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Archive for the 'Earnings' Category

Earnings rise at BioScrip in 2Q

July
30

BioScrip Inc., an Elmsford-based pharmacy benefits manager, reported net income of $4.4 million, or 11 cents a share, during the second quarter. That was up from net income of $1.6 million, or 4 cents a share, a year earlier.

Revenues dropped to $328.7 million from $348.4 million a year earlier. This company said the higher earnings were partly driven by an improved product mix, efforts to control costs and a reduction in customer debt problems.

Posted by Jay Loomis on Thursday, July 30th, 2009 at 3:03 pm |
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Earnings fall at Acadia Realty Trust in 2Q

July
30

Acadia Realty Trust, a White Plains real estate investment trust that specializes in retail shopping centers, felt the effects of a slower economy during the second quarter.

Acadia said that earnings per share from continuing operations dropped to 18 cents during the quarter, down from 30 cents a year earlier. Funds from operations slipped to 30 cents a share from 38 cents a year earlier as the company faced lower occupancy and declining rents.

The slowdown in consumer spending and store closings have put pressure on real estate companies across the company that focus on retail properties.

Posted by Jay Loomis on Thursday, July 30th, 2009 at 2:34 pm |
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Earnings fall sharply at Universal American

July
30

Universal American Corp., a Rye Brook-based health insurer, reported a sharp drop in profits during the second quarter as it faced investment losses and costs related to a complicated restructuring of its business.

Net income of $4.9 million, or 6 cents a share, dropped from net income of $28.4 million, or 32 cents per share, a year earlier. Revenues were nearly unchanged at $1.2 billion.

Universal American has not escaped fallout from the global financial crisis. The company disclosed last year that it had been hurt by exposure to troubled subprime mortgage investments and Lehman Brothers, the Manhattan-based investment bank that filed for bankruptcy in September.

During the second quarter, the company disclosed that it faced $3.5 million of pretax losses on securities sold and also recorded an additional $4.5 million of impairments.

The company said that it is pursuing a strategy to restructure its investment portfolio to reduce “credit and concentration exposures.” Universal American added that it transferred more than $450 million of assets to a reinsurer — a company that provides insurance to other insurance companies — in connection with the reinsurance of the life and annuity business.

Richard A. Barasch, chairman and chief executive officer, said the company’s core health care businesses continue to perform well. Membership in the company’s Medicare Advantage HMO health plans jumped 16.8 percent to 63,400 members.

The company added that it is taking steps to prepare the company for possible changes that may result from the approval of a health care reform plan in Congress.

“Although we do not yet know exactly what all of the changes will be, we are building and refining the skill sets that are necessary to continue to offer products and services of value to our members,” Barasch said.

Posted by Jay Loomis on Thursday, July 30th, 2009 at 2:16 pm |
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Tompkins Financial reports higher 2Q earnings

July
22

Tompkins Financial Corp. reported net income of $7.4 million for the second quarter, up from $7.1 million a year earlier. Earnings per share totaled 76 cents, up from 73 cents a year earlier.

Total loans were $1.8 billion as of June 30, up 11.4 percent from a year earlier. Nonperforming assets accounted for 0.87 percent of total assets, compared to 0.47 percent a year earlier. The Ithaca-based company is the owner of Mahopac National Bank and Tompkins Trustco.

Posted by Jay Loomis on Wednesday, July 22nd, 2009 at 2:58 pm |
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Loss narrows at Vision-Sciences in 4Q

June
29

Vision-Sciences Inc., an Orangeburg company that makes medical devices, reported a net loss of $2.55 million, or 7 cents a share, for its fiscal fourth quarter ending March 31.

That compared to a net loss of $4.57 million, or 12 cents a share, a year earlier. Revenues of $3.24 million increased from $2.37 million a year earlier. Ron Hadani, president and chief executive officer, said that annual sales growth reflected the introduction of new videoscope products and substantial growth in sales of urology products.

In a seperate announcement, Vision-Sciences said that John J. Rydzewski has been selected to serve as a board member. Rydzewski is a managing director of Christofferson, Robb & Company LLC, a private investment firm.

Posted by Jay Loomis on Monday, June 29th, 2009 at 5:19 pm |
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Operating income falls at MVC Capital

June
5

MVC Capital Inc., a Purchase-based company that makes private equity and debt investments in businesses, reported $5.8 million in total operating income during the second quarter, down from $8.1 million a year earlier.

The company said that reasons for the decline included repayments of yielding investments, decreased investment activity and interest reserves accumulated against non-performing loans. MVC reported 41 investments in 28 industries at the end of the quarter.

