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Archive for the 'Profit' Category

ITT stock pops on dividend news

December
16

ITT Corp. of Harrison said that it expects 2009 profits of $3.60 to $4 a share, below this year’s profit range, and said that next year’s revenue would fall from 2 to 6 percent. The stock jumped 8.88 percent on news that executives would recommend a higher dividend.
ITT said that management would recommend an 85-cent a share dividend to the board for fiscal 2009, up 22 percent from this year’s dividend. It reaffirmed its earlier 2008 earnings estimate of $3.97 to $4.03 a share, up 22 percent from 2007.
ITT shares closed yesterday at $46.11, up $3.76. It’s down 30.8 percent for the year.
The company’s 2009 profit estimate included expected restructuring costs, and the revenue estimate included the expected negative impact of foreign currency exchange. Organic revenue, or sales that are generated internally as opposed to generation through acquisitions, would range from a decline of 2 percent to an increase of 1 percent, ITT said.
The board of directors approved the extension of ITT’s $1 billion share repurchase program indefinitely. The program was due to expire in November 2009. ITT has repurchased $431 million in stock since the program was announced two years ago.

Posted by Jerry Gleeson on Tuesday, December 16th, 2008 at 5:24 pm |
| | Comments Off on ITT stock pops on dividend news

Vision-Sciences’ loss narrows in first quarter

August
14

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.

Posted by David Schepp on Thursday, August 14th, 2008 at 4:31 pm |
| | Comments Off on Vision-Sciences’ loss narrows in first quarter

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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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