and revenues,” Presidential Life said in regulatory filing.

The company said the setbacks this year have included negative returns on its limited partnership investments and low returns from short-term investments.

Posted by Jay Loomis on Friday, August 7th, 2009 at 3:24 pm |
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Outlook improves at Gamco after stock market rebound

August
7

A stock-market recovery and an improved investment climate contributed to a better earnings performance at Gamco Investors Inc., the Rye-based firm founded by money manager Mario Gabelli.

While net income dropped 8.3 percent at Gamco during the second quarter compared to a year earlier, that was a rebound from the 22 percent plunge in first-quarter earnings, when Gamco and other major investment firms were navigating through one of the worst bear markets since the Great Depression.

Since the stock market hit its lows on March 9, the S&P 500 index of large company stocks has gained 50 percent on growing optimism that a recovery in the economy and housing markets is taking root.

At Gamco, the market rebound helped to fuel a jump of 15.5 percent in assets under management since March 31. Gamco’s institutional and private wealth management business ended the quarter with $8.8 billion in separately managed accounts, up 17.3 percent over the same period.

Over half of Gamco’s mutual funds performed in the top half of their Lipper categories over one-, three-, five-, and ten-year periods, the company said.

“Our investment performance was strong leading to substantial increases in assets under management on a sequential basis,” Chief Financial Officer Jeffrey M. Farber said in a written statement. “We continued our cost reduction efforts during the second quarter recognizing reductions in general and administrative costs.”

Farber added that Gamco continues to evaluate acquisition opportunties to enhance its business.

Gamco’s net income totaled $13.3 million in the second quarter, or 48 cents a share, compared to $14.5 million, or 51 cents a share, a year earlier.

Posted by Jay Loomis on Friday, August 7th, 2009 at 12:54 pm |
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Investment income rises at Fifth Street Finance

August
6

Fifth Street Finance Corp., a White Plains-based specialty finance company that invests in small and mid-sized businesses, said net investment income for the quarter ended June 30 was $7.9 million, or 35 cents a share, up from net investment income of $5.1 million or 35 cents a share a year earlier. Net asset value per share was $11.95 on June 30, up from $11.94 on March 31.

Posted by Jay Loomis on Thursday, August 6th, 2009 at 3:39 pm |
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Loss narrows at EpiCept in 2Q

August
6

EpiCept Corp., a biotech company based in Tarrytown, reported a net loss of $7.1 million, or 6 cents a share, during the second quarter, compared to a net loss of $7.8 million, or 15 cents a share, a year earlier. Revenues of $91,000 rose from $42,000 a year earlier.

“During the second quarter we continued to advance our important product candidates both commercially and in the clinic,” Chief Executive Officer Jack Talley said.

One of the company’s products is Ceplene, which was approved in the European Union for treatment of patients with Acute Myeloid Leukemia.

Posted by Jay Loomis on Thursday, August 6th, 2009 at 3:27 pm |
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Net loss widens at Progenics during 2Q

August
6

Progenics Pharmaceuticals Inc., a Tarrytown-based biotech company, reported a net loss of $15.2 million, or 49 cents a share, during the second quarter. That compared to a net loss of $2.4 million or 8 cents a share, a year earlier.

Revenues dropped to $5.5 million during the quarter from $28.6 million a year earlier. Progenics said that this year’s results reflect a drop in reimbursement revenue from Wyeth for research and development on Relistor, a drug which is the first commercial product for Progenics.

Progenics partnered with Wyeth in 2005 to jointly develop and sell Relistor, an injectable drug designed to treat constipation caused by painkillers. Sales of Relistor rose 52 percent to $3.2 million during the quarter.

Posted by Jay Loomis on Thursday, August 6th, 2009 at 2:48 pm |
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Profits fall at TAL during 2Q

August
5

TAL International Group Inc., the Purchase-based company that leases freight containers to shippers, reported net income of $35.8 million, or $1.15 a share, during the second quarter, down from net income of $40.3 million, or $1.23 a share, a year earlier.

Leasing revenues for the second quarter were $79.4 million, up from $77.9 million a year earlier.

Chief Executive Officer Brian M. Sondey said that business conditions remain challenging. But he added that the downward pressure on the shipping industry from excess container supplies has started to moderate.

Posted by Jay Loomis on Wednesday, August 5th, 2009 at 2:21 pm |
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Prestige earnings rise 6 percent in 2Q

August
5

Prestige Brands Holdings Inc., an Irvington-based consumer products company that markets Comet cleanser, Compound W wart remover and Chloraseptic sore throat treatments, said that a 6 percent jump in quarterly profits resulted primarily from lower interest expense.

Interest costs for Prestige and other companies have fallen with interest rates near historic lows after Federal Reserve cuts to stimulate the economy.

Prestige reported net income of $8.3 million, or 17 cents a share, during its fiscal first quarter, up from net income of $7.8 million, or 16 cents a share, a year earlier.

Operating income declined 10 percent as the company continued to feel the effects of slower consumer spending during the recession. Revenues dropped 0.4 percent to $73.2 million.

“While our first quarter results were in line with our expectations, our outlook for the full year continues to be cautious in light of the prevailing macroeconomic environment,” Chief Executive Officer Mark Pettie said in a written statement.

Posted by Jay Loomis on Wednesday, August 5th, 2009 at 2:05 pm |
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Earnings soar at Atlas Air in 2Q

August
5

Atlas Air Worldwide Holdings Inc., the Purchase-based air cargo carrier, continued to face an uncertain market for air freight shipments in a weak economy during the second quarter.

But the company reported a major jump in quarterly profits as the result of cost cuts, efficiency gains and the retirement of older aircraft.