“Although the financial crisis has created challenges for many businesses, we are fortunate to have assembled a good mix of stable growth companies in a variety of industries,” Michael Tokarz, chairman and portfolio manager of MVC Capital, said in a written statement.

Posted by Jay Loomis on Friday, June 5th, 2009 at 12:21 pm |
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Sales, profits rise at Dress Barn

May
21

Dress Barn Inc., the Montebello-based clothing retailer, said that positive shopper response to its spring merchandise contributed to higher sales and operating profits during its most recent quarter.

The company, which operates more than 1,500 dressbarn and maurices stores across the country, reported an 11 percent jump in operating income to $40.3 million during its fiscal third quarter ended April 25.

Net sales jumped 7 percent to $375.7 million. Sales at stores open for at least a year — a closely followed performance measure in the retail industry — rose 3 percent.

“Our customer has responded positively to our spring merchandise and enabled us to generate a comparable store sales gain despite the ongoing challenging market environment,” David R. Jaffe, president and chief executive officer, said in a written statement. “We continue to stress our core strategy of delivering fashion-forward looks at great prices to drive value to our customers.”

Jaffe said that the company also has benefited from efforts to manage costs and inventory.

“It is our goal to remain as efficient as possible, to stay focused on generating cash and preserving liquidity, and to further strengthen our exceptional balance sheet,” Jaffe said.

Net earnings for the quarter were $23.9 million, or 39 cents a share. That compared to net earnings of $24.9 million, or 39 cents a share, a year earlier. In comparing the decrease in net earnings to the increase in operating income, the company cited a reduction in net interest income due to lower interest rates and a higher tax rate in the current quarter.

Posted by Mike Bieger on Thursday, May 21st, 2009 at 3:42 pm |
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Loss grows at WHX in Q1

May
18

WHX Corp., a White Plains maker of industrial products, reported a net loss of $11.4 million during the first quarter, compared to a net loss of $6.2 million a year earlier. Net sales fell to $132.7 million from $177.3 million a year earlier.

The recession, which affected WHX customers in general industrial markets, construction, transportation and appliances, “had a material adverse effect on almost all of our businesses during the first quarter of 2009 driving our sales down by over 25 percent as compared to the first quarter of 2008,” Chief Executive Officer Glen Kassan said in a written statement.

The company said that it has responded to the slowdown with layoffs, pay reductions for salaried employees and other cost cutting measures.

Posted by Jay Loomis on Monday, May 18th, 2009 at 12:04 pm |
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Earnings rise at Visant in 1Q

May
14

Visant Corp., a marketing and publishing services business in Armonk, reported net income of $4.1 million for the first quarter, compared to a net loss of $2.7 million a year earlier. Net sales rose 7 percent to $265.5 million. The company got a boost from an 11 percent sales gain at its scholastic unit that specializes in the marketing, sale and production of class rings and other graduation products.

Posted by Jay Loomis on Thursday, May 14th, 2009 at 2:03 pm |
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Weak consumer spending hurts Prestige

May
14

Cutbacks in consumer spending in a slower economy contributed to lower sales and weaker earnings at Prestige Brands Holdings Inc., an Irvington consumer products company whose brands include Comet cleanser, Prell shampoo and Chloraseptic sore throat sprays.

The earnings report indicated that one of the worst recessions in decades is not only causing familes to postpone purchases of big-ticket items like cars and refrigerators but to also economize on less expensive household cleaning and health care products that are Prestige’s specialty.

Prestige estimated that revenue growth in fiscal year 2010 will trend below long-term goals of of 2 percent to 4 percent.

“We faced a challenging quarter and second half of fiscal 2009 as a result of the macroeconomic headwinds and associated pull-backs in consumer spending and retailer inventory reductions affecting each segment of our business,” Mark Pettie, chairman and chief executive officer, said in a written statement.

Prestige reported a net loss of $211.1 million, or $4.22 per share, during its fiscal fourth quarter. The results included a charge of $249.6 million to reduce the book value of the company’s goodwill and intangible assets to estimated fair value. Excluding the charge, Prestige said that net income for the quarter would have been $9 million, down 13.5 percent from a year earlier.

Revenues dropped 11.9 percent to $70.9 million, reflecting declines in each of Prestige’s three major businesses.

In the company’s over-the-counter health care unit, sales declines were driven by shortfalls on Chloraseptic, Compound W wart remover, Murine ear treatment and other products, according to the company. Partially offsetting these declines were sales gains for products that included Little Remedies, New Skin and Little Allergies Allergen Block products.

In Prestige’s household products business, revenues for the Spic and Span brand were even with the previous year but the Comet and Chore Boy brands suffered sales drops.

Despite the weaker results, Pettie said that Prestige is generating sufficient cash flow to pay down debt.

“We believe we are in a good position to weather the economic challenges faced by our industry, and plan to continue investing in our focus brands going forward,” he said.

Posted by Jay Loomis on Thursday, May 14th, 2009 at 1:05 pm |
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Center for Wound Healing reports narrower loss

May
14

The Center for Wound Healing Inc., a Tarrytown-based manager of wound care treatment centers, reported a net loss of $1 million, or 4 cents per share during its fiscal third quarter. That compared to a net loss of $1.1 million, or 5 cents per share, a year earlier.

Revenues increased 6 percent to $6.9 million.

Chief Executive Officer Andrew G. Barnett said the revenue growth was partly driven by increased use of the company’s facilities and the recent opening of two new centers in Pennsylvania. The company manages 35 wound care centers in the eastern United States in partnership with acute care hospitals.

“Our performance demonstrates the quality and consistency of our staffing, marketing and education efforts in the hospital markets we serve,” Barnett said in a written statement.

Posted by Jay Loomis on Thursday, May 14th, 2009 at 11:42 am |
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Profits surge at AboveNet

May
11

AboveNet Inc., a White Plains-based telecommunications company that provides high-speed data links, reported net income of $27.4 million, or $2.22 per share, during the first quarter. That compared to net income of $3.4 million, or 28 cents a share, a year earlier.

Revenues surged 20.5 percent to $85.4 million.

“Our first quarter 2009 performance gave us an excellent start to the year,” Chief Executive Officer Bill LaPerch said in a written statement. “We built on the momentum we gained in 2008 and we are on track for another year of solid growth” in revenue and earnings.

Posted by Jay Loomis on Monday, May 11th, 2009 at 4:32 pm |
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Loss narrows in 1Q at Progenics

May
11

Progenics Pharmaceuticals Inc., a Tarrytown-based biotech company, reported a net loss of $1.8 million, or 6 cents a share, during the first quarter. That compared to a net loss of $15.5 million or 52 cents a share, a year earlier.

Revenues for the quarter rose to $20.9 million from $14.8 million for the same period in 2008.

The company said that revenues got a boost from a payment received from from Ono Pharmaceutical Co. Ltd., Progenics’ Japanese partner in the development of Relistor, a drug designed to treat constipation caused by painkillers. Relistor is sold in 19 markets including the United States, Canada, 14 European Union member states, Australia, Venezuela and Chile. An additional 13 markets are expected to launch the drug in 2009.

Posted by Jay Loomis on Monday, May 11th, 2009 at 4:12 pm |
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LeCroy reports profit on one-time gain

May
6

LeCroy Corp., the Chestnut Ridge company that makes oscilloscopes, earned $2 million, or 17 cents a share, during its third quarter, boosted by a one-time gain of $8.6 million.

The company, which has been cutting workers and benefits in response to the weak economy, said revenues dropped to $26.9 million from the $40.6 million recorded in the third quarter of last year. The company had a profit of $653,000, or 5 cents a share, last year.

LeCroy said the results for this year’s quarter, which ended March 28, included a gain on the extinguishment of convertible debt.

Tom Reslewic, the company’s president and chief executive, said LeCroy has cut its operating expenses by more than $6 million a quarter since December.

“Like our industry peers, we experienced a sharp decline in market demand in the first three months of the 2009 calendar year,” he said. “Anticipating this decline, we took steps at the beginning of the quarter to bring expenses in line with reduced sales levels. As demand further deteriorated, we made additional adjustments to our cost structure later in the quarter.”

Reslewic said that as a result of the cuts, the company is “poised for profit and cash generation” this quarter.
LeCroy announced last month it would eliminate 24 jobs, including 10 at its headquarters. The company also said some workers would put in shorter work weeks.

In January, LeCroy said it would cut 45 jobs, or 10 percent of its global work force. Just a fraction of those cuts would be at headquarters, it said. LeCroy also cut management and employee base salaries and suspended its matching contributions to 401(k) programs.

Oscilloscopes are used in the design and testing of computer chips.

LeCroy shares were trading at $4.40, up 85 cents, or 24 percent, at 10 a.m.

Posted by Allan Drury on Wednesday, May 6th, 2009 at 9:24 am |
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Universal American reports 1Q loss

April
30

Universal American Corp. swung to a loss in the first quarter as setbacks on investments for the Rye Brook-based health insurer offset membership growth in its core businesses.

The company reported a net loss of $13.1 million, or 16 cents a share, during the quarter, which compares to a net loss of $46 million, or 50 cents a share, a year earlier. Total revenues for the first quarter increased 11.2 percent to $1.4 billion.