Net income of $11.3 million, or 54 cents a share, during the quarter jumped from net income of $1.5 million, or 7 cents a share, a year earlier. Revenues of $240 million fell from $438.8 million a year earlier.

“Our strong second-quarter results, like our record first-quarter performance, reflect the actions we have taken to transform our business, improve efficiency and minimize our commercial risk,” William J. Flynn, president and chief executive officer, said in a written statement.

Atlas said that profits rose despite the company’s decision to operate a smaller aircraft fleet. Atlas also faced an increase in aircraft maintenance costs and a reduction in charter fuel prices.

Flynn said that global airfreight traffic has shown signs of “incremental improvement” in recent months but added that the timing is “uncertain” for an economic recovery. The quarterly results of Atlas provides a good window to economic activity since its aircraft fleet carries cargo shipments around the world.

Posted by Jay Loomis on Wednesday, August 5th, 2009 at 11:10 am |
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Acorda reports a bigger 2Q loss

August
4

Acorda Therapeutics Inc., a Hawthorne-based biotech company, reported a bigger quarterly loss as it awaits regulatory action on a new multiple sclerosis drug that is designed to make walking easier for the disease’s victims.

The net loss of $23.3 million for the second quarter, or 62 cents a share, compared to a net loss of $18.8 million, or 58 cents a share a year earlier.

Acorda is currently seeking U.S. approval for the multiple sclerosis drug, known as Fampridine-SR, from the Food and Drug Administration. Acorda, which has been working on the development of the drug since the mid-1990s, recently reached agreement with another biotech company, Biogen Idec of Cambridge, Mass., to handle the marketing and regulatory approvals for the Fampridine-SR medication in foreign markets.

Acorda already sells Zanaflex, a treatment for involuntary muscle movements caused by multiple sclerosis and spinal injuries. During the second quarter, gross sales of Zanaflex capsules and Zanaflex tablets totaled $14.8 million, up from $13.1 million a year earlier.

Posted by Jay Loomis on Tuesday, August 4th, 2009 at 1:52 pm |
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Regeneron reports a smaller 2Q loss

August
4

Regeneron Pharmaceuticals Inc., a Tarrytown-based biotech company, reported a smaller second-quarter loss and increased revenues after it increased shipments of a new drug.

The net loss of $14.9 million, or 19 cents a share, during the second quarter compared with a net loss of $18.7 million, or 24 cents a share, a year earlier. Revenues increased to $90 million in the second quarter from $60.7 million a year earlier.

Arcalyst, Regeneron’s only marketable drug, was approved last year for treatment of a rare auto-inflammatory condition known as CAPS. The company said that shipments of Arcalyst rose to $5.4 million during the quarter, up from $1.6 million a year earlier.

The company, hoping to find new markets for the drug, is continuing a clinical development program that is evaluating Arcalyst as a potential treatment for gout. Regeneron projects U.S. shipments of Arcalyst could reach $15 million to $20 million in 2009. In other development programs, Regeneron has a partenership with Bayer HealthCare AG to develop another medication, VEGF Trap-Eye, as a treatment for various eye diseases.

Posted by Jay Loomis on Tuesday, August 4th, 2009 at 1:15 pm |
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Profits, sales fall sharply at Drew Industries

July
31

Sharp declines in shipments of manufactured homes and recreational vehicles continue to hurt Drew Industries Inc., a White Plains-based company that supplies components to those economically sensitive industries.

Drew’s net income of $2.6 million, or 12 cents a share, during the second quarter, fell sharply from net income of $9.2 million, or 42 cents a share, a year earlier. The company blamed the lower profits on a 33 percent drop in net sales to $101 million during the quarter.

Consumers have been reluctant to spend on big-ticket items in a slow economy marked by job insecurity and rising unemployment. That reduction in consumer spending contributed to a 44 percent drop in industry-wide wholesale shipments of travel trailers and 43 percent decrease in industry-wide production of manufactured homes during the quarter.

The slowdown has had ripple effects on parts suppliers such as Drew.

“Last year at this time many of our customers began to significantly cut back production schedules in response to lower demand from dealers,” Jason Lippert, president and chief executive officer of Drew’s subsidiaries, Lippert Components and Kinro. “While there are uncertainties, it appears that many of our customers will continue to produce five days a week for the next couple of months. Beyond that it is difficult to anticipate demand, particularly during the winter months.”

Drew said that it has responded to the challenging economy by cutting costs through plant consolidations, work force reductions and efficiency gains within its operating units.

The cost reduction moves boosted second quarter results by more than $2 million and and are expected to lead to full-year savings of nearly $10 million, according to the company.

Drew also reduced its total debt by more than $5 million to a total of $1 million.

Posted by Jay Loomis on Friday, July 31st, 2009 at 4:01 pm |
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Profits rise at Spar in 2Q

July
31

Spar Group Inc., a marketing services company based in Tarrytown, reported net income of $236,000, or 1 cent a share during the second quarter, up from net income of $3,000 a year earlier.

Revenues fell to $13.5 million from $18.9 million a year earlier.

“Second quarter revenues continued to be affected by weak global economic conditions, with our overseas operations experiencing the greater impact,” Gary Raymond, president and chief executive officer, said in a written statement.

He added that management last year took steps to cut costs in response to the sluggish business outlook.

Posted by Jay Loomis on Friday, July 31st, 2009 at 1:33 pm |
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Business in the Burbs is our online news blog about businesses based or operating in the Lower Hudson Valley. Visitors here will also find items of interest to consumers in the region. Most contributions are from business reporters and editors covering Westchester, Rockland and Putnam counties.

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