In a volatile investment climate, Universal American said it suffered pre-tax losses of $8.1 million on its investments, or 0.8 percent of its fixed-income investment portfolio.

A key part of Universal American’s growth has been its Medicare Part D business that is covered under a federal government program that helps subsidize prescription drug benefits for senior citizens. Another business, the company’s Medicare Advantage HMO health plans, reported a 14 percent quarterly revenue jump to $646.2 million.

“Our value proposition to members combined with operational improvements gives us confidence that we are well positioned to prosper in the new legislative and regulatory environment,” Richard A. Barasch, chairman and chief executive officer, said in a written statement.

Posted by Jay Loomis on Thursday, April 30th, 2009 at 3:36 pm |
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Earnings rise at Acadia Realty Trust

April
30

Acadia Realty Trust, a real estate investment trust in White Plains that specializes in retail properties, reported earnings per share from continuing operations of 27 cents during the first quarter, up from 23 cents a year earlier. Occupancy at Acadia’s properties was 92.8 percent on March 31, down from 94.4 percent a year earlier. In January, Acadia paid $78 million to buy Cortlandt Towne Center, a 640,000-square-foot regional shopping center in Westchester County.

Posted by Mike Bieger on Thursday, April 30th, 2009 at 2:23 pm |
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Profits surge at Jarden during 1Q

April
22

Jarden Corp., the Rye-based consumer products company, said that profits soared 89 percent during the first quarter as the company’s diversfied lineup of home-oriented products such as matches, clothespins and toothpicks continued to sell well during the recession.

Analysts have speculated that such common household items may be more resistant to a downturn compared to big-ticket items that consumers can more easily delay buying.

Martin E. Franklin, chairman and chief executive officer, said that the better than expected sales and and earnings growth “supported our view that Jarden’s diversified portfolio of primarily market leading brands is better positioned to weather the current economic environment than many of our competitors.”

Jarden recently ranked No. 442 on Fortune 500 list of the largest U.S. companies, up 50 spots from the previous year.

Jarden, whose products also include Coleman camping gear, Rawlings baseball equipment and Ball home canning jars, reported net income of $8.9 million, or 12 cents a share, up from net income of $4.7 million, or 6 cents a share, a year earlier.

Net sales decreased 6.4 percent to $1.1 billion, with most of the decrease due to foreign exchange rate fluctuations.

In a seperate announcement, Jarden said that that it will sell 12 million shares of common stock in a public offering underwritten by Barclays Capital. The company said that it plans to use the proceeds from the sale for general corporate purposes, including debt reduction.

Posted by Jay Loomis on Wednesday, April 22nd, 2009 at 1:33 pm |
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WHX reports lower sales, 4Q loss

April
3

WHX Corp., a White Plains manufacturer of industrial products, felt the impact of a slowing economy as it reported weaker sales and a loss during the fourth quarter.

The net loss of $5.6 million, or 46 cents a share, compared to a net loss of $2.6 million, or $2.60 a share, a year earlier. Net sales fell to $146.4 million from $160.8 million a year earlier.

The company said that its results were affected by lower sales in its businesses that suppy electroplating services to the slumping automotive industry and coated steel products to the construction, appliance, container, automotive and industrial markets.

Posted by Jay Loomis on Friday, April 3rd, 2009 at 11:28 am |
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Profits fall at Spar Group in 4Q

March
6

Spar Group Inc., a marketing company based in Tarrytown, reported net income of $467,000, or 2 cents a share, during the fourth quarter. That compared to net income of $1.5 million, or 8 cents a share, during the same quarter a year earlier. Net revenues fell to $16 million from $18.4 million a year earlier. Gary Raymond, president and chief executive officer, said that the economic downturn hurt results during the fourth quarter.

Posted by Jay Loomis on Friday, March 6th, 2009 at 1:47 pm |
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Loss narrows in 4Q at Hudson Technologies

March
6

Hudson Technologies Inc., a Pearl River-based refrigeration services company, reported a net loss of $821,000, or 4 cents a share, during the fourth quarter. That compared to a net loss of $986,000, or 5 cents a share, in the same quarter a year earlier. Revenues rose 5 percent to $2.87 million.

Kevin J. Zugibe, chairman and chief executive officer, said the company is positioning itself to capitalize on new regulations covering the production of new refrigerants that go into effect in January 2010.

“The fourth quarter, which is always our slowest given the seasonality of the refrigerants business, caps off a very strong year for the company in which we demonstrated solid revenue growth and a significant increase in net income,” he said in a written statement.

Posted by Jay Loomis on Friday, March 6th, 2009 at 12:36 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